Need advice on unwanted Timeshare that was inherited

[avad88]

After you've filed the disclaimer of interest, you're done. If there are no assets in dad's estate, they can't force you or your brother to take it if you don't want it.. Let them foreclose.

If you want to, go to eBay and do a search for similar units as his. You can see what they actually sold for. It won't be a lot. Another possibility, you could offer it on the TUG Bargain Deals, but you don't really have to.

Sorry for your loss and that you are left to deal with this.

Jim

 

[avad88]

So sorry For your loss and problems.
My nephew went through many problems with the estate of my brother who owned a timeshare free and clear in the Outer Banks of NC. My brother died unexpectedly without a will and lived in VA. My nephew became sole beneficiary and Executor. He thought he could refuse the timeshare and sent them a registered letter to that effect giving up his rights. The resort refused and said they would file a lien against the estate. They acted as if they were doing him a favor by getting their NC attorney to open probate in NC, and deed it back to the resort. The estate had to pay $2,000 in attorney, recording and filing fees and it took many months. I know for a fact that my brother bought the timeshare on eBay years ago for $400. My nephew gets upset at the mention of timeshares.

 

[DAman]

You mentioned your father was divorced. Are you certain title is in his name only? Was this timeshare mentioned in the divorce?

 

[karibkeith]

When the dust all settles, it will be interesting to know the outcome. Death of members is the future biggest problem for timeshares. The timeshare entity would have you believe that you have to continue paying the maintenance fees because you have to accept the inheritance. So the same people that lied when the timeshare interest was bought are now trying to convince you of something which is probably not true. But if heirs do not accept the inheritance and the burden of ongoing maintenance fees, some resorts will watch their membership disappear over time.

There are examples of resorts with huge delinquencies jacking up fees to compensate, causing more delinquency and the death spiral.

It is interesting that most timeshare will not accept a deed back. Some will for a fee equal to one or two years maintenance fee or some other amount. And those who don't end up in the same position of having the deed returned but only after a costly foreclosure. I like the idea of willing it back to the timeshare! What a hoot!

With thousands of properties being listed for sale at a pittance, It can be understood why the timeshare wants to hoodwink heirs into continuing. Reselling it is a problem in a flooded market. And yet the industry is still trying to lure more customers to the table.

 

[callwill]

When the dust all settles, it will be interesting to know the outcome. Death of members is the future biggest problem for timeshares. The timeshare entity would have you believe that you have to continue paying the maintenance fees because you have to accept the inheritance. So the same people that lied when the timeshare interest was bought are now trying to convince you of something which is probably not true. But if heirs do not accept the inheritance and the burden of ongoing maintenance fees, some resorts will watch their membership disappear over time.

There are examples of resorts with huge delinquencies jacking up fees to compensate, causing more delinquency and the death spiral.

It is interesting that most timeshare will not accept a deed back. Some will for a fee equal to one or two years maintenance fee or some other amount. And those who don't end up in the same position of having the deed returned but only after a costly foreclosure. I like the idea of willing it back to the timeshare! What a hoot!

With thousands of properties being listed for sale at a pittance, It can be understood why the timeshare wants to hoodwink heirs into continuing. Reselling it is a problem in a flooded market. And yet the industry is still trying to lure more customers to the table.

You probably missed this in an earlier post, but the HOA/timeshare could do the same as any family member/any heir and refuse to accept, and there is still the matter of probate costing the estate.

 

[nasoj1]

The best thing to do is nothing. They have no recourse against heirs even if you were given the timeshare in a will. You just say, "I refuse to accept it.". However never put a timeshare in a Trust account, otherwise the trust lives on and is required to pay the yearly fees until it is sold or deeded to someone else. Leave timeshares out of your Trusts!

 

[DanH]

Regarding living trusts, I was advised to leave it there and upon death of trustors, all assets removed except the timeshares and let it be. Did I get that right, does anyone have experience with living trusts?

 

[callwill]

Regarding living trusts, I was advised to leave it there and upon death of trustors, all assets removed except the timeshares and let it be. Did I get that right, does anyone have experience with living trusts?

It is my understanding that it is a way around probate/ancilary probate if you live in a different state than the timeshare is in. you will also incur the cost of recording a deed to the trust.
My hope/plan is to use mine as long as i am healthy and able to travel and then atop paying the fees and let them foreclose so i do not saddle my kids with it.

 

[jerrybev]

emmakay - very sorry for your loss and what you are going through. As someone who have been through three very tough estate and trust settlements the key is knowing the rules and laws of the state that you are dealing with. You sadly are incorrect to say he had no estate - he actually as a complex estate with personal property in one state (which I don't know) and real property in a second state (I am assuming that he died in state other than FL.) Real property after death is dealt with under the rules of the state it is in not where the person dies. Folks with timeshare need to know that key fact. As this time share is in Florida you have to know the estate laws-real property part- of FL. Without a trust and the timeshare being properly titled in the trust (a common error is that trusts are written but never funded-in this case the property retitiled) you may have to open probates in every state that there is real property based on the value of the property and the rules of that state. The fact that he had no will makes this even more complex as FL law determines who is the exectutor for his estate is in FL and who actually inherits the property. Im not a lawyer but had to do some deep digging to close out my estates. Dig into Florida law - an insure that the right person is doing the right thing.

 

[jerrybev]

sir; thank you for your thoughts. Can you please explain: " (a common error is that trusts are written but never funded.") I don't understand "funded" or the process of funding a trust. thank you jerrybev

 

[emmakay]

We went thru a similar thing in FL a few years ago. You cannot sell or give away a timeshare solely in your Dad's name, as he is not alive to sign over the deed. The resort cannot take back the deed for the same reason--we thought that would be an easy fix. I do not think that the abbreviated foreclosure process allowed by FL law is applicable where owner is deceased.
The unit must either go thru probate and be titled into an heir's name (and then you can sell/give away) or you let the resort foreclose. In theory, there could be a deficiency judgement against whoever is named in the foreclosure (likely, the estate). In reality, many (most) resorts just foreclose (in rem) to get the deed back. That's what happened in our case. We were told to not have any correspondence with the resort once that process started and to not accept any certified letters--reject and mark "addressee is deceased." It took about 2-3 years. We got 5+ letters in the mail from the resort--notices of delinquency, notice of default, then notice of not being allowed to use unit. Then declined the certified ones and were sent notices in the mail by the Court of foreclosure, notice of hearing, notice of final judgement.
As Surf Club said speak to their atty about foreclosure, I'd be inclined to start there. I'd tell them there are no assets and you're declining taking Surf Club. Confirm that foreclosure is solely against your Dad's name/estate. FL timeshares do this all the time, as many elderly owners pass away. My Dad's foreclosure was actually bundled with 40 others (big resort) in a bulk foreclosure.

Thank you so much for explaining the experience you had with your situation. It is appreciated.

 

[emmakay]

You mentioned your father was divorced. Are you certain title is in his name only? Was this timeshare mentioned in the divorce?

I am positive the timeshare is solely in his name. My mother signed a quitclaim deed when they divorced many years ago.

 

[klkaylor]

Funding a trust requires changing the title to accounts, real property (timeshares included), etc. Funding the trust is the act of changing the title/ownership of those items. While almost anything can be retitle to a trust somethings are better in - regular brokerage accounts,bank accounts, real estate, and some are better not in the trust - annuities, IRA, insurance. It is not uncommon for folks to get a trust written but not do the title changes and therefore when the die the trust is unfunded - nothing in it - and you are still stuck in probating the item not title in trust name. It is not hard but takes time and some money - $200-$500 for each deed for real property,

 

[TravelAmore]

Funding a trust requires changing the title to accounts, real property (timeshares included), etc. Funding the trust is the act of changing the title/ownership of those items. While almost anything can be retitle to a trust somethings are better in - regular brokerage accounts,bank accounts, real estate, and some are better not in the trust - annuities, IRA, insurance. It is not uncommon for folks to get a trust written but not do the title changes and therefore when the die the trust is unfunded - nothing in it - and you are still stuck in probating the item not title in trust name. It is not hard but takes time and some money - $200-$500 for each deed for real property,

This mention of the process for including timeshare in a trust prompts the question - if you know your family is NOT interested in inheriting your timeshare, what happens if it is not included in the trust? Presumably, probate might be warranted but if no one participates does it go back to the company/developer?


Sent from my iPad using Tapatalk

 

[JudyMesko]

emmakay - very sorry for your loss and what you are going through. As someone who have been through three very tough estate and trust settlements the key is knowing the rules and laws of the state that you are dealing with. You sadly are incorrect to say he had no estate - he actually as a complex estate with personal property in one state (which I don't know) and real property in a second state (I am assuming that he died in state other than FL.) Real property after death is dealt with under the rules of the state it is in not where the person dies. Folks with timeshare need to know that key fact. As this time share is in Florida you have to know the estate laws-real property part- of FL. Without a trust and the timeshare being properly titled in the trust (a common error is that trusts are written but never funded-in this case the property retitiled) you may have to open probates in every state that there is real property based on the value of the property and the rules of that state. The fact that he had no will makes this even more complex as FL law determines who is the exectutor for his estate is in FL and who actually inherits the property. Im not a lawyer but had to do some deep digging to close out my estates. Dig into Florida law - an insure that the right person is doing the right thing.

Do you know a good lawyer who can get me out of a Florida timeshare with Palm Beach Shores Vacation Village Resort?

 

[JudyMesko]

... if you leave it to the HOA in your will, it wouldn't need to be foreclosed on....

Has anyone had the experience where the resort went after the estate for the money owed?

 

[JudyMesko]

The problem is it would have to go through probate to be signed over to the HOA (unless in a trust). Those probate costs would be on the estate to pay. At least with foreclosure, the resort has to pay any foreclosure costs.

Has anyone had the experience that the Resort went after the estate for the money owed?

 

[LannyPC]

Do you know a good lawyer who can get me out of a Florida timeshare with Palm Beach Shores Vacation Village Resort?

You don't need to hire a lawyer. Try asking the resort's Homeowners' Association if it will take your TS back. Also, try using the Bargain Deals section here on TUG.

 

[rickandcindy23]

Palm Beach Shores I think is Diamond, and it sounds like $1,000 to give it back. I would pay that to be rid of a timeshare I didn't want and wasn't worth anything via resale. It's cheaper than any "lawyer" that wants to charge $3,000-5,000, then pay Diamond $1,000 and pocket $2-4,000.

 

[rickandcindy23]

Has anyone had the experience that the Resort went after the estate for the money owed?

Your estate will not be charged with a timeshare debt. This was a debt you incurred and your heirs do not have to accept your timeshare. Your heirs need to know in advance that the timeshare is not an obligation to them (unless you added their names to the TS).

The lies these exit companies spread are ridiculous.

 

[rickandcindy23]

So sorry For your loss and problems.
My nephew went through many problems with the estate of my brother who owned a timeshare free and clear in the Outer Banks of NC. My brother died unexpectedly without a will and lived in VA. My nephew became sole beneficiary and Executor. He thought he could refuse the timeshare and sent them a registered letter to that effect giving up his rights. The resort refused and said they would file a lien against the estate. They acted as if they were doing him a favor by getting their NC attorney to open probate in NC, and deed it back to the resort. The estate had to pay $2,000 in attorney, recording and filing fees and it took many months. I know for a fact that my brother bought the timeshare on eBay years ago for $400. My nephew gets upset at the mention of timeshares.

This is a scary post. I know you do not have to take a timeshare in the event of a parent's death. I have been on boards of timeshare resorts for many years now, and we do not go after any relatives for a timeshare debt. It's not that heir's debt, unless the timeshare is attached in the heir's name as well. I would look up the deed and see if that is the case. Parents think they are doing something good for their kids by adding names to a deed. I have made that mistake myself. I am getting out of a bunch of my timeshares, but almost every one is "sellable," as is a week in the OBX.

 

[JudyMesko]

Palm Beach Shores I think is Diamond, and it sounds like $1,000 to give it back. I would pay that to be rid of a timeshare I didn't want and wasn't worth anything via resale. It's cheaper than any "lawyer" that wants to charge $3,000-5,000, then pay Diamond $1,000 and pocket $2-4,000.

Palm Beach Shores is part of the Vacation Village Resorts, and last I heard they were also part of Noble Resorts.

 

[callwill]

Do you know a good lawyer who can get me out of a Florida timeshare with Palm Beach Shores Vacation Village Resort?

Read/review this whole thread start to finish. What i have gleaned from this thread (as long as it is paid for/nothing owed on it/no lien/mortgage), the place to start is here on TUG and any other place you can advertise it for sale for next to nothing and offering to pay closing costs/ recording fees/deed fees. If no takers, adivise the TS/HOA that you are no longer interested in it and wish to give it up/deed back. If they do not present an avenue to provide you with that out, stop making payments of any type and do not respond to any telephone/electronic/written contacts. Let them foreclose and be done with it.