No one to leave timeshare to

[mslyta22]

I have nothing left in my estate and no one to leave my timeshare to, what will happen?

 

[DaveNV]

Whoever you designate as your next of kin or beneficiary (or whoever will inherit whatever possessions you do own) will also receive the option of accepting your timeshare. They do not have to accept it. If they refuse, it goes back to the HOA. If you're concerned it should go to someone specific, maybe make your wishes known, and do the transfer before you can no longer speak for yourself.

Dave

 

[LannyPC]

If they refuse, it goes back to the HOA.

Is that exactly how it works? Is the HOA legally obligated to take it back? Can't the HOA refuse/disclaim it just like any heir can?

If no one wants it, I'm sure it would end up eventually back in the hands of the HOA by means of foreclosure. And the executor of the estate might make mention of it to the HOA, but I don't think it automatically reverts to the HOA.

 

[TUGBrian]

its certainly not going to go back on its own...the resort will have no idea the owner has passed away and will eventually start the foreclosure process after the maint fee bills stop getting paid.

generally we advise folks to make arrangements for whoever the executor of your estate is what you wish to do with the timeshare when you pass. simply having them notify the resort that you are deceased should trigger a process from them to have the executor sign over the deed back to the resort if that is what you wish etc.

you could also be proactive and contact the hoa now and mention you dont plan on being around much longer and dont travel anymore (or whenever either or both of these things are accurate for your situation) and request to give it back to them while you are still around etc. it is generally far easier and cheaper for the resort to work with a willing owner who is alive and willing to transfer it back without any fuss.

 

[DaveNV]

I didn't say that very well. You've said it better. If a beneficiary refuses, the timeshare would eventually go back to the HOA. Through foreclosure, or whatever - just advising the HOA the owner is deceased would likely be enough to get the process started. Bottom line, nobody needs to end up with it if it's not wanted.

Dave

 

[Passepartout]

Someone will be handling the final expenses of the OP. Whether s/he designates who does this or not. If no heir is located, all their assets/liabilities will be disposed of according to state law. The timeshare would go back to (probably) the HOA which would have the option to sell it for what they can get to apply to the MF.

Either way, this person should prepare a will and Power of Attorney for healthcare and express their wishes as to what decisions should be made when/if they are no longer able to make them.