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We also have 2 children that we expect to leave our portfolio to. However, we expect them to not be able to retain our status and will have to 'split' the ownership between them with each getting half the holdings. Unless someone knows of a way to create a trust that Marriott will recognize to keep the portfolio intact but allow each beneficiary child the full benefit of the status the portfolio conveys, we see no alternative but to divide it.
Any estate planning attorney TUG members out there?
What do you have against your kids to saddle them with something with dubious value and ongoing debt?
But that's not what you asked.
You can simply list the kids name and designate the timeshare- or any property you want them to have. Or you can create a trust, then (probably pay) to transfer the property in to the trust that will survive you. The 'status' should transfer.
We've instructed our progeny to refuse the timeshares if we still have them when we achieve ambient temperature. They have no interest in them- beyond an invitation to join us in Hawaii from time to time. They have lives of their own, and know that timeshares can be had for pennies on the dollar if they should want them.
My DW is a family lawyer and deals with such inheritance issues and estate planning daily.
If you have specific questions, you should consult licensed counsel in the area where you live. The best intentioned 'internet advice' is worth nothing if it isn't applicable in your jurisdiction.
What do you have against your kids to saddle them with something with dubious value and ongoing debt?
If you have specific questions, you should consult licensed counsel in the area where you live. The best intentioned 'internet advice' is worth nothing if it isn't applicable in your jurisdiction.
I disagree with your first premiss. To me the time spent with my children and grandchildren is incalculable. I only hope to live long enough to use them with future great-grandchildren. We've also invited friends on trips and had some great times. As far as the ongoing debt I don't see a problem there. If they don't want to use them they collectively rent for about 20% over the total MFs. If they want to take the easy no hassle way out the equivalent DC point value is $.387. I think that is easily achieved on the VPE site.
Your second premiss is one that everyone should repeat daily and commit to memory.
We also have 2 children that we expect to leave our portfolio to. However, we expect them to not be able to retain our status and will have to 'split' the ownership between them with each getting half the holdings. Unless someone knows of a way to create a trust that Marriott will recognize to keep the portfolio intact but allow each beneficiary child the full benefit of the status the portfolio conveys, we see no alternative but to divide it.
A family trust with both children as beneficiaries would keep the status, as would having both of them inherit the portfolio jointly with both names on each deed. You may not want that, however, and might prefer to have each be responsible solely for his/her half. In that case, status for each would be based on their respective holdings. The most important question is whether it makes sense to share the portfolio, or to split it, which is a question only you and your children can answer.
A family trust with both children as beneficiaries would keep the status, as would having both of them inherit the portfolio jointly with both names on each deed. You may not want that, however, and might prefer to have each be responsible solely for his/her half. In that case, status for each would be based on their respective holdings. The most important question is whether it makes sense to share the portfolio, or to split it, which is a question only you and your children can answer.
We have ours in the Trust and the kids can keep,refuse,split or whatever they want. They have shared our adventures for 25 years and know what we like,don't like, etc. I have let them know that we are happiest with our Worldmark and Welk Holdings which we stay at the most but it will still come down to their finances and choice.
You can simply list the kids name and designate the timeshare- or any property you want them to have.....We've instructed our progeny to refuse the timeshares if we still have them when we achieve ambient temperature.
I disagree with your first premiss. To me the time spent with my children and grandchildren is incalculable. I only hope to live long enough to use them with future great-grandchildren. We've also invited friends on trips and had some great times. As far as the ongoing debt I don't see a problem there. If they don't want to use them they collectively rent for about 20% over the total MFs. If they want to take the easy no hassle way out the equivalent DC point value is $.387. I think that is easily achieved on the VPE site.
Your second premiss is one that everyone should repeat daily and commit to memory.
I think the important thing is to really know what your kids want. "Our" kids (we don't have any) may not want or like what we like. Sure they like taking trips with their parents, but in reality the kids lead different lives. They may not want to even have to worry about renting out the units. They have interests far different from their parents. Knowing what your kids want is important, not what we think they want based on past family trips.
I think the important thing is to really know what your kids want. "Our" kids (we don't have any) may not want or like what we like. Sure they like taking trips with their parents, but in reality the kids lead different lives. They may not want to even have to worry about renting out the units. They have interests far different from their parents. Knowing what your kids want is important, not what we think they want based on past family trips.
I agree with this, and would add that what the kids like may change as time goes on. When our kids were younger they loved going to timeshares with the big pools, lots of space, and lots of other kids. Now that they are in high school and college, they say they hate timeshares because of all the "little kids and old people" (by "old people" they mean anyone over 40). Maybe down the road when they have their own families they will again see the benefits of timeshares instead of hostels, AirBnB, and the hotels they prefer with nightlife and trendy pools and people.
I have six Marriott's (2 2-bdrm, 4 lockoffs). Two of them are in my name only. Four of them have two names...mine and one of my heirs. They agreed to this and signed the papers when I bought many moons ago when MF were in the $400 range!!! I think we all, back then, thought TS prices would constantly increase and MF would stay the same. :annoyed:
I'm now not so sure that was such a good idea...and not sure how I can change the four 'dual ownership' TSs back to just my name or whether to leave them as is.
They might not want to take over the vastly higher MF of today (and tomorrow). While they were initially excited about the 'ownership' prospect, after all these years they have not shown that they are anxious to go to them every year. Case in point is they aren't with me on this Manor Club visit and only one came down as they had other things to do...and they had 'been there - done that'.
...and not sure how I can change the four 'dual ownership' TSs back to just my name or whether to leave them as is......They might not want to take over the vastly higher MF of today (and tomorrow).
Can't you and your co-owner just deed any Weeks co-owner might not be interested in owning to you as an individual? You will then be the sole owner and can then will the Week to your ex co-owner (or someone else if you want) who will have the option to decline the inheritance if he/she doesn't want it.
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