Setting up a trust to cover timeshares

[KCI]

We have 7 timeshares and have been informed that when we both pass on each timeshare would have to be probated in the state where they are located before being passed on to those that inherit them. This would be a real hassle for the executor and could take a year and big bucks. So we are considering setting up a Revocable Trust (also called a Living Trust) to cover the timeshares and other items in our inventory. By doing this everything would be transferred immediately without the delay or cost. It requires that all the deeds be redone to spell out the trust as the owner.
Many of you Tugger's must have already been though this and I wondered if you could pass on your thoughts. Are there specialists in each state that can handle the deed changes or do we need to find a lawyer's office?
KCI's spouse

 

[judyjht]

When we set up our living trust a couple of years ago we put the three weeks we own in the name of the trust to avoid all that! Use an estate attorney, IMHO

 

[JoAnn]

We have our three, out of state, timeshares in our trust. We worked with a very knowledgeable attorney who set the whole thing up.

 

[KCI]

Thanks for the input. The attorney that is setting up our trust has stated she will handle the deed change to our home and Hilton Head Island, SC timeshare because she is a SC attorney, but we must find people to change the deeds in Florida and Massachusetts on our own. Sounds like your attorney was able to handle out of state deed changes. My question restated, is there an easy way to find out of state people to change the deeds? I thought maybe there might be a web site that specializes in this. Bob

 

[philemer]

Great idea. Find a good estate planning attorney. Call your local Bar Assoc. for referrals.

Phil

 

[pedro47]

We just completed this task. please find a good estate attorney that deal with living trust. They can offer you so sound advice.

 

[rapmarks]

get an attorney to set up the trust.

If he can type new deeds for you, you register them in the proper counties.

We changed our Missouri timeshare ourselves, typing a quit claim deed, assigning ownership to the trust, and registering it with the county, and then sending a copy to the resort.

Usually an attorney sets up the trust, and you must follow through and fund the trust yourself, by changing the title of everything you own over to the trust. When we first set up our trust, a financial advisor helped transfer assets. It was quite helpful, but he made some major mistakes, got my birthdate wrong and my husband's social security number wrong on some paperwork.
According to all presentations we attended, Florida does require a Florida licensed attorney to handle estate matters, rather than out of state attorneys. I don't know how many other states are like this. But just a matter of registering a deed, I believe you can do that yourself.

 

[timetraveler]

our estate attorney was able to transfer our Florida property into our trust with our other TS's and assets with no problem. I would ask the attorney that is setting up your trust who you should contact. Trusts aren't cheap, and I would think your attorney should at least tell you who to contact, if she say's she cannot handle the Florida property.

 

[Jimster]

attorneys

If you need an attorney in another state, go to the library and get a copy of Martindale Hubbell law directory and it will tell you all the information you need to know about firms that do various tasks in each state. I would think, however, that an attorney in most states could at least see that you had a properly drawn deed. It might be more of a matter of preference with her not to draw the other deeds, or an insurance issue rather than anything else. Of course, easier and more efficiently than putting the land in a trust would be to add the name of your potential heir as a joint tenant now. Under joint tenancy the title passes before the will and it is automatic. It would also probably be much cheaper.

 

[Dave M]

Preparing and recording a new deed is a relatively simple matter, whether adding someone to the deed or changing the name on the deed to your new trust. If you want assistance, consider using one of the timeshare closing companies, such as Timeshare Transfer, which for a relatively nominal fee will handle the paperwork for you and get the new deed recorded for timeshares located in most states.

 

[nell]

We had our trust set up by an attorney. He handled all our deed transfers. He was able to do the local deeds himself and contracted with a firm called U.S. Deeds to handle the ones in other states but he handled all the paperwork for us with U.S. Deeds.

 

[KCI]

Now I'm getting somewhere. I have several options thanks to y'all. Bob

 

[Jaybee]

Our timeshares are all recorded in the name of our trust. We've never been advised to change anything else about the deeds. Ours was set up by an attorney.
I would advise everyone who owns anything at all to have a Living Trust. We've just waited over 2 years for my step-mom's will to come out of probate. It's a long and expensive process, easily avoided with a trust.

 

[JLB]

It seems like forever since I have posted about my dad's estate.

He passed away in June, 2002, and the estate is just now in the final stage.

After that, one of the loose end has 12 more years to run.

My mom's was simple and only took 2 1/2 years.

 

[timetraveler]

thank goodness for trusts! JLB's post painfully points that out. My husband's father's estate was a breeze. But his father had a trust. No courts, no probate, it all just passed to my husband.

 

[Brett]

But his father had a trust. No courts, no probate, it all just passed to my husband.

And depending on the circumstances, it can all pass through without a trust. Simply retitling assets to include a named beneficiary removes that asset from the probate process. But the point is if you have an estate with assets then get educated and then talk with an "elder law" or probate attorney.

 

[JanB]

All our timeshare deeds are in the name of our trust. Most of our Hawaii ts were purchased prior to the establishment of the trust and all those were reprocessed through Hawaii Document Service, Inc. at acceptable costs. The remaining were purchased after the trust was set up and we simply had the timeshare closing services that were used put the title in the name of the trust.

We've not had experience with probate, but my husband's parents had a trust. After the passing of his father (mother passed away first), all of the estate passed to my husband and sil with NO problems in about a 3 week period!