Getting rid of an inherited timeshare

[Bobbob911]

Hi all, hope this is the right forum for this question.

I recently inherited a timeshare from my parents that I do not want. Before they passed we were able to Deed Back several US timeshares but this one is in Collingwood Ontario Canada. (I also a Canadian). They would not take the timeshare back.

This is a deeded timeshare, and only my parents names are on the contract. My understanding so far is that:

- legally all beneficiaries/ next of kin (myself and my brother) have the right to refuse the inheritance

- at which point the timeshare remains with the Estate

- the executor of the will (myself) has the obligation to settle all affairs of the Estate, of which this is certainly one since it’s certainly not practical for the estate to continue to hold this property in perpetuity

Does anyone have any advice for next steps? I am trying to seek legal advice but so far I am only finding law firms that are either clueless about this or seem very sketchy (ie $4000 retainer fees).

Thanks!

 

[Passepartout]

I am not familiar with Canadian law, but it would seem that the estate (or attorney for) would write the BOD of the timeshare informing them that no beneficiary of the estate wants the property and that the estate is offering the deed back in lieu of foreclosure.

It would be the same as if any property deed holder dies intestate (without a will).

Of course I know nothing of the resort, but if there is a decent resort there, you could offer it free on the TUG Bargain Deals, or maybe offer a $100 gift card to a new owner to take it.

Jim

 

[Braindead]

Can’t the Estate Attourney answer what happens ounce you refuse to inherit the timeshare ??
I would have the attorney send the resort a letter that all beneficiaries of the estate have refused to inherit the timeshare and does the estate need to deed the ownership back to the resort??
Can you close the estate with refusing to inherit the timeshare with no further action??
Do not contact or pay anyone other than the estate attorney

 

[bogey21]

Seems to me that the simplest thing to do is disclaim the inheritance. The estate may (?) have a MF to pay along the way but once everything is settled and the only thing that is left in the estate is the TS Week my guess is that the Resort will have no other option than to take it back...

George

 

[Bobbob911]

Thanks. I’m still trying to find a decent estate lawyer but I think I have a couple possibilities to talk to on Monday.

My assumption is that this week is worth nothing on the open market but maybe I should check here - is there any value to a 64000 annual RCI point week with ~$500US annual maintenance fees? With the added complexity of it being a Canadian deed?

 

[bluehende]

Thanks. I’m still trying to find a decent estate lawyer but I think I have a couple possibilities to talk to on Monday.

My assumption is that this week is worth nothing on the open market but maybe I should check here - is there any value to a 64000 annual RCI point week with ~$500US annual maintenance fees? With the added complexity of it being a Canadian deed?

Someone with more experience may answer also but my limited knowledge says that is a lot of points for a low maintenance fee. I would think it has a little value. I would think it should be easy to give away here.

 

[truckinusa]

Not gonna fight anyone for it, but if you can figure out what it costs to transfer it to me I might be interested. Sounds like a good deal possibly.

 

[DrQ]

Since you are the Executor, you are going to have to deal with it whether you accept it or not.

If it were me (and it is not), I would try to put it on the TUG Classified for the cover the M/F or as Jim suggested pay the M/F, transfer fees and a gift card.

I'm assuming that Canadian law is similar to US law and a creditor cannot sue for anticipatory damages. That would mean that they can only sue for one year's M/F. I would check with a lawyer and if that is the case, point that out to take back the fully paid M/F with possibly offering to pay an additional year.

Otherwise you will force them to make a claim against the estate and they will have to prove their damages. Notify them when the estate will be closed by law and when they have time to make their claim per Canadian probate law.

ETA: This is where you need to talk to a probate lawyer as to what constitutes proper notice. Do you just have to place an ad in the paper where the T/S is HQ'd or do you have to mail them directly? You will have to pay the M/F to bring it current. Can you find the original contract? It may have a death provision. You could request a copy of your parent's contract. Do you know if it's deeded?

These are some things you need to consider.

I am not a lawyer and this is not legal advice, please seek a qualified professional.