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Deeded TS Upon Death
- Thread starter cmh
- Start date
Dave M
TUG Lifetime Member
Like other real estate, the timeshare goes to the survivor, if it's in joint name with rights of survivorship. Otherwise it goes to the heirs, as determined by the will or other last wishes document or as determined by state law or a court, if there is no will or comparable document.
Someone who inherits a timeshare has an opportunity to "disclaim" it. In other words, refuse to take title to it. In that case, it still resides in the estate until the executor or other person responsible for the estate administration disposes of it by sale, distribution to one of the other heirs or by any other means legally available to the executor/administrator.
Someone who inherits a timeshare has an opportunity to "disclaim" it. In other words, refuse to take title to it. In that case, it still resides in the estate until the executor or other person responsible for the estate administration disposes of it by sale, distribution to one of the other heirs or by any other means legally available to the executor/administrator.
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Probate.
The decedent's property, including deeded real estate, is disposed of according to the terms of the decedent's will.
If the timeshare owner dies without leaving a will, everything in the estate of the deceased is disposed of according to the laws of the state where the decedent died.
If there is a will but nothing specific about what to do with the timeshare, it's pretty much up to the executor of the estate to decide what to do with it.
Meanwhile, it's up to the executor to see that the timeshare maintenance fees are paid when due. I'm guessing what's really tricky for the executor is figuring out who gets to go on vacation at the timeshare while it is still owned by the estate. I suppose the executor could rent out the timeshare, with the proceeds accruing to the estate, but what a hassle that would be.
Now, if the timeshare owner had the foresight to turn ownership of the timeshare over to a living trust while the timeshare owner was still living, then timeshare-use privileges continue for the benefit of whoever the trust says gets to use'm, & whoever's in charge of the trust (possibly but not necessarily the same person who gets to go on the timeshare vacations) is responsible for seeing that the maintenance fees are paid when due. But that's another situation.
Wills & probate can be a do-it-yourself deal, but it can be super-tedious to jump through all the hoops down at the county court's probate office, ditto to comply with all the accounting, etc., requirements imposed by the commissioner of accounts. The job can be farmed out to a lawyer, but I suspect timeshare maintenance fees look positively el cheapo compared with probate attorney fees.
I handled an estate once (that of my late father, who passed away in 2002), & I am hoping strongly that the experience I gained in doing so is something I will not have to put to use ever again. The old man owned real estate (in another Virginia county), which was sold by the estate, but no timeshares. So it goes.
The decedent's property, including deeded real estate, is disposed of according to the terms of the decedent's will.
If the timeshare owner dies without leaving a will, everything in the estate of the deceased is disposed of according to the laws of the state where the decedent died.
If there is a will but nothing specific about what to do with the timeshare, it's pretty much up to the executor of the estate to decide what to do with it.
Meanwhile, it's up to the executor to see that the timeshare maintenance fees are paid when due. I'm guessing what's really tricky for the executor is figuring out who gets to go on vacation at the timeshare while it is still owned by the estate. I suppose the executor could rent out the timeshare, with the proceeds accruing to the estate, but what a hassle that would be.
Now, if the timeshare owner had the foresight to turn ownership of the timeshare over to a living trust while the timeshare owner was still living, then timeshare-use privileges continue for the benefit of whoever the trust says gets to use'm, & whoever's in charge of the trust (possibly but not necessarily the same person who gets to go on the timeshare vacations) is responsible for seeing that the maintenance fees are paid when due. But that's another situation.
Wills & probate can be a do-it-yourself deal, but it can be super-tedious to jump through all the hoops down at the county court's probate office, ditto to comply with all the accounting, etc., requirements imposed by the commissioner of accounts. The job can be farmed out to a lawyer, but I suspect timeshare maintenance fees look positively el cheapo compared with probate attorney fees.
I handled an estate once (that of my late father, who passed away in 2002), & I am hoping strongly that the experience I gained in doing so is something I will not have to put to use ever again. The old man owned real estate (in another Virginia county), which was sold by the estate, but no timeshares. So it goes.
-- Alan Cole, McLean (Fairfax County), Virginia, USA.
johnmfaeth
TUG Member
The pain of it is that the timeshare has to be probated in court in the state where the resort is in addition to your estate being probated in your home state.
This adds expenses and hassles for the executor.
You are much better off re-deeding the TS and adding your heirs now as co-owners. This removes it from your estate. The value of their "chunk" is a gift for that tax year. You can do $11,000 per year per individual without a tax consequence.
This adds expenses and hassles for the executor.
You are much better off re-deeding the TS and adding your heirs now as co-owners. This removes it from your estate. The value of their "chunk" is a gift for that tax year. You can do $11,000 per year per individual without a tax consequence.