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What happens to a Marriott week when we die?

D

DeeCee

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A little morbid, I know. However, I'm just having a thought. We own a legacy week, purchased resale after 2010. It's a gold season week at Surfwatch.
What happens when one of us passes, does the other maintain ownership and responsibility to MF's? I do assume the answer is yes.
Secondly, if we both pass, what happens to our deed? Would our children be responsible to the MF's and/or to sell it?

TIA....just thinking,

Dee
 
Depends how you took ownership of the deed, is it Joint Survivor both of you signed? Then the remaining spouse owns it.

If you both pass your heirs can decide to keep it, or they can refuse an inheritance. If they refuse the executor of your estate can notify Marriott to take it back or try to sell it or give it away here on TUG.
 
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SmithOp said:
Depends how you took ownership of the deed, is it Joint Survivor both of you signed? Then the remaining spouse owns it.

If you both pass your heirs can decide to keep it, or they can refuse an inheritance. If they refuse the executor of your estate can notify Marriott to take it back or try to sell it or give it away here on TUG.
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Dave that's very interesting. We have the same question but I remember that we got rid of our Boston Marriott simply by giving it back to Marriott. So I assume our heirs or the executor could do the same.
 
SmithOp said:
If you both pass your heirs can decide to keep it, or they can refuse an inheritance. If they refuse the executor of your estate can notify Marriott to take it back or try to sell it or give it away here on TUG.
Click to expand...

The executor can also abandon it. They can advise Marriot before they close the estate . In order to close the estate, the executor must pay all of the estate's debts. This includes any outstanding MF. The executor has no obligation to pay future MFs. Once the executor has closed the estate (probate complete), no further claims can be made against your estate. If following this as a plan, best to leave detailed instructions for your executor as they are unlikely to be familiar with the whole timeshare stuff. We Tuggers are better informed than the general public on the subject of timeshares.
 
Was the Property Titled in both names? Hopefully you and your SO own the property Jointly with Right of Survivorship. If it is owned in this way the Survivor automatically takes sole Ownership. You will have to Notify Marriott and have the Deed/Title adjusted. Your children can not be forced to take Ownership and be responsible to pay the MF unless their names are on the Title. They will have to disclaim.
 
What happens if both parents pass away and the title of a TS is owned by a family trust where the children are beneficiearies ?
 
On a related note, does anyone know what happens to Marriott Bonvoy points when one spouse dies?
 
10spro said:
On a related note, does anyone know what happens to Marriott Bonvoy points when one spouse dies?
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I emailed the Marriott Bonvoy team some time back to ask this question and they replied to confirm that this is the one instance in which they will transfer all of the points to your partner.
 
winger said:
What happens if both parents pass away and the title of a TS is owned by a family trust where the children are beneficiearies ?
Click to expand...

It's a good question. This is a case where if the children want it, then it passes to them easily, if they don't want it then it was probably not a good idea to place it in the trust.

As with the previous answers, the trust executor will be responsible to dispose of it if it's no longer wanted.
 
incantata said:
Dave that's very interesting. We have the same question but I remember that we got rid of our Boston Marriott simply by giving it back to Marriott. So I assume our heirs or the executor could do the same.
Click to expand...
The problem when it is deeded real estate is that the executor can ONLY transfer title to an heir or give away or sell the deeded week via the probate process. Deeds require the owner to sign before a notary. When the owner is dead, they obviously cannot sign the deed. The executor can act, but only with probate court approval. Whereas, when it is in a revocable living trust, the successor trustee steps up without court intervention and has the ability to convey legal title. It doesn't matter if it is a personal residence or a timeshare. Deeded property is always represented by a recorded deed. The laws that apply on how to convey legal ownership are the same throughout the USA.
 
winger said:
What happens if both parents pass away and the title of a TS is owned by a family trust where the children are beneficiearies ?
Click to expand...
That is the easiest way for the successor trustee to be legally able to sell, gift or otherwise transfer the unwanted real estate. No court intervention is required. The successor trustee steps into the grantor's shoes and is authorized to act. If the children (presumably adult children) don't want the timeshare, then the successor trustee is able to act.
 
DeeCee said:
A little morbid, I know. However, I'm just having a thought. We own a legacy week, purchased resale after 2010. It's a gold season week at Surfwatch.
What happens when one of us passes, does the other maintain ownership and responsibility to MF's? I do assume the answer is yes.
Secondly, if we both pass, what happens to our deed? Would our children be responsible to the MF's and/or to sell it?

TIA....just thinking,

Dee
Click to expand...
Deeded real estate is treated the same whether it is your personal residence or a timeshare. How do you hold title? Do you have a will? A revocable living trust? How the ownership is titled would be the first thing to look at. Since you said "us", I'm assuming it is a H&W. If one passes, and title was held as JTWROS, then the remaining JT takes ownership by operation of law. If both pass together, or if the widow/er passes after the first spouse has died, then deeded property will pass per the terms of the will of the last spouse to pass. If no will, then it passes by operation of state law where the real property is located. If the ownership is not held in a revocable living trust, but held individually, then when the owner dies, the estate must be probated in order to authorize the executor to legally convey title to an heir. Again, it is irrelevant if it is your family home or a timeshare. When it is deeded real property the law is the same. When deeded real property is owned by the revocable living trust, then probate is avoided. The successor trustee steps into the shoes of the grantor and is legally able to act on behalf of the trust.

I always encourage everyone to make an appointment with your trust and estates attorney to prepare a will and discuss the benefits of a revocable living trust.
 
SmithOp said:
It's a good question. This is a case where if the children want it, then it passes to them easily, if they don't want it then it was probably not a good idea to place it in the trust.

As with the previous answers, the trust executor will be responsible to dispose of it if it's no longer wanted.
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It is sometimes difficult to know what children want far in the future.

If a deeded timeshare week (or Abound Club Points I believe fall into this category) were in a revocable family trust because initial indications is the children would want to take ownership, if the children change their mind (for whatever reason, like MF are way too high) and the trust executor cannot sell the timeshare (or Club points), nor give it back to the company (like Marriott), what happens if no further maintenance fees are made? There is no obvious 'credit hit' .
 
winger said:
If a deeded timeshare week (or Abound Club Points I believe fall into this category) were in a revocable family trust because initial indications is the children would want to take ownership, if the children change their mind (for whatever reason, like MF are way too high) and the trust executor cannot sell the timeshare (or Club points), nor give it back to the company (like Marriott), what happens if no further maintenance fees are made? There is no obvious 'credit hit' .
Click to expand...
Just FYI - you are mixing up the terminology - a trust has a successor trustee. An executor is the term for the person who administers an estate based upon a will. The beneficiaries of a trust or the heirs of the estate can decline to accept the timeshare ownership. The steps required to legally transfer the ownership to someone else (via a sale or gift or deed back) will differ if it is a trust or a probate. With a trust, the successor trustee can sell or gift the ownership to anyone. Not sure why you believe that MVC would not accept a deed back. It is my understanding that the only requirement for the MVW deed back is that the MFs are paid current, which would be paid by the trust assets. If it is a probate, the executor needs to seek court approval to do any legal transfer of ownership of real property. That would include a gift transfer to anyone. The estate pays the current MFs prior to transfer of ownership to whomever is accepting it.

If you are asking what happens if the process of sale or gift takes more time then what happens regarding the MFs, yes, they need to be paid by trust assets until the ownership is transferred. If the successor trustee never transfers ownership to anyone, and the trust assets are dissipated, then it is no different than when a person defaults on paying their MFs. The unpaid MFs are considered bad debt of the HOA and allocated to the remaining owners to cover until the property is foreclosed.
 
LeslieDet said:
Just FYI - you are mixing up the terminology - a trust has a successor trustee. An executor is the term for the person who administers an estate based upon a will. The beneficiaries of a trust or the heirs of the estate can decline to accept the timeshare ownership. The steps required to legally transfer the ownership to someone else (via a sale or gift or deed back) will differ if it is a trust or a probate. With a trust, the successor trustee can sell or gift the ownership to anyone. Not sure why you believe that MVC would not accept a deed back. It is my understanding that the only requirement for the MVW deed back is that the MFs are paid current, which would be paid by the trust assets. If it is a probate, the executor needs to seek court approval to do any legal transfer of ownership of real property. That would include a gift transfer to anyone. The estate pays the current MFs prior to transfer of ownership to whomever is accepting it.

If you are asking what happens if the process of sale or gift takes more time then what happens regarding the MFs, yes, they need to be paid by trust assets until the ownership is transferred. If the successor trustee never transfers ownership to anyone, and the trust assets are dissipated, then it is no different than when a person defaults on paying their MFs. The unpaid MFs are considered bad debt of the HOA and allocated to the remaining owners to cover until the property is foreclosed.
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Yes, bad terminology (no surprise, I'm not versed in this field) - by "trust executor" I mean the person managing the distribution of assets of the trust to the stated heirs upon the death of both parents, I am thinking that is what you refer to as the "successor trustee". The "executor" is a term more relevant to probate.
TY for clarifying.
 
My wife and I own several timeshares and we are joint tenants with right of Survivorship. We are both on the deed. I know that children can disclaim the inheritance of a timeshare, but can a spouse disclaim a timeshare even if they are on the deed? We will be consulting a lawyer about our estate plan including timeshare inheritance, but wanted to know if this would be an option to consider.

I should add that there is no debt on any of our timeshares. The reason for the question is to simplify the disposition of the timeshares upon my death, since a few have low to no value and may be difficult to sell or give away.
 
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Terry D said:
My wife and I own several timeshares and we are joint tenants with right of Survivorship. We are both on the deed. I know that children can disclaim the inheritance of a timeshare, but can a spouse disclaim a timeshare even if they are on the deed?
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Your spouse (or anyone else for that matter) cannot disclaim if their name is already on the deed.
 
Terry D said:
My wife and I own several timeshares and we are joint tenants with right of Survivorship. We are both on the deed. I know that children can disclaim the inheritance of a timeshare, but can a spouse disclaim a timeshare even if they are on the deed? We will be consulting a lawyer about our estate plan including timeshare inheritance, but wanted to know if this would be an option to consider.

I should add that there is no debt on any of our timeshares. The reason for the question is to simplify the disposition of the timeshares upon my death, since a few have low to no value and may be difficult to sell or give away.
Click to expand...
If you own as JTWROS there is nothing to "inherit" and thus nothing to "disclaim" as each JT is already an owner.
 
DeeCee said:
A little morbid, I know. However, I'm just having a thought. We own a legacy week, purchased resale after 2010. It's a gold season week at Surfwatch.
What happens when one of us passes, does the other maintain ownership and responsibility to MF's? I do assume the answer is yes.
Secondly, if we both pass, what happens to our deed? Would our children be responsible to the MF's and/or to sell it?

TIA....just thinking,

Dee
Click to expand...

Good idea on planning now. For us, our kids might want the WM's and it is affordable compared to many. The rest are rtu's that go away before we do if things go as planned, lol.

Bill
 
DeeCee said:
Sorry…whats rtu’s? Its not coming to me

Thx

Dee
Click to expand...

Marriott is a deeded timeshare. None of our timeshares are deeded. We own Worldmark, Vacation International and Villa Group. The Vacation International and Villa group are rtu ( right to use) which the membership expires, hopefully before we do, lol.

Bill
 
Oh. Thanks. Thats same as my disney vacation club.

Dee
 
So after I pass, would I be able to just give my kids my login info and they could continue to use my timeshare in my name, but paying MFs and using guest certificates so they get the benefit without actually having to be on the hook by being on title? Would there be any downside to that?
 
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