Need advice re: names on timeshare deed

[Jennie]

I have been informally trying to help a senior couple get some of their financial affairs in order. They own 3 timeshares bought through the years (before I knew them). They were born and raised in Germany but have been American citizens for over 40 years.

Here's the problem (or maybe it isn't ???)

The husband's name appears differently on various documents. To protect his privacy, I am using a fictitious name to explain the situation.

The name on his birth certificate is John Michael Hoffen, Jr...

The name on his US passport reads J. Michael Hoffen and this is the name he has used most of his life in the U.S. on checks, bank accounts, etc... Most people know him as "Michael" or Mike.

His Social Security card (and monthly checks) bear the name John M. Hoffen.

The 3 timeshare deeds, which he owns jointly with his wife, have his name listed as J. Michael Hoffen. (Two of the timeshares are Marriotts).

This couple has 3 adult children and several grandchildren. They want each of their children to inherit one timeshare.

I am guessing that when he dies, the funeral home will be using the name as it appears on his Social Security account. If the death certificate is issued in this name (i.e. his birth name but not the exact name on the timeshare deeds), do you foresee any problem in getting these timeshares transferred to the children? Should he try to have the name changed now?

To make matters a bit more complicated, they just won an Ebay auction a few days ago (another Marriott) and need to submit their info to the closing company to prepare the deeds. If he has his correct name put on this deed, will there be any difficulty having it connected to the Marriott account which already exists in his less official name?

Hopefully this is a non-issue or a very simple one to correct.

Any advice will be greatly appreciated. Thanks!

Jennie

 

[Chrisky]

It get much too complicated when trying to sort out property deeds and names and wills. It shouldn't be a problem but your best option would be to get legal advise.

 

[somerville]

The variations in name are not a big deal. However, the last thing one wants to happen is to have to open an ancillary probate proceeding in another state to probate a timeshare interval. Your friends should consider a trust.

 

[ausman]

Why not re-deed each timeshare now to include the one desired offspring to a joint tenancy in common with right of survivorship.

Would seem to sidestep the name issue, probably for a few hundred $ per deed.

But then I'm not a lawyer.

 

[Talent312]

Here's my 2 cents:

The new Marriott TS is the easiest to answer. Unless he wants to go thru a real hassle getting Marriott to recognize him as the same person who owns the other two, he needs to use the same exact name as on the other Marriots. Later, if he wants Marriott to use a different name for all three, he would probably need to convince them to do a change of name, either with the paperwork he has now, or thu corrective deeds, affidavits and the like.

It is the SSN name that I am going to choose as the best one for him to go by as that is likely the one under which all his tax returns and reporting has been made. It would also be the best one to use for his death certificate and probate estate, if any, for obtaining death benefits. However, if he has any substantial life insurance policies under a different name, that could be a problem. He should try to have those changed to his SSN name.

The birth certificate is largely irrelevant, except as may be required to obtain things like dirvers licenses, passports, social security benefits, etc... all of which it appears he has already accomplished, so it won't be needed.

There are several ways of dealing with deeds using a different name:
(1) He could record an Affidavit of Identity in the public record where each of the deeds are recorded attesting to the fact that he is also known as...
(2) He could record a "Corrective Quitclaim" deed from him+his wife back to themselves with the preferred name.
(3) He+his wife could deed the TS's to their kids, reserving life estates to themselves; or deed the TS's to all of them, jointly w-right of survivorship.

The problem will arise if he dies, possessed of these TS and a death certificate has a different name. Then, his heirs may need to do some juggling to prove that the decendent is the same person who owned these TS. This is usually accomplished thru Affidavits of Identity signed by third parties having no interest in the estate.

BTW, I am not qualified to practice law in the state(s) where this may be an issue, and so the foregoing is not to be construed as nor be relied upon as legal advice, merely the musings of an armchair quarterback.

 

[Passepartout]

My family law attorney DW says: No problem. (disclaimer: she isn't licensed in the OP's state) One is free to use any name one wants to use for anything except Soc.Sec. account. Just be sure to identify the correct timeshare that goes to the correct inheritor.

Jim Ricks

 

[hotmike98]

how about a trust?

although I am a lawyer, this is not my area of expertise; however, I would think a trust would be perfect for this, as your friend can sign over to the trust (which can designate disposition) by signing as the transferror whatever name appears on the documents for the specific TS. I have to say that I was not previously a big fan of these trusts, but as net wealth (just from increased prices of primary residences) they make more and more sense.

 

[ttt]

When the timeshares are sold or redeeded to the children, you can use several variations of the names as needed.
For example:
John J. Smith, AKA J. J. Smith, aka John John Smith