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Owner dying

JoJac001

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What happens when a single timeshare owner dies and there are no beneferies?
 

vacationtime1

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There are always beneficiaries. It may be the decedent's long-lost second cousin once removed, but there are always beneficiaries.
 

andysnovel

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Beneficiaries do not have to take possession of the timeshare. When the mailed maintenance fee bill is returned, and marked deceased, TS will revert back to company, how that is done depends on local laws etc, I am not an attorney.
 

DeniseM

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The legal way it is done is for the beneficiaries to send a document to the court refusing the inheritance of the timeshare(s.) An estate lawyer can help with this.
 

easyrider

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What happens when a single timeshare owner dies and there are no beneferies?
If no one comes forward to claim the timeshare then the resort would need to foreclose on the timeshare if it is a deeded timeshare. If the timeshare is a right to use or club membership the resort would just remove the owners name after finding that the owner had passed away. There is a procedure the resorts use for both types of timeshares.

No one has to claim the timeshare in either situation unless their name is on the contract as an owner.

Bill
 

Kapolei

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I would first want to know if the timeshare is an asset or a liability. You need a good assessment of this before you decide what to do next.
 

Fredflintstone

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Upon the persons demise, the new owners on the deed are:

Father, Son and Holy Spirit

Just kidding.

Depending on the state, the timeshare is foreclosed on. Any beneficiary can refuse accepting anything in the Will. An Attorney can help with this.


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dgalati

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Upon the persons demise, the new owners on the deed are:

Father, Son and Holy Spirit

Just kidding.

Depending on the state, the timeshare is foreclosed on. Any beneficiary can refuse accepting anything in the Will. An Attorney can help with this.


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A free timeshare is comparable to Recieving a lump of coal at Christmas. A lump of coal however may have some monetary value without the burden of paying maintenance fees:!
 

KossB

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The legal way it is done is for the beneficiaries to send a document to the court refusing the inheritance of the timeshare(s.) An estate lawyer can help with this.
It is certainly true that an heir or beneficiary has the right to refuse to accept any type of inheritance or bequest, including a timeshare. But sending something to the court is probably not the proper way to do this in most cases. The court does not actually administer the distribution of assets to heirs and beneficiaries. The distribution of assets from the estate of a decedent is the responsibility of the executor.

The executor is usually a family member of the deceased. Occasionally it is an attorney, an accountant or someone else who may also be acting in a professional capacity. The executor should notify each heir of what assets they stand to inherit. Upon receiving such notification, the heir can then notify the executor in writing that they do not want a particular asset. The executor then has the responsibility to offer that asset to the next person in line. The will may specify who gets it if the first heir refuses it. If not, then state law determines who gets it. If no one will accept it, then the executor has to notify the TS resort , or HOA or whatever, that no one will accept it. It is at that point that the resort will usually accept a deedback from the executor.

Courts are sometimes, but not always, involved in the probate process. But their role is only to monitor the performance of the executor, and to appoint an executor if the person named in the will is unable or unwilling to do the job. Heirs should generally be communicating directly with the executor or the executor's attorney--not with the court clerk or the judge.

BMK
 

Fredflintstone

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A free timeshare is comparable to Recieving a lump of coal at Christmas. A lump of coal however may have some monetary value without the burden of paying maintenance fees:!
IMO, it’s best to “gift” your unwanted timeshare back to the resort. Remove the bondage of contract and rent.


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JoJac001

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Beneficiaries do not have to take possession of the timeshare. When the mailed maintenance fee bill is returned, and marked deceased, TS will revert back to company, how that is done depends on local laws etc, I am not an attorney.
Thanks for your response.
 

JoJac001

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The legal way it is done is for the beneficiaries to send a document to the court refusing the inheritance of the timeshare(s.) An estate lawyer can help with this.
Thanks for your response.
 

JoJac001

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It is certainly true that an heir or beneficiary has the right to refuse to accept any type of inheritance or bequest, including a timeshare. But sending something to the court is probably not the proper way to do this in most cases. The court does not actually administer the distribution of assets to heirs and beneficiaries. The distribution of assets from the estate of a decedent is the responsibility of the executor.

The executor is usually a family member of the deceased. Occasionally it is an attorney, an accountant or someone else who may also be acting in a professional capacity. The executor should notify each heir of what assets they stand to inherit. Upon receiving such notification, the heir can then notify the executor in writing that they do not want a particular asset. The executor then has the responsibility to offer that asset to the next person in line. The will may specify who gets it if the first heir refuses it. If not, then state law determines who gets it. If no one will accept it, then the executor has to notify the TS resort , or HOA or whatever, that no one will accept it. It is at that point that the resort will usually accept a deedback from the executor.

Courts are sometimes, but not always, involved in the probate process. But their role is only to monitor the performance of the executor, and to appoint an executor if the person named in the will is unable or unwilling to do the job. Heirs should generally be communicating directly with the executor or the executor's attorney--not with the court clerk or the judge.

BMK
Thanks for your response.
 

JoJac001

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A free timeshare is comparable to Recieving a lump of coal at Christmas. A lump of coal however may have some monetary value without the burden of paying maintenance fees:!
Thanks for your response.
 

JoJac001

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Upon the persons demise, the new owners on the deed are:

Father, Son and Holy Spirit

Just kidding.

Depending on the state, the timeshare is foreclosed on. Any beneficiary can refuse accepting anything in the Will. An Attorney can help with this.


Sent from my iPad using Tapatalk
Thanks for your response.
 

Conan

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I would first want to know if the timeshare is an asset or a liability. You need a good assessment of this before you decide what to do next.
I'm not an accountant, but I think a timeshare is best thought of as a prepaid asset. You pay to acquire title to the timeshare (maybe you get a real estate deed; maybe you only get certain contract rights), and your ownership commits you to paying annual maintenance fees from then on. In exchange you get the rights typically to occupy it yourself each year, to rent the occupancy to third parties, or to contribute that occupancy right to an exchange company like RCI or II.

Maybe you overpaid up front; maybe future maintenance costs grow faster than you anticipated; maybe you have a bad experience when you try to use it, rent it, or exchange it. That doesn't make it a liability.

If you buy the timeshare with borrowed money, that's the liability. If at a point in time what you spent plus anything you owe is more than you can sell it for (not unusual in timeshare world), its net value to you is negative. If you now die and your beneficiaries act rationally, they won't accept ownership from your estate.
 
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