Deeded week ownership passing down via grandmother estate. Questions.

[CourtShorr]

My grandmother passed away and her estate has offered to sell us her deeded week at NCV. It has been offered to my siblings and I together to share.

Is it possible to have a deeded week in three seperate people's names? Or does it need to be under one person?

Additionally, I already own a deeded week at NCV and Abound points. If the ownership is in three seperate people's names will it still give us the benefit of using the 13 month booking window for owning multiple weeks?

Would the new ownership show in our current marriott account if it has multiple owners?

 

[4TimeAway]

Sounds way too complicated and its family.

Personally, I'd run AWAY.

 

[davidvel]

If the ownership is titled differently it will have its own owner account, so would not combine with yours for benefits. Is her week enrolled?

In any event, I agree that one week among three siblings will be more of a headache than beneficial, but I don't know your family dynamics.

 

[Dean]

My grandmother passed away and her estate has offered to sell us her deeded week at NCV. It has been offered to my siblings and I together to share.

Is it possible to have a deeded week in three seperate people's names? Or does it need to be under one person?

Additionally, I already own a deeded week at NCV and Abound points. If the ownership is in three seperate people's names will it still give us the benefit of using the 13 month booking window for owning multiple weeks?

Would the new ownership show in our current marriott account if it has multiple owners?

As noted it would be a separate account. Since you already own and know how the system works, could you take it without other family. Valuation shouldn't be difficult. This sounds like it could be a disaster otherwise, esp if the others are not well informed on MVC. Remember if it's being sold it still goes through ROFR so MVC may take it anyway.

 

[HedonisticEpicurean]

Even if you have the worlds best relationship with your other siblings, don't do it. Let it go.

Eight reasons come to mind for finding another solution:

1. Conflict and Disagreements: Whenever multiple individuals co-own property, especially family members, there is a significant potential for disagreements and conflicts over how to use the timeshare, when to use it, and who should be responsible for maintenance, fees, and other expenses. Sibling rivalries or differences in financial means can exacerbate these issues.
2. Financial Responsibilities: Timeshares come with various ongoing expenses, such as maintenance fees, property taxes, and repair costs. Then there is the cost of traveling to the destination that may become an issue. Deciding how these expenses will be divided among siblings can be challenging, as one sibling may not be able to contribute as much as the others, leading to resentment or disputes.
3. Usage Conflicts: Scheduling time for each sibling to use the timeshare can be a logistical challenge, especially if they have different work schedules, family commitments, or live in different locations. Coordinating vacation times can lead to frustration and disputes.
4. Exit Strategy: It can be difficult to sell or exit a timeshare when all co-owners don't agree on whether to keep it or sell it. This can lead to situations where one sibling wants out, but the others want to keep it, causing friction.
5. Inheritance and Future Generations: If you think it is hard now, wait till a sibling passes. When siblings own a timeshare together and one of them passes away, determining what happens to their share can be complicated, especially if there is no clear plan in place. This can lead to legal battles or strained relationships among surviving family members.
6. Changing Life Circumstances: Over time, siblings may experience significant changes in their lives, such as getting married, having children, or relocating. These changes can affect their ability and desire to use the timeshare, leading to further disputes and complications.
7. Maintenance and Upkeep: Ensuring the timeshare property is properly maintained can be a challenge when there are multiple owners. If one sibling neglects their responsibilities, it can affect the overall value and enjoyment of the timeshare for the others.
8. Unequal Financial Contributions: If one sibling contributes more to the purchase or ongoing expenses of the timeshare, it can create resentment and friction within the family, potentially leading to strained relationships.

If you decide to share ownership I would highly suggest consulting with legal and financial professionals to draft a formal agreement that addresses these issues. An agreement in writing can help mitigate potential conflicts and ensure a smoother timeshare ownership experience for the 3 of you.

How I look at it, if the thought of getting an agreement in place to cover the issues I mentioned above causes any anxiety then you know for sure that the 3 of you shouldn't own the never ending commitment and financial liability together.

Suggestion: Let the estate sell it and then split up the monies among the 3 siblings. Less stress. Less problems in the future.

 

[b2bailey]

I was expecting to read -- grandma left me NCV, should I take it?

 

[ahdah]

I was expecting to read -- grandma left me NCV, should I take it?

I would! It looks like you live in CA so it would be an easy destination to get to. My children are happy they each will be getting a 3 bedroom at SurfWatch in the platinum season. I would think it would also be a great villa to rent if you didn't want to use it or to trade through II. In the end you have to decide what is best for you.