Executor of Estate with FL Timeshare - Disposing of Unwanted Contracts

[LeslieDet]

I've been searching posts but I haven't found the answers I'm looking for. I'm a Disney Vacation Club owner and figuring out the value of banked points and contracts is very simple. Understanding the value of these two contracts, the accumulated RCI points, etc. is far more opaque, and that's what I'm hoping for some insight on from the experienced members on this board.

To be clear, nobody is being **forced** to take on the timeshare. I'm not sure where you read that in my post. The process for identifying a distributee who is willing to inherit it, however, is likely to be long and costly. As the executor, it's my legal obligation to take this situation to resolution in a way that protects the estate for the beneficiaries.

I’m not sure why your lawyer says it would have to go through the process for intestate succession in Florida. If your mom had a valid will and you’re the executor, if you can find someone to buy (even for $1) the unwanted timeshare, or simply give it away via the probate process if the named heirs do not want ownership, then that ancillary process won’t take forever. It makes no sense that the lawyer you spoke to said every potential relative would need to be considered. Perhaps Florida has some really convoluted process, but I would suggest you speak with a different lawyer to understand your authority as executor to dispose of an unwanted piece of real property when named heirs do not want it.

Just substitute a home for that timeshare to use as an example. If none of the named beneficiaries wanted the home, the executor would make the decision to sell the property and then the net proceeds would be part of the res of the estate. It seems extremely unusual that a will would be ignored and then the asset treated as if the decedent died without a will. Very, very strange.

 

[LeslieDet]

Sounds like an excuse by MVC. Why can't the executor who is charged with dispensing the estate give it away if no heirs want it?

Based upon prior conversations with MVW, the company has a policy prohibiting participation in any probate. Thus, it will not agree to accept title from an estate. The transfer must be from a living person. Yet another reason why owning via a revocable trust is beneficial.

 

[DopeyRunr]

I’m not sure why your lawyer says it would have to go through the process for intestate succession in Florida. If your mom had a valid will and you’re the executor, if you can find someone to buy (even for $1) the unwanted timeshare, or simply give it away via the probate process if the named heirs do not want ownership, then that ancillary process won’t take forever. It makes no sense that the lawyer you spoke to said every potential relative would need to be considered. Perhaps Florida has some really convoluted process, but I would suggest you speak with a different lawyer to understand your authority as executor to dispose of an unwanted piece of real property when named heirs do not want it.

Just substitute a home for that timeshare to use as an example. If none of the named beneficiaries wanted the home, the executor would make the decision to sell the property and then the net proceeds would be part of the res of the estate. It seems extremely unusual that a will would be ignored and then the asset treated as if the decedent died without a will. Very, very strange.

I understand your point, but rather than a home, what if it were a superfund site in the estate. A toxic asset that not only held no value but was viewed as a liability. I mean, that’s essentially what I’m dealing with.

In FL estate law, if all beneficiaries disclaim all or part of the inheritance, it falls under the Anti-Lapse provision and distributed following the rules of intestate succession.

What happens when your chosen beneficiary, heir or personal representative (PR) dies before you do? — Florida Probate Litigation Lawyer Blog — January 17, 2020

What if Your Beneficiaries Predecease You? When preparing a will, people assume that the beneficiaries that they name will outlive them. Unfortunately, — January 17, 2020

www.floridaprobatelitigationlawyer.com

 

[LeslieDet]

I understand your point, but rather than a home, what if it were a superfund site in the estate. A toxic asset that not only held no value but was viewed as a liability. I mean, that’s essentially what I’m dealing with.

In FL estate law, if all beneficiaries disclaim all or part of the inheritance, it falls under the Anti-Lapse provision and distributed following the rules of intestate succession.

What happens when your chosen beneficiary, heir or personal representative (PR) dies before you do? — Florida Probate Litigation Lawyer Blog — January 17, 2020

What if Your Beneficiaries Predecease You? When preparing a will, people assume that the beneficiaries that they name will outlive them. Unfortunately, — January 17, 2020

www.floridaprobatelitigationlawyer.com

I have not studied FL law. While I appreciate that the timeshare isn’t wanted, it’s not a superfund site. There should still be a provision that allows the executor to sell the property, without it being treated as subject to the Anti-Lapse provision. Perhaps that provision is triggered by virtue of the disclaimer? I would suggest determining if there’s a work around by the heirs‘ agreement to sell the property, say for $1, which then the executor would do.

 

[DopeyRunr]

And that was my initial, and really only, question - given my description of the contracts and sweeteners, are these something we could pretty confidently get rid of? Are 130000 RCI points available to transfer really attractive?

 

[Ski-Dad]

And that was my initial, and really only, question - given my description of the contracts and sweeteners, are these something we could pretty confidently get rid of? Are 130000 RCI points available to transfer really attractive?

I am not familiar with your resort, but 133K points does have value of at least $1300. Offer it on the free TUG listing; offer to pay the closing costs; and throw in the 133K points. I think you stand a decent chance of getting a taker.

 

[TUGBrian]

yes resorts enrolled in RCI points with reasonable mainteance fees have a better than average chance of being picked up when offered for free on the resale market!

 

[Talent312]

If it were me, I'd (1) fire the Florida attorney who seems to want to create work for himself, (2) dismiss the ancillary probate case (if that can be done), (3) file disclaimers from the beneficiaries in the main case, and (3) tell the HOA/management that they'll need to foreclose. But first, you may want to consult an actual probate attorney, and not a bunch of armchair quarterbacks.

BTW, my Will (and my wife's) say that, if none of the named benes want our TSs, the executor/pers.rep. is to dispose of them by sale, gift, surrender or abandonment at his/her absolute discretion.

 

[DopeyRunr]

But first, you may want to consult an actual probate attorney, and not a bunch of armchair quarterbacks.

I've been asking about how to sell/give away the timeshare and all most people on this forum want to do is provide inaccurate legal advice.

 

[HudsHut]

I am not familiar with your resort, but 133K points does have value of at least $1300. Offer it on the free TUG listing; offer to pay the closing costs; and throw in the 133K points. I think you stand a decent chance of getting a taker.

@DopeyRunr

Your answer is in the post I quoted above.

Post your FREE TIMESHARE AD here:

Free Timeshares

Timeshare ownerships offered completely free by owners! Rehome an unwanted timeshare at no cost! Timeshares listed here must be offered completely free!

tugbbs.com

Here is a template of what details to include:

What details should I include in my Free Giveaway Listing?

In the live stream tonight a member suggested some instructions on how to craft a free giveaway listing to help folks out who may or may not know exactly how to give away a timeshare (or it might not even be theirs, as in giving away for a relative or deceased family member etc). I wanted to...

tugbbs.com

 

[VacationForever]

I've been asking about how to sell/give away the timeshare and all most people on this forum want to do is provide inaccurate legal advice.

If you want legal advice, go talk to a lawyer. We are timeshare owners who are doing our best to share our experience. This is not a legal forum.

 

[dioxide45]

I've been asking about how to sell/give away the timeshare and all most people on this forum want to do is provide inaccurate legal advice.

If you want to know what the timeshare and accumulated points are worth for resale, it it likely $0. Thus why everyone is suggesting to give them away for free.

 

[CalGalTraveler]

Duplicate

 

[CalGalTraveler]

I've been asking about how to sell/give away the timeshare and all most people on this forum want to do is provide inaccurate legal advice.

@DopeyRunr you came asking for help. People tried to help and all you do is diss them. Hint: Perhaps you didn't need to include the information about your lawyer and could have been clearer about your request on how to give away your timeshare if that is all you wanted.

Even better, there are hundreds of postings asking the same question you asked. Had you performed your due diligence and conducted a search on this site (or even looked at a sticky on how to give away your timeshare per @HudsHut) you would have had your answer and you would not have wasted everyone's time in trying to assist.

Good luck unloading your timeshare. I hope you don't spend all of your inheritance on that lawyer.

 

[Chocolate62]

Just to put a finer point on this, has there ever been a recorded instance on the TUG forums, of someone who went into foreclosure just for unpaid maintenance fees, and ended up with a deficiency judgment? Now add in the fact that this is an estate, this just seems so unlikely as to be functionally impossible, and your risk of ruin is being found liable for maybe a few years of maintenance fees. A court can’t force you to take on this timeshare.

Does the deed not need to be transferred into their names before trying to give them away?

 

[Chocolate62]

I've been searching posts but I haven't found the answers I'm looking for. I'm a Disney Vacation Club owner and figuring out the value of banked points and contracts is very simple. Understanding the value of these two contracts, the accumulated RCI points, etc. is far more opaque, and that's what I'm hoping for some insight on from the experienced members on this board.

To be clear, nobody is being **forced** to take on the timeshare. I'm not sure where you read that in my post. The process for identifying a distributee who is willing to inherit it, however, is likely to be long and costly. As the executor, it's my legal obligation to take this situation to resolution in a way that protects the estate for the beneficiaries.

Is it possible that your 2 sisters do a quick claim deed to you and then you give it away or deed it back? The deed will need to be changed; correct? I am in a similar situation and trying to figure out best options.

 

[Fido Chuckwagon]

Does the deed not need to be transferred into their names before trying to give them away?

No, an executor of an estate can deed it away, provided ancillary probate has been opened in the state the property is located.