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Getting rid of timeshare by including it in your will?

little1

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I read TUG's postings for a few year now and have seen many people trying to get rid of their worthless timeshare that won't sell. From donating it to a charity, will it to their heirs, to asking the developers to take it back.

I was thinking, is it possible to include the timeshare in your will and naming the developer as the recipient? Will this work or is there some other consequences?

Of course, you will have to die before your will can take effect....lol

But at least you are not leaving it to your heirs to deal with it.
 

T-Dot-Traveller

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- founder of Westgate Resorts would get my vote .
 

DaveNV

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I like your idea, but I've also heard nobody is required to accept a timeshare that is willed to them. So you could will it to an heir, and they could refuse it. That sends it back to the HOA, if I understand things correctly. Win-win for the living, and the deceased won't likely care very much. :shrug:

Dave
 

Passepartout

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Your heirs DO NOT have to accept anything you bequeath them. Just instruct them to refuse ANY timeshares that they do not want the obligation of. If they refuse it, the deed goes back to the HOA or whatever entity is governing the property at that time. Your estate would be responsible for expenses (Maintenance, etc) until the date of the current owner(s) death. but it ends there. Talk to an attorney versed in estate planning and probate matters in the state where you live.

Jim
 

mtwingcpa

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I was thinking, is it possible to include the timeshare in your will and naming the developer as the recipient? Will this work or is there some other consequences?

I've wondered the same thing (and I agree with others that the HOA is probably the party you want to name).

I think the cleanest way to do this would be to name the HOA outright as the sole heir of the timeshare, with no alternates or contingencies. In other words, don't say something like, "If no one else wants it..."

But even in this case, the HOA like anyone else could still "disclaim" the inheritance and thereby force your estate to jump through some hoops in order to compel them to accept it. For example, I suppose they could force you to drag this through a probate procedure that might otherwise not be necessary, and in fact there might be advantages (legal protections) to the HOA in doing so.

So I don't see this as a silver bullet. But it is probably a viable strategy.
 

VacationForever

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Putting the HOA as beneficiary is a futile exercise. They can reject it just like anyone else you name. You just have to make sure the beneficiaries of your estate know that they can reject / disclaim the inheritance. Ultimately it will go back to the HOA, as long as no one wants it and follows the process to disclaim it.
 

mtwingcpa

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Putting the HOA as beneficiary is a futile exercise. They can reject it just like anyone else you name.

I agree that the HOA can disclaim the bequest and thereby force you to jump through hoops (time, effort, legal fees, etc.). However, there is also the chance that they will see the writing on the wall (in other words, that no other heirs want the unit) and accept the bequest with no further resistance.

Meanwhile, if the HOA does disclaim the bequest, you are probably no worse off than you otherwise would be.

So I think this strategy is worth considering, while noting its potential limitations.
 

jamcclure1044

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I threaten to leave my timeshare to my kids if they really piss me off.
 

davidvel

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Putting the HOA as beneficiary is a futile exercise. They can reject it just like anyone else you name. You just have to make sure the beneficiaries of your estate know that they can reject / disclaim the inheritance. Ultimately it will go back to the HOA, as long as no one wants it and follows the process to disclaim it.
I agree that the HOA can disclaim the bequest and thereby force you to jump through hoops (time, effort, legal fees, etc.). However, there is also the chance that they will see the writing on the wall (in other words, that no other heirs want the unit) and accept the bequest with no further resistance.

Meanwhile, if the HOA does disclaim the bequest, you are probably no worse off than you otherwise would be.

So I think this strategy is worth considering, while noting its potential limitations.
Why would the property go back to the HOA? Is there something in the CC&Rs that says this? I don't understand this. The HOA never owned the property, so how does it "go back?" Yes, they could eventually foreclose if overdue MF get high enough, but they are not required to.
 

Albert Ng

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Lol, ... this post should be highlighted for all people consider buying timeshare right now. Until death, MF still haunts you :D
 

T_R_Oglodyte

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Why would the property go back to the HOA? Is there something in the CC&Rs that says this? I don't understand this. The HOA never owned the property, so how does it "go back?" Yes, they could eventually foreclose if overdue MF get high enough, but they are not required to.
It doesn't go back to the HOA. If a recipient disclaims ownership it remains in the estate. Which means probate doesn't close until a method of disposing of the asset is established. In practical terms, I understand that the estate executor must petition the court for permission to abandon the property. Then, it sits around, accumulating dust, until some entity with an interest decides to take action. Maybe the HOA takes action because of unpaid assessments. Or the county takes ownership for unpaid taxes. Or, if it has no value, nobody does anything and it just lays there in Never-Never Land.
 

LannyPC

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Why would the property go back to the HOA? Is there something in the CC&Rs that says this? I don't understand this. The HOA never owned the property, so how does it "go back?" Yes, they could eventually foreclose if overdue MF get high enough, but they are not required to.

You are right on the technicality that it would not "go back" to the HOA because the developer originally owned it, not the HOA. But the HOA would likely (re)possess it so that it can try to sell the TS and get the TS into the hands of a fees-paying owner.
 
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