Timeshare in our wills

[juna2007]

My wife and I are preparing our wills and wish to pass along our several timeshares to our children. Is there any way of ensuring that they can reject these if they don't want them? What happens then?

 

[bogey21]

My wife and I are preparing our wills and wish to pass along our several timeshares to our children. Is there any way of ensuring that they can reject these if they don't want them? What happens then?

In most states (actually maybe all) the beneficiary of an inheritance can decline it. It might be a good idea to spell that out in your wills so that your children are aware they can do this. I think your estate remains liable for the MFs until the estate is closed out at which time the Weeks revert to the Resort.

George

 

[Patri]

I'd still ask them in advance if they want them. The estate may be liable for maintenance fees until they are sold. Why not put them in the kids' names now, and you continue to pay mf since you are using them?

 

[Talent312]

Our wills contain a clause which says (in so many words):

It a TS is disclaimed by either bene', it shall be given to the other, but if it is disclaimed by both, it shall be sold, given-away, deeded-back, or abandoned as waste, as the executor sees fit.

.

 

[vacationtime1]

I'd still ask them in advance if they want them. The estate may be liable for maintenance fees until they are sold. Why not put them in the kids' names now, and you continue to pay mf since you are using them?

If you put them in the kids' names now, the kids lose the ability to disclaim in probate.

Even if they say that they will want the units later, things may change. Let them decide then, now now.

 

[theo]

If you put them in the kids' names now, the kids lose the ability to disclaim in probate.

Even if they say that they will want the units later, things may change. Let them decide then, not now.

Good advice, IMnsHO. Why tie the offspring's hands now when an intended "gift" could later instead be an unwelcome and involuntary burden?

 

[Patri]

Because I think later it is going to be the burden, despite people's thoughts it can be so easy to just turn them down then. At least have the kids state NOW if the ts should be willed to them. Don't surprise them. Depending on the resort, it could be a long hassle getting rid of any unwanted timeshare. Best idea, get rid of them now, and rent.