How does an executor give a Marriott timeshare back to Marriott?

[BJRSanDiego]

An executor of an estate is not legally allowed to convey ownership of any real property owned by the estate unless probate court approval is obtained. With real estate, the only probate court with jurisdiction to approve a transfer of title from the estate of a deceased to any buyer or gift recipient is the one located in the same county where the real estate is located. The executor cannot simply offer to "deed it back" legally and cannot legally sell the ts ownership without going through ancillary probate (required because the deceased wasn't a resident of Riverside County, CA, where the ts are located).

Leslie, I appreciate you entering this thread. I respect your educated comments.

Since there are no heirs who are willing to accept the timeshare, what would be the ramifications of simply stopping paying the MF with the assumption that eventually Marriott will foreclose?

BTW, (I own at DSV1, DSV2 and SR) my perception (based on actual experience and surveying the market) is that each Platinum unit could be sold for $3,000 to 5,000. I have bought four in that range. If the timeshares were part of a trust, or if the estate was of a low value (say $150K) could the executor sell the units on, say, Redweek or Tug2 without going through probate?

 

[LeslieDet]

BTW, (I own at DSV1, DSV2 and SR) my perception (based on actual experience and surveying the market) is that each Platinum unit could be sold for $3,000 to 5,000. I have bought four in that range. If the timeshares were part of a trust, or if the estate was of a low value (say $150K) could the executor sell the units on, say, Redweek or Tug2 without going through probate?

If the ts were owned by a revocable living trust, and the grantor passed or became incapacitated, then the successor trustee steps up to manage the trust. In that capacity, as successor trustee, that person can sell the ts and is able to legally convey title to a buyer. There is no court involvement. No other special process is required. The trust isn't dead; and as the legal owner, the trust is the entity conveying ownership. It is just that the person signing on behalf of the trust has changed from the original grantor to the successor trustee. So, sure, they can use Redweek or whatever other platform they want to list the property for sale. Then they can legally convey title. It is why trusts are so great; they avoid probate.

Whereas, if the ts were owned by the individual outside of a trust, and the owner died, the only legal manner to convey title to anyone is to involve probate. If the owner lived in Riverside County, then there would not need to be an ancillary probate. The executor would obtain court approval to sell the ts as executor of the estate of the deceased, and the court would approve the transfer of legal title. Without probate, you cannot legally sell or transfer a dead person's real property, because a dead person can't sign a deed before a notary. Remember, real property law in the USA is based upon recorded deeds; each recorded deed must be properly executed per the laws of the state where the real property is situated.

To answer your question regarding the ramifications of stopping paying the MF, if there are no heirs who want the ts ownership, frankly that will depend upon so much more. The answer really is fact dependent. It depends upon what other assets are in the estate, the value, etc. The executor owes a fiduciary duty to comply with the law and obligations of an executor in probating an estate. No executor can simply bury their head in the sand and ignore the ts in the hopes of not having to deal with the legal aspects. There are times when assets can be abandoned, but the executor should seek legal advice to understand all risks associated and legal obligations owed if one is to abandon assets of an estate. If the executor is probating a high 6-figure+ estate, that will most likely be handled differently than a penniless or limited asset estate.

 

[BJRSanDiego]

If the ts were owned by a revocable living trust, and the grantor passed or became incapacitated, then the successor trustee steps up to manage the trust. In that capacity, as successor trustee, that person can sell the ts and is able to legally convey title to a buyer. There is no court involvement. No other special process is required. The trust isn't dead; and as the legal owner, the trust is the entity conveying ownership. It is just that the person signing on behalf of the trust has changed from the original grantor to the successor trustee. So, sure, they can use Redweek or whatever other platform they want to list the property for sale. Then they can legally convey title. It is why trusts are so great; they avoid probate.

Whereas, if the ts were owned by the individual outside of a trust, and the owner died, the only legal manner to convey title to anyone is to involve probate. If the owner lived in Riverside County, then there would not need to be an ancillary probate. The executor would obtain court approval to sell the ts as executor of the estate of the deceased, and the court would approve the transfer of legal title. Without probate, you cannot legally sell or transfer a dead person's real property, because a dead person can't sign a deed before a notary. Remember, real property law in the USA is based upon recorded deeds; each recorded deed must be properly executed per the laws of the state where the real property is situated.

To answer your question regarding the ramifications of stopping paying the MF, if there are no heirs who want the ts ownership, frankly that will depend upon so much more. The answer really is fact dependent. It depends upon what other assets are in the estate, the value, etc. The executor owes a fiduciary duty to comply with the law and obligations of an executor in probating an estate. No executor can simply bury their head in the sand and ignore the ts in the hopes of not having to deal with theu legal aspects. There are times when assets can be abandoned, but the executor should seek legal advice to understand all risks associated and legal obligations owed if one is to abandon assets of an estate. If the executor is probating a high 6-figure+ estate, that will most likely be handled differently than a penniless or limited asset estate.

Many thanks for your response.

 

[barsue00]

If the ts were owned by a revocable living trust, and the grantor passed or became incapacitated, then the successor trustee steps up to manage the trust. In that capacity, as successor trustee, that person can sell the ts and is able to legally convey title to a buyer. There is no court involvement. No other special process is required. The trust isn't dead; and as the legal owner, the trust is the entity conveying ownership. It is just that the person signing on behalf of the trust has changed from the original grantor to the successor trustee. So, sure, they can use Redweek or whatever other platform they want to list the property for sale. Then they can legally convey title. It is why trusts are so great; they avoid probate.

Whereas, if the ts were owned by the individual outside of a trust, and the owner died, the only legal manner to convey title to anyone is to involve probate. If the owner lived in Riverside County, then there would not need to be an ancillary probate. The executor would obtain court approval to sell the ts as executor of the estate of the deceased, and the court would approve the transfer of legal title. Without probate, you cannot legally sell or transfer a dead person's real property, because a dead person can't sign a deed before a notary. Remember, real property law in the USA is based upon recorded deeds; each recorded deed must be properly executed per the laws of the state where the real property is situated.

To answer your question regarding the ramifications of stopping paying the MF, if there are no heirs who want the ts ownership, frankly that will depend upon so much more. The answer really is fact dependent. It depends upon what other assets are in the estate, the value, etc. The executor owes a fiduciary duty to comply with the law and obligations of an executor in probating an estate. No executor can simply bury their head in the sand and ignore the ts in the hopes of not having to deal with the legal aspects. There are times when assets can be abandoned, but the executor should seek legal advice to understand all risks associated and legal obligations owed if one is to abandon assets of an estate. If the executor is probating a high 6-figure+ estate, that will most likely be handled differently than a penniless or limited asset estate.

Good questions and great answers! Thank you for this…precise and clear!

 

[LeslieDet]

Thank you! I will start over with MVC legal.

FYI - if you don't have any luck reaching out to legal, you can always try customer.advocacy@mvwc.com - hopefully if you explain the details, you'll figure out a way to get a deed back done via the ancillary probate. Good luck to you.

 

[barsue00]

FYI - if you don't have any luck reaching out to legal, you can always try customer.advocacy@mvwc.com - hopefully if you explain the details, you'll figure out a way to get a deed back done via the ancillary probate. Good luck to you.

Thank you for all of your help! I’ll let you know how I do. (If it takes as long as the clerk in Riverside County says it takes, I’ll update you in about a year!!!)

 

[klkaylor]

Give this web site a look -https://selfhelp.courts.ca.gov/probate/small-estate. May save you a riverside probate. Look carefully at the DE-305 form for real estate.

 

[barsue00]

Give this web site a look -https://selfhelp.courts.ca.gov/probate/small-estate. May save you a riverside probate. Look carefully at the DE-305 form for real estate.

Thank you. I am looking into this.