• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Purchasing a parent or family member's timeshare

silentg

TUG Review Crew: Expert
TUG Member
Joined
Jul 17, 2005
Messages
6,201
Reaction score
3,288
Points
649
Location
Central Florida
Resorts Owned
Fitzpatrick's Castle Holiday Homes,
Enchanted Isle.
Hi Tuggers,
I hope this is the right place for this thread. My parents purchased a timeshare week many years ago. My father has passed away and my mother has been talking with estate planners. She has been advised to sell or give her timeshare to family members. I have been thinking about purchasing the week, but I would like to do so and keep Mum's:confused: name still on the deed. Last year she used her week and we went with her on vacation. I would like to be able to do this each year, but she has been advised to sell it or give it away. Has anyone else had this situation? If so how did you handle it. Is it better to sell it or keep it in the family? TerryC
 

Patri

Tug Review Crew
TUG Member
Joined
Jun 6, 2005
Messages
6,820
Reaction score
4,174
Points
648
Can't you just add your name to the deed? She can keep making reservations, and eventually you can take over. If the family will use it, by all means keep it.
 

vacationhopeful

TUG Review Crew: Rookie
TUG Member
Joined
Sep 11, 2007
Messages
12,760
Reaction score
1,699
Points
498
Location
Northeast USA
Estate planners have a combination of skills and what has LOW value many cost your mom's estate several thousand dollars in legal fees if it is still in her name when she passes. TS are a piece of real estate and she might have to, for example, file an estate return in the state where it is located.

States are trying to get every penny of the "Greatest Generations" wealth as they were the savers and they don't vote no more. At least consider that there is more (and ask) as to WHY the estate planners have this goal.

My sister's MIL & FIL put their multiple timeshares (and a beachfront full ownership condo) into a family trust - I am sure it was part of their estate planning.
 

richardm

TUG Member
Joined
Aug 6, 2007
Messages
1,265
Reaction score
36
Points
409
Location
Orlando
What has LOW value many cost your mom's estate several thousand dollars in legal fees if it is still in her name when she passes.

Very true! Probate is often a huge issue for many estates. Far too often, the timeshare is ignored in the estate process- or probate is only performed in the state of residence (not the state where the timeshare is located)...

Good planning can make a huge difference. Check with your counsel to discover if a change to the current deed or a trust is advised. The current advice to sell may deal more with her personal situation and a likely decline in future travel rather than any thought to the family or estate.
 

happybaby

TUG Member
Joined
Jun 6, 2005
Messages
972
Reaction score
1
Points
16
Location
W. PA
My mom has 2 TS which are deeded with my dad, mom, sister and my names on the deed.

My dad passed away many years ago and with my mom being older and not travelling she called RCI and removed her name and added my sister and me to the accout.

We both have access to the RCI acct for our vacation plans. Mom pays the mf at the resorts, we pay the exchange fee for our searches. When a match becomes available I reinburse my mom for the MF and at least give her most of it. But if she comes with us (on few occasions) we don't pay her the mf, but we will pay most of her expenses during the trip

Oh..... will RCI consider mom renting the unit to us.:eek: :D

No way in hell is my mom going to pay a MF of 600.00 or so each TS and we go free
 

Bill4728

Moderator
Joined
Jun 6, 2005
Messages
11,051
Reaction score
614
Points
899
Location
Lake Tapps, WA
If your mom bought the TS from the developer, she may get a special set of extra benifits because she bought from the developer. If she gives the TS to you, be very sure the resort know she is giving it to her child. That will almost always mean that you will also get the extra benifits she got and you will not be considered a resale owner.

Some benifits of developer vs resale
Marriott & Hyatt- developer bought can trade their TS week for hotel points.
Sheraton/Westin/Starwood - developer bought can trade for hotel points but also have access to the starwood vacation network which lets you do internal trading to other starwood resorts.
Diamond- Access to the "Club". Resale buyers don't have access to internal trading to all the diamond resorts. To have access you must buy atleast something direct from Diamond.

There are other TS systems which have special benifits to direct buyers.

IMHO, Most of the time these benifits are not worth paying the extra money that developers charge to buy direct. But if your mom already paid to get those benifits, don't loose them if you can keep them.
 

vacationhopeful

TUG Review Crew: Rookie
TUG Member
Joined
Sep 11, 2007
Messages
12,760
Reaction score
1,699
Points
498
Location
Northeast USA
Wyndham/Fairfield system both deeded and points weeks/units have the "Family" transfer of benefits too. Definitely, a BIG plus.
 

slabeaume

Guest
Joined
Aug 4, 2005
Messages
595
Reaction score
33
Points
338
Location
Dallas, Ga
I'm going through this same procedure with my Dad's estate right now. He had me as co-owner on 2 timeshares that he bought. Turns out one of the timeshares has Right of Survivorship and that was easy to add a name to once he died. The other timeshare is not right of survivoship, but technically his half goes to all his heirs. You may want to find out what kind of timeshare your Mom owns. If it's Right of Survivorship, just add your name to it. If it goes to her estate, that can be complicated. I took care of both accounts without a lawyer, but if a lawyer had to do it, it would have cost a lot to work it all out. The Right of Survivorship timeshare is Orange Lake, the non-right of survivorship is Worldmark.
 
Top