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resale question??
- Thread starter norag
- Start date
- Joined
- Mar 10, 2007
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- 'burbs of Cincinnati, OH
- Resorts Owned
- Used to own: WKORV-N; SVV - Bella
The Starwood properties can be willed as they are deeded.
johnmfaeth
TUG Member
Any and all property that has a deed can be willed. The bigger question is do you want to?
Let's say you live in Michgan and put a timeshare in Florida in your will. After your named successor get things started with the Surrogates/Probate Courts in Michigan on your estate, they then have to spend a couple of thousand dollars of the estate's money to hire an estate lawyer in Florida who will work with the Florida versions of these estate courts to get permission to handle the Florida timeshare asset. Only then can it be retitiled to your heirs.
So a transfer process that takes a few hundred dollars now, costs thousands to your heirs once you die.
Something to consider...
Let's say you live in Michgan and put a timeshare in Florida in your will. After your named successor get things started with the Surrogates/Probate Courts in Michigan on your estate, they then have to spend a couple of thousand dollars of the estate's money to hire an estate lawyer in Florida who will work with the Florida versions of these estate courts to get permission to handle the Florida timeshare asset. Only then can it be retitiled to your heirs.
So a transfer process that takes a few hundred dollars now, costs thousands to your heirs once you die.
Something to consider...
- Joined
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I have heard some people put all their TS deeds in to a "XXX Family Trust" making estate issues easier.....would this avoid the multi state probate situation????
califgal
newbie
Our WKORV is in our trust.
Troopers
TUG Member
Likewise...
Same with our new purchases. The deed will say XXX Family Trust. Now I can only find a copy of our Trust, I wouldn't have to spend my Saturday searching for it.
BTW, our attorney told us that for amounts less than $100,000, the trust really doesn't help much as the state doesn't impose any special taxes should you pass. Not sure if this is correct but we put the TSs in our trusts anyway. It just seems easier. Katherine
BTW, our attorney told us that for amounts less than $100,000, the trust really doesn't help much as the state doesn't impose any special taxes should you pass. Not sure if this is correct but we put the TSs in our trusts anyway. It just seems easier. Katherine
johnmfaeth
TUG Member
Yes,
A trust ownershup means that the next generation of trustees can execute transactions involving the timeshare including sales and rentals. Trusts are a common means of avoiding probate (estate) issues. They have certain restrictions and required behaviors to be legitimate.
Best bet with any estate planning situation is to discuss it with a COMPETANT estate/elder law attorney and/or accountant.
Is stress competant as your cousin who does international contract law may make a bundle and still have little or no experience on this topic. Nor should a podiatrist be consulted for heart surgery, lawyers, like doctors, have specialties. Not an insult on lawyers, but an observation of reality.
A trust ownershup means that the next generation of trustees can execute transactions involving the timeshare including sales and rentals. Trusts are a common means of avoiding probate (estate) issues. They have certain restrictions and required behaviors to be legitimate.
Best bet with any estate planning situation is to discuss it with a COMPETANT estate/elder law attorney and/or accountant.
Is stress competant as your cousin who does international contract law may make a bundle and still have little or no experience on this topic. Nor should a podiatrist be consulted for heart surgery, lawyers, like doctors, have specialties. Not an insult on lawyers, but an observation of reality.