Timeshares to your heirs

[Dean]

I am not sure what you mean about public notice. In an estate or in a trust, someone still has a responsibility to dispose of the asset or item. That doesn't change. A will is also not a legal entity, it doesn't hold anything. What is left after someone passes becomes part of their estate. Not really any different than a trust, except items in a trust are easier to transfer without the need of probate. They all still require disposition.

It is my understanding that the estate or the trust is responsible unless relieved of that responsibility in some way either through legal means or disposition of the asset in some way. I don't believe an estate can be considered closed unless this happens. I have been told that for certain items, including timeshares, it's not uncommon for the courts to remove items from the estate after a sufficient time has passed with good faith efforts to dispose of the item. I've seen the timeframe of a year mentioned at times in such matters If there are no assets one can just let the estate wither, I've seen that play out first hand. The trustee or executor could not distribute assets "legally" when there are liabilities without satisfying those in some way.

 

[easyrider]

I am not sure what you mean about public notice. In an estate or in a trust, someone still has a responsibility to dispose of the asset or item. That doesn't change. A will is also not a legal entity, it doesn't hold anything. What is left after someone passes becomes part of their estate. Not really any different than a trust, except items in a trust are easier to transfer without the need of probate. They all still require disposition.

The public notice is for creditors of liabilities in the WILL if the WILL enters probate. If a person has a timeshare in their WILL the maintenance fee is the liability. The WILL executor or personal representative should contact all known creditors by mail which gives creditors thirty days to respond or use a public notice of probate to limit creditor claims to four months. If there is no probate, a public notice of non-probate could be used to limit creditor claims to four months instead of two years if no notice is given.

This isn't legal advice.

Bill

 

[dioxide45]

The public notice is for creditors of liabilities in the WILL if the WILL enters probate. If a person has a timeshare in their WILL the maintenance fee is the liability. The WILL executor or personal representative should contact all known creditors by mail which gives creditors thirty days to respond or use a public notice of probate to limit creditor claims to four months. If there is no probate, a public notice of non-probate could be used to limit creditor claims to four months instead of two years if no notice is given.

This isn't legal advice.

Bill

But the maintenance fee is only a debt if it is due or past due. The deed to the timeshare is not considered a liability in the eyes of the law. It is an asset. It is real estate. Even though it has no value. Probate, or other legal action, would be required to transfer or change the ownership on the timeshare deed. That could be through probate by the executor, foreclosure by the timeshare entity or quiet title of some sort. Simply notifying creditors doesn't transfer the title.

 

[easyrider]

Simply notifying creditors doesn't transfer the title.

I never said it did. They will get the title or membership back, when and if they take it back, because the timeshare is owned in an insolvent estate WILL and not the Trust.

Notifying the creditors directly by mail gives them 30 days to respond versus notifying them by public notice which gives them 4 months to respond versus not notifying at all which gives them 2 years to respond. To me it makes sense to do a public notice and be done with it in 4 months because the maintenance fee debt probably wouldn't be noticed until everything is settled . This isn't legal advice.

Bill