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Help! Both my parents died who were owners at The Ridge Tahoe - what do I do??

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Hi all,

I'm so grateful to find this forum! I am really struggling with what to do with multiple questions, and if anyone can offer any insight to any one of the questions, please do...

As I mentioned in the title, my parents were member-owners in a deeded timeshare at The Ridge Tahoe, now managed by Holiday Inn Club Vacations in Stateline, Nevada in the hills/mountains above Lake Tahoe, and if any of you have any experience or knowledge of this market, please share. HICV is not allowed to give me advice whatsoever. But basically I have to decide if I want the deed transferred to my name... or should I just let the timeshare go?

From what I read here, it sounds like it would go into foreclosure if I let it go, but can they come after me? My mom did have a little money but it all transferred to me legally since we had a joint account, but a lot of it is gone/used now to pay off debts. And other than the timeshare, we really don't have any other assets I can think of. Oh, wait, we do have land in the CA desert that nobody wants and is still hardly worth the taxes owed each year. And not sure if it matters, but I live in CA, the timeshare is in NV, and my parents died in WA.

And if I want the deed transferred to my name, do I really need an attorney to do it? So far, I found one that is $350/hr. and is asking for a retainer fee of $1500. He hasn't said for sure, but thought maybe we will not have to go into probate if the value is under $25K, and as I see what people are selling theirs for, of course it should be considered valued under that... that is if the "value" he's talking about is in regards to the current market and what people pay to an owner that is selling. Or is the value considered what a brand new timeshare would be sold for at the same location? I can't ask him further since I'll need to pay him first, but wanted to educate myself as much as possible so I even know what it is that I want to do.

And if I decide to let it go, do I still need to do something legally and do I still need the lawyer? Or do I just do nothing? My parents did not say anything about the timeshare in their will, but they did make me executor of their estate.

Also, w/out me being on the deed, but proven as the executor in the will and next-of-kin, am I allowed to stay at the resort this next year and make any changes to the reservations? We are paid up on fees, and the mortgage from 1988 is paid off.

Some details about the TS condo... It is a 2-bedroom lock-off in the Tower building, which I think is the best bldg. there with gorgeous views and quick access to the club house and main pool. I do love it there, and there are a lot of memories and sentimental value in keeping it, and I think that is why I'm having a hard time. My mother also wanted it for me, and part of me wants to honor her investment, as my parents worked so hard all their lives, but this time and place was the one thing they got to look forward to.

Why I still hesitate is that after a couple years, the maintenance fees could become too much for me, though it is only $1000/yr. which seems to be lower than what others are paying. But how easy is it to rent or sell in this market?? And if worse comes to worse, it sounds like I could do a "deed-back"..? Also, I'm almost 550 miles away, and it is costly for the gas and car rental each year that I have to consider.

Yet I know the stress that TS owners go through, and already, it has been so stressful dealing with HICV that I broke down in tears. :(

Next year, we do have ideal reservations in the summertime - the first reservation being from dues paid for 2020 - they finally allowed us to push it back due to extreme circumstances, and my name is listed as a Guest, as well as a late summer stay I was looking forward to as part of the 2021 fees.

So what do you think I should do? Get my name on the deed and enjoy it for a couple years? Do nothing? And if I do nothing, can I still stay as a guest in those reservations, especially the one made during my mother being alive and listing me as a guest??

Thanks so much for reading this.
 

Conan

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Of course this is not legal advice and please don't rely on it, but if their ownership takes the form of a deed then their estate owns real property in Douglas County, Nevada. Which means the only way for you to acquire that ownership is for you (since you say you're their Executor) to get yourself appointed their Executor in Nevada so you can sign a new deed from you as Executor to yourself personally (assuming their Wills leave the residue of their estates to you and nobody else).

"[E]states valued under $300,000.00. These estates can be done under the summary administration function. NRS Chapter 145 applies to the summary administration of estates. This [is] an expedited version of probate. It includes publishing and mailing notice to creditors of the estate and the filing of a final accounting. This process is generally quicker to administer than a general administration."

"NRS 145.040  Conditions for ordering summary administration.  If it is made to appear to the court that the gross value of the estate, after deducting any encumbrances, does not exceed $300,000, the court may, if deemed advisable considering the nature, character and obligations of the estate, enter an order for a summary administration of the estate."

If you Google you'll find lots of local attorneys advertising to do this for you. You might try telephoning one of the assistants to the county judges and ask whether they can provide you with ancillary (non-resident estate) probate paperwork to do it yourself.

Alternatively, you can probably safely do nothing--if you get any inquiries from the timeshare you can send them copies of the death certificates (and nothing else). It doesn't sound like there's any way the timeshare can take action against you for maintenance, etc. payments, but you probably won't be able to use the property either.
 
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andysnovel

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There are 1 and 2 bedroom units going for a $1 on eBay, so it appears your parent’s timeshare is basically worthless on the resale market. If your name is not on the deed, from what I have read on here, you are not obligated to assume ownership.
 

rickandcindy23

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The resort cannot come after you. If you do not want it, don't pay the fees in January.
 

silentg

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Talk to LT Transfers they can help you get the Timeshare put in your name they are TUG members too. It sounds like you want to keep it, so I hope it works out for you.
 
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Thanks so much, you guys! Being new here, I'm so glad I checked the post because I did not receive any alerts that there were responses. Happy to hear your thoughts! I will look into these things y'all suggested... As for flexibility in renting it out from time to time, how easy is it to do that? I'm open if anyone has an answer generally about timeshares, or can even answer specifically re: the Tahoe market, or even the Ridge Tahoe Resort market. I usually book 2 years in advance for the summer, but technically, this timeshare can be used in prime winter dates for the skiing crowd. The lock-off can also be divided into one week in a studio w/mini fridge, and then a 2nd week in a full one bedroom condo with full living room for the 2nd week.
 
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Of course this is not legal advice and please don't rely on it, but if their ownership takes the form of a deed then their estate owns real property in Douglas County, Nevada. Which means the only way for you to acquire that ownership is for you (since you say you're their Executor) to get yourself appointed their Executor in Nevada so you can sign a new deed from you as Executor to yourself personally (assuming their Wills leave the residue of their estates to you and nobody else).

"[E]states valued under $300,000.00. These estates can be done under the summary administration function. NRS Chapter 145 applies to the summary administration of estates. This [is] an expedited version of probate. It includes publishing and mailing notice to creditors of the estate and the filing of a final accounting. This process is generally quicker to administer than a general administration."

"NRS 145.040  Conditions for ordering summary administration.  If it is made to appear to the court that the gross value of the estate, after deducting any encumbrances, does not exceed $300,000, the court may, if deemed advisable considering the nature, character and obligations of the estate, enter an order for a summary administration of the estate."

If you Google you'll find lots of local attorneys advertising to do this for you. You might try telephoning one of the assistants to the county judges and ask whether they can provide you with ancillary (non-resident estate) probate paperwork to do it yourself.

Alternatively, you can probably safely do nothing--if you get any inquiries from the timeshare you can send them copies of the death certificates (and nothing else). It doesn't sound like there's any way the timeshare can take action against you for maintenance, etc. payments, but you probably won't be able to use the property either.
Thanks so much, Conan! That's a lot of great info I knew nothing about. I will see what I can find out... Yes, I did already send them the death certificates as well as the Will. Thank you for the links!
 
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There are 1 and 2 bedroom units going for a $1 on eBay, so it appears your parent’s timeshare is basically worthless on the resale market. If your name is not on the deed, from what I have read on here, you are not obligated to assume ownership.
Thanks, andysnovel... Yeah, it is surprising how little they're being sold for as it really is a great resort. My parents loved playing slot machines at the casinos and it's such a nicer stay than being in Vegas. But I guess the low asking prices prove they're not easy to sell, is what I'm thinking..?
 

rickandcindy23

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CalGalTraveler

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I am sorry to hear about your loss. Now's your chance. I say let it go because you are concerned about your ability to meet increasing MF obligations and getting rid of it in a few years.

I would be careful and consult with an attorney before using the unit and making any payments. As an heir to the estate that may obligate you to own it.

If you are sentimental you can rent from an owner and get the same great unit. Check out how much rentals cost relative to MF on Redweek. It might be cheaper than owning. And you have zero obligation to pay in the future.

If you decide later you really want to own again you can always pick up a $1 unit and get the same great experience.
 

CPNY

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Don’t take it and rent from owners in other systems. See how you like timeshares and if it’s something you want to own in the future. You can get nearly 98% of them for free on eBay.
 

Tank

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If you like it , and could use it , it will probably cost the same to transfer it to you from LT Transfers. You can rent a week you pick out or use it yourself just like they use too.
you noted the cost MF’s always go up. Everything goes up with time. Your unit will be worth very little when you want to get out.
HICV will want you to convert to points, this will cost money to do and not necessary to use your week. Doing so allows you to use the other resorts in our family with a extra $136 annual fee and $99 reservations fee for each reservation made. As a HICV owner we are happy to add your place to our family.
Good luck!
Dave
 

Tank

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If you pay the fee to convert your week to points you can transfer it to your kids later in life. Selling outright to anyone else it reverts back to just a week rendering it useless to sell.
 

rocksteadyserg

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Ridge is having a buy back program if you have a deed. I think they are giving me 2500.00 I have 2 bedroom neagle. I got put in line and according to the letters I have received it should happen at the end of the year. Do yourself a favor and buy worldmark, I did.


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Hobokie

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Ridge is having a buy back program if you have a deed. I think they are giving me 2500.00 I have 2 bedroom neagle. I got put in line and according to the letters I have received it should happen at the end of the year. Do yourself a favor and buy worldmark, I did.


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Second this, I LOVE my Worldmark!

@Tahoe Timesharer , since this timeshare appears to be worthless in the resale market, I would recommend you let it go and, if timeshares is something that interests you, do your research and find THE RIGHT TIMESHARE FOR YOU and then go get it. If it happens to be this same one then you will be able to repurchase it for $1 on ebay, it seems :) But you won't have to learn and assume the timeshare at the same time, you should research FIRST and THEN buy. Just my 2 cents :)
 

davidvel

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PLEASE listen to others, and decline to transfer this unit. Think about it, if you can get this unit for $1 or less, why commit while you are under the gun?
 

HudsHut

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@Tahoe Timesharer
I'm sorry for your loss.
I agree with the others, there is no reason to take on a $1000+/year liability (it is not an asset.) Stop paying. Do not use it.
You don't know enough about timeshares to buy one right now. Take your time, learn, and if you find one that makes sense for you, then you can choose to buy.
When people say it currently sells for $1, they are not insulting The Ridge. After the last recession, many timeshares went to $1 on ebay. There were more sellers than buyers. Like many small timeshare systems, they had many owners default on maintenance fees and loan payments, and eventually Holiday Inn came in to buy out the defaulted weeks.
The Ridge is quite nice, but there are nicer. A lot of people don't like the steep drive to the top of the mountain. And parts of the grounds are steep also, which makes it difficult to traverse for older owners.
@rocksteadyserg Do you have contact info for the deedback office for Tahoe Timesharer?
 

Patri

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Please

Investigate timeshares. Don't keep this to pass onto your kids. They will have the nightmare. Rent for a while. There are deals out there that fit YOUR lifestyle.
 

avelox

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Hi!
Lots of great advice for you to ponder in this thread .... but, let me add these words of caution for you-
Do Not Pay Any Money Upfront To Anybody Who Claims That He/ She Will Unload Your Timeshare For You.
It makes no matter whether or not they be doctors, lawyers, or Indian chiefs.
Stay healthy. Travel carefully.
 

rickandcindy23

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I would also, "Let it Go."
 
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