Mexican Timeshare in a living trust?

[Former Cruiser]

We have a timeshare in Cancun and are in the process of creating a living trust. Does anyone know if it can be part of a living trust as there's no ownership so no deed is available to put in the name of the trust?

 

[Karen G]

We put our Cabo timeshare in our trust about 7 years ago. We had to pay the $100 transfer fee that the resort required to change the name on our ownership. Now when we get the annual maintenance fee bills it is in the name of our trust. No problems so far.

 

[pittle]

We chose not to put ours in the trust because Mexico timeshares are Right to Use and once we are gone & if the "kids" don't want them, they can just send a copy of the death certificate and say that no more MF will be paid because there is no one to pay them. If these were in the trust, the Executor would have to pay MF.

We are glad that we have gone this route because we have bought and sold quite a few and then when you factor in upgrades, it would be quite the hassle to make the changes.

 

[easyrider]

We have a timeshare in Cancun and are in the process of creating a living trust. Does anyone know if it can be part of a living trust as there's no ownership so no deed is available to put in the name of the trust?

If your separating from your assets (impoverishing) to protect your assets and you feel that your ts is an asset then maybe it should go into the trust. Most ts's are a liability, imo.

I wouldn't place any of my ts's in a trust. When the ts is owned by you personally you are personally liable for the costs. When you place the ts in the trust, the trust assumes responsibility for the ts costs.

If the trust has beneficiaries then the ts matter would need to be taken care of before liquidating the trust. The trust is treated as an entity with assets.

When you own a ts as personal property and die, any of your heirs that wants the ts could keep it or blow it off.

Talk to your attorney as trusts are created for a persons individual priorities and circumstances.

Bill

 

[pittle]

Well said Easyrider. That is a good paraphrase of what our attorney told us. It sure makes it easier to sell and or upgrade ones you no longer need.

 

[Karen G]

I agree with the reasons for not putting timeshares in a trust. I think it has been a waste of money really. It would cost another $100 to change the name back so I guess we'll just let it ride. The RTU will be finished in a few years.

 

[buceo]

We have a trust the ts's are not it in it.
I've since asked my brother (while on location), if we go down in a plane crash, do you want these weeks. He said "yes" knowing the resorts, their MFs and its ebay listings.
I plan to will the ts's to him separately and leave them out of the trust.
Is that a good way to go, I have no idea, but that is my plan.

 

[rosie]

Can't use TS because of health problems

Have TS in PV which has 2 years left on a right to use. We can't use it anymore due to health issues. They want $900 to cancel the RTU which seems quite excessive. Any suggestions? What happens if we stop paying the maintenance fee?:annoyed:

 

[Karen G]

Have TS in PV which has 2 years left on a right to use. We can't use it anymore due to health issues. They want $900 to cancel the RTU which seems quite excessive. Any suggestions? What happens if we stop paying the maintenance fee?:annoyed:

Are two years worth of maintenance fees more than $900? If so maybe getting out of this ownership might be worth $900.

 

[easyrider]

Have TS in PV which has 2 years left on a right to use. We can't use it anymore due to health issues. They want $900 to cancel the RTU which seems quite excessive. Any suggestions? What happens if we stop paying the maintenance fee?:annoyed:

You could find a broker to rent the ts out for the next two years. It might cost you a little but the broker would be doing all of the work. You could list it the tug market place as a rental.

If your not needing credit anymore another option might be non payment.


Bill