That was awesome!
And the more f-bombs the better when it comes to retail timeshare sales.
that is a youtube thing vs a tug/forum thing unfortunately!
If all heirs disclaim, then the timeshare fees will not be paid for and will eventually be foreclosed. In my limited experience (only about a dozen) you can usually force timeshare co. to accept deed in lieu of foreclosure from executor, once the court order permits everyone to disclaim.but it still technically stays in the ESTATE and the estate cant close out etc....
vs automatically transferring the deed to an heir without their action (or signature, etc).
I paid retail. I bought it from myself and enjoyed the commission. Still paid too much.
But I have saved so much in nearly 30 years of doing this that I could walk away from my timeshare tomorrow. It owes me nothing. All I did was follow my sales pitch to the letter.
was actually interviewed multiple times for this story...looking forward to watching it
When I watched the video, I thought the producers may not have done deep enough research. But given your statement, I'm dismayed. It only further reinforces increasingly popular view that media paints a narrative that fits their objectives with half-truths.
however as of late that video has already had more than 2.4m views on youtube alone in 24 hours, and likely more who watched it (or will watch it) on hbomax....which is an astounding number of folks who will hopefully get the message that at the very least, they really need to read a bit more into what they are buying...or more importantly...to maybe think twice before using that exit company!
Thank you for posting this example. I have made copies and put it with our important papers.Here is a sample of a disclaimer although each court may have its own form. (And don’t forget that the probate usually has to be also be registered in any state that the timeshares are located, too, in order to transfer the deed.)
I think something like this would be better as a TUG knowledge article. Not sure if that is possible given the type of information it is providing ((legal, estate and financial planning).Thank you for posting this example. I have made copies and put it with our important papers.
I have a few more questions @alexadeparis and other lawyers who post on TUG:
Does the process change if you have a revocable living trust (which ultimately becomes a trust after death). i.e. do you need to bother filing since it is the trust that owns it (and trusts don't need credit ratings!) Can it simply remain in the trust after all other assets are distributed, so it dies with the trust. i.e. can beneficiaries of the trust simply notify the trust (instead of the state) that they don't want the asset, the trust stops paying for the timeshare and lets it foreclose?
If process does not change, do you still need to register the trust in any state that the timeshares are located and the trust beneficiaries file these forms?
@TUGBrian can we place this somewhere in a sticky? (perhaps we need a new thread on this important topic?)
I think the video was valid and hopefully accomplished its purpose with JO fans. No need to go into the minutiae of resales, etc. The best advice is not to buy. Be warned while your money is still in your pockets. People have great vacations not time sharing. When you own one, it changes the dynamic of trips, and that is not necessarily the best for everyone. Better that a newbie learn about the smart tactics by researching first on TUG or learn from friends/family who truly understand the resale market.