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How to keep my kids from inheriting my timeshare ?

momofthreeplusone

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I am in the process of buying a 1 BD unit in Hawaii, Lawai Beach Resort. Could someone help me figure out how to keep my kids from inheriting the timeshare? I am attaching a picture of the choices on the initial paperwork. Wondering if I need to put the kids in a “trust” so that they have the decision to not inherit if they don’t want it, or is choosing the “joint tenant” option for my husband and I sufficient. They are our beneficiaries in our will. This timeshare cannot be deeded back to the resort and I would rather not burden the kids with the maintenance fees, unless they wanted to. I would like to ensure that the kids have the option of not inheriting it.
 

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vacationtime1

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Your kids can disclaim any inheritance or any part of any inheritance. So the form of title is not relevant for this particular purpose (unless you put your kids on title, which you should not).
 

momofthreeplusone

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Your kids can disclaim any inheritance or any part of any inheritance. So the form of title is not relevant for this particular purpose (unless you put your kids on title, which you should not).
vacationtime1, thank you! Do you know what the purpose of a trust is (the last option that could be check marked)?
 

rapmarks

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A trust is an estate planning tool, and you need to have one set up legally before you mark trust on the form
 

momofthreeplusone

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Thank you. Since our children are our beneficiaries, would it be wiser to set up the trust and put the timeshare in it? So then they have the decision to accept or decline it? Am I correct in thinking that because they are our beneficiaries, they will then become responsible for the maintenance fees? This will be our first timeshare purchase so I want to make sure to do it correctly.
 

Karen G

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Thank you. Since our children are our beneficiaries, would it be wiser to set up the trust and put the timeshare in it? So then they have the decision to accept or decline it? Am I correct in thinking that because they are our beneficiaries, they will then become responsible for the maintenance fees? This will be our first timeshare purchase so I want to make sure to do it correctly.
No, if you put the timeshares in the trust and both of you pass away, the trust then owns the timeshares and is responsible for the maintenance fees. Just put yourself and your husband on the deed. As stated before, your beneficiaries can refuse any inheritance they don't want to accept.
 

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Momofthreeplusone - my apologies for jumping in on your post. I am very interested in your question as we (my siblings and I) have recently inherited (3) different timeshares from our parents. It turns out at this time that only one of the 3 is going to be taken over. I recently found and joined TUG hoping to find options for the other 2. I’m very interested in Karen G’s comments that we do not have to accept the inheritance. How do we find more information on how we go about that?
Appreciate any and all advice, thanks!
Elaine
 

Karen G

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I’m very interested in Karen G’s comments that we do not have to accept the inheritance. How do we find more information on how we go about that?
Appreciate any and all advice, thanks!
Elaine
I think you could just put in writing that the heirs do not wish to inherit these timeshares and refuse to accept ownership from the HOA.

Are you working with an attorney in settling your parents estate? Were you contacted by the timeshare HOA?
 

momofthreeplusone

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No, if you put the timeshares in the trust and both of you pass away, the trust then owns the timeshares and is responsible for the maintenance fees. Just put yourself and your husband on the deed. As stated before, your beneficiaries can refuse any inheritance they don't want to accept.
Ah, maybe I have been thinking of it backwards. Maybe I would put it in a trust if I wanted to make sure that our kids were owners after we pass away? I guess I am confused as to why the trust would be a good idea. There’s so many articles online etc, it’s hard to figure out what to do! I really appreciate everyone’s comments.
So...to sum up, I think what I have learned is that because our kids are beneficiaries, they will inherit the timeshare but then can refuse to accept it. They would likely need to work with an attorney to complete the process, I assume?
 

Passepartout

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Momofthreeplusone - my apologies for jumping in on your post. I am very interested in your question as we (my siblings and I) have recently inherited (3) different timeshares from our parents. It turns out at this time that only one of the 3 is going to be taken over. I recently found and joined TUG hoping to find options for the other 2. I’m very interested in Karen G’s comments that we do not have to accept the inheritance. How do we find more information on how we go about that?
Appreciate any and all advice, thanks!
Elaine
Talk to the attorney handling your parents' probate. Different states have different laws, but generally the attorney can write a 'disclaimer of inheritance' letter to the TS outfit and they really have no choice but to take back the deed on property you don't want. IMPORTANT!- don't pay anything (like annual maintenance) that could be construed as meaning you want the TS.

Jim
 

Fredflintstone

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Talk to the attorney handling your parents' probate. Different states have different laws, but generally the attorney can write a 'disclaimer of inheritance' letter to the TS outfit and they really have no choice but to take back the deed on property you don't want. IMPORTANT!- don't pay anything (like annual maintenance) that could be construed as meaning you want the TS.

Jim
Good Point Jim,

From experiences, resorts like to use Account Stated. The general details of how Account Stated works is here:



I might add they should not use the points or weeks either.


Sent from my iPad using Tapatalk
 

silentg

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We are trying to get rid of ours when we feel we are done traveling. One is a RTU ,one will be deeded back, last one is low maintenance fee so we will give it away ,since we got it dirt cheap. Kids don’t want our timeshares☹
 

VacationForever

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If we have it our way, we will get rid of our timeshare portfolio in 10 to 12 years time when we no longer want to make regular trips to timeshare resorts. In the meantime, I can only leave instructions in my "to be opened upon my death letter" for my son to disclaim our timeshare if we pass away suddenly.
 

momofthreeplusone

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Talk to the attorney handling your parents' probate. Different states have different laws, but generally the attorney can write a 'disclaimer of inheritance' letter to the TS outfit and they really have no choice but to take back the deed on property you don't want. IMPORTANT!- don't pay anything (like annual maintenance) that could be construed as meaning you want the TS.

Jim
Jim, say my kids wrote a disclaimer of inheritance. would the timeshare be required to take the deed back, even if, stipulated at purchase, they said that weeks can not be deeded back?
 

momofthreeplusone

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We are trying to get rid of ours when we feel we are done traveling. One is a RTU ,one will be deeded back, last one is low maintenance fee so we will give it away ,since we got it dirt cheap. Kids don’t want our timeshares☹
[/QUOTEare these the options? What happens if you can’t get rid of a timeshare??
 

momofthreeplusone

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Silentg, are these the options? What happens if you can’t get rid of a timeshare??
 

Passepartout

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Jim, say my kids wrote a disclaimer of inheritance. would the timeshare be required to take the deed back, even if, stipulated at purchase, they said that weeks can not be deeded back?
That is not for you or me to decide, but for the HOA. If you and your husband are deceased, and the kids don't pay them anything, believe me, eventually, they will foreclose and sell that interval. You're wasting time on pure hypotheticals. Just STOP!
 

silentg

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These are my options, I can’t speak for others, but the three I have now are going to be it for us. Not trying to give them up yet, we had 7 timeshares last year and was able to rehome two and return two to the resorts. Most of these were TUG resales. I have never invested much money into a purchase. The maintenance fees are the biggest cost.
 

gkbuser

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That is not for you or me to decide, but for the HOA. If you and your husband are deceased, and the kids don't pay them anything, believe me, eventually, they will foreclose and sell that interval. You're wasting time on pure hypotheticals. Just STOP!
Yeah they will foreclose for sure, but what are the legal ramifications of this. Does a judgement go against the trustee of that trust then? I mean what does that look like? Can it hurt the trustee?
 

Passepartout

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Yeah they will foreclose for sure, but what are the legal ramifications of this. Does a judgement go against the trustee of that trust then? I mean what does that look like? Can it hurt the trustee?
Ahhh, therein lies the danger of putting timeshares into a trust. Of course all trusts are not created equally, and you'd have to have it skillfully constructed to shield the trustee. In most cases, the trust will continue to be a viable entity after the demise of it's originator(s), therefore the trustee would be responsible for the ongoing expenses of it's holdings. Of course, the trustee could sell, give away, return or otherwise unload the timeshare. This is why I don't recommend putting them into trusts. Consult legal counsel in your area to find what is applicable in your case.

I am not a lawyer, and the above is merely my opinion, not legal advice.

Jim
 

gkbuser

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Ahhh, therein lies the danger of putting timeshares into a trust. Of course all trusts are not created equally, and you'd have to have it skillfully constructed to shield the trustee. In most cases, the trust will continue to be a viable entity after the demise of it's originator(s), therefore the trustee would be responsible for the ongoing expenses of it's holdings. Of course, the trustee could sell, give away, return or otherwise unload the timeshare. This is why I don't recommend putting them into trusts. Consult legal counsel in your area to find what is applicable in your case.

I am not a lawyer, and the above is merely my opinion, not legal advice.

Jim
Yeah, I don't know if all the beneficiaries of that trust could file the disclaimer of interest and that would clear it out of the trust or not. In the end, if one of us does not take it voluntarily, then I may need to consult with a real estate attorney familiar with FL estate law and hope they won't charge an arm and a leg to get out of it. I would rather pay $1,000 to $2,000 now then have one of us get stuck with it.
 

Passepartout

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Yeah, I don't know if all the beneficiaries of that trust could file the disclaimer of interest and that would clear it out of the trust or not. In the end, if one of us does not take it voluntarily, then I may need to consult with a real estate attorney familiar with FL estate law and hope they won't charge an arm and a leg to get out of it. I would rather pay $1,000 to $2,000 now then have one of us get stuck with it.
Well, ONE of you won't be stuck with it unless ONE of you acquires it from the Trust. Until then (imo), the trust will be responsible for it's expenses. If I understand correctly, the trust is now listed as the owner and no beneficiaries want the TS? Then why worry about 'getting out' of the TS. Just sell it, give it away. Of course if it isn't paid off, that creates another problem- nobody will buy it, nor will the resort accept a deedback. The trustee may have to bite the bullet and pay it off in order to unload it. DO NOT sign up for ANY of those upfront fee, 'get you out of your TS' outfits they are all designed to separate you from your money and can't do anything you can't do yourself.

Jim
 
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