What happens when a single timeshare owner dies and there are no beneferies?
What happens when a single timeshare owner dies and there are no beneferies?
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:!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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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.
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:!
There are always beneficiaries. It may be the decedent's long-lost second cousin once removed, but there are always beneficiaries.
There are always beneficiaries. It may be the decedent's long-lost second cousin once removed, but there are always beneficiaries.
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.
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
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:!
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
I would first want to know if the timeshare is an asset or a liability.
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.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.