What happens to your timeshare when u die.

[csxjohn]

My understanding is, as long as there are still 'assets' in the estate, the HOA can continue to collect off of it to pay Fees and that an estate can't be closed with the timeshare still in it. If your retirement savings is in a bank account instead of other forms, like a 401K or SS, the left over $150,000 could keep the timeshare in your estate a LONG LONG time, keeping your kids from being able to withdraw other assets.

An HOA COULD take there time to foreclose on the timeshare, we've read here about people who had 5-6 years of missed MF's before the HOA foreclosed. That's without payment, when it is in a well funded estate, i don't see any reason they would rush at all to take it back.

I could be wrong about this, but, Why would an HOA foreclose on a timeshare that is being paid for?

I'm not positive but I don't think that's how it works. From what I've read on other posts discussing this, as long as the current bill are paid up the rest of the estate can me passed on leaving nothing for the HOA to collect so they can keep billing the deceased but with no assets left they are wasting their time.

In other words the HOA can't force the estate to keep funds for future bills.

 

[d2r4s]

Death and time shares

One thing I am doing as I get older is reducing my time share inventory and with certain resorts they will take them back if free and clear with nothing owing.

When you die other than leaving it to family, charity or anyone your children do not have to accept the inheritance and most time shares will take them back as there would be no one to go after for fees.

 

[pacodemountainside]

This topic has been flogged unmercifully over the years.:deadhorse:

I have yet to see an expert opinion by an attorney over his signature as it is state specific.

Simply put just make an appointment with local estate attorney and get an expert opinion.

My attorney in Colorado who has dealt with this a few times advised me all beneficiary needs to do is legally renounce.

Then he puts notices in applicable legal journals, whatever. All creditors have to file a claim by cut off date. Estate pays and then estate is closed forever and deeds mailed to resort with Dear John letter.

 

[Larry M]

Not that much.

way back in the 60's or 70's, my aunt bought a lot at Diamond Bell Ranch near Tucson, AZ. the lot is basically worthless. I have discovered the tax bill has been going (since 2008) to a different address. I can't imagine how much she owes on this lot.

Not that much: Unimproved small lots are going for $2500 to $6000. See this real estate ad.

When she passes away, my sisters and I will inherit this lot. I think the situation is similar to a timeshare, and I don't think any of us want this lot.

It might happen before she dies and save all of you the problem. Typically (varies from state to state) if taxes aren't paid for seven years, anyone can step in and buy the parcel by paying the back taxes. The legal term for this is adverse possession. In fact it may be happening as I write this.

Suppose the lot is worth $2500 and the annual taxes are $75. Back taxes for seven years are $525. Some sniper realtor might buy it for that and figure he could move it in a year or two for $2000 or $2500 and solve your problem at no cost to you.

My full name is Laurence "Larry" Marks. Just wondering if we are related.

 

[LannyPC]

Suppose the lot is worth $2500 and the annual taxes are $75. Back taxes for seven years are $525. Some sniper realtor might buy it for that and figure he could move it in a year or two for $2000 or $2500 and solve your problem at no cost to you.

But the problem with many TSs in delinquency and foreclosure is that more is owed on them (MFs, mortgage, etc.) than what the TS is worth.

And if the TS is like a hot potato (no one wants to touch it with a 10-ft. pole) who becomes the owner?

 

[comicbookman]

Not that much: Unimproved small lots are going for $2500 to $6000. See this real estate ad.




It might happen before she dies and save all of you the problem. Typically (varies from state to state) if taxes aren't paid for seven years, anyone can step in and buy the parcel by paying the back taxes. The legal term for this is adverse possession. In fact it may be happening as I write this.

Suppose the lot is worth $2500 and the annual taxes are $75. Back taxes for seven years are $525. Some sniper realtor might buy it for that and figure he could move it in a year or two for $2000 or $2500 and solve your problem at no cost to you.

My full name is Laurence "Larry" Marks. Just wondering if we are related.

Adverse possession is a whole different animal. What you are describing is typically called a tax sale.

 

[bankr63]

This is a fact of owning anything. At some point we will die. The time to think about this is not at the end of the use of your timeshare but before you sign on the line to purchase. Have an exit plan upfront. Discuss your purchase with those involved with everything you own as to what you want and what they want done.
I hope everyone here understands that when people decide not to pay their share, fees (and they agreed to) that other owners have to pay more to cover that void. Timeshare businesses arrive at a cost to run their operations and that is a figure that can not sustain deadbeats. So please don't dump on fellow owners by not paying your share. There are ways out and this is the best place to get solid answers.

I'm sorry but this one left me :hysterical:

I have heard of a lot of exit strategies, but it sounds to me like bing is proposing the "ultimate" exit strategy. What better way to get rid of that pesky timeshare than to relax in a hot bath with a bottle of fine scotch and your good friend Wilkinson or Gillette...

That'll teach them...

 

[Teresa]

Huh?

My mom and dad passed away a few years ago (years apart) and the executor of their estate found out that this Florida timeshare had to go through probate in Florida. We're in Ohio. Standard fee for Florida probate (calling around for quotes) was around $1300-1500. That's a lot of money to get rid of a timeshare. So .... the executor took care of everything else in the estate and this timeshare was the only thing left. My brother said he would take it but it wasn't that easy. The rest of us were willing to sign off on it. Nope. Had to go through probate. The timeshare had to be 'left' to him (or someone) - and it wasn't. Actually, it SHOULD have been in the trust so the probate thing would not have been necessary and my brother would have it.

Final result? The resort will have to 'foreclose' for failure to pay m/fs (executor tried to give it to resort - not allowed - just the same as trying to give it to my brother). Meanwhile, other owners are covering this delinquent m/f - probably for several years. It will sit there - unused (I'm guessing though that the resort may rent it out due to non-payment - maybe they are applying owner's 'share' toward back m/fs?). EVENTUALLY, they will get it back through legal action against two dead people. They would make a claim against the estate - which has no value anymore.

Regarding the mention of someone paying the back taxes that are sitting for seven years. Not that easy. There are tax liens out there that would have to be covered (maybe that's what you're referring to). In most counties in Florida if the property is 'foreclosed on' due to back taxes by the tax lien holder. If it doesn't actually sell at Sheriff Sale, the property reverts to the tax lien holder (the same as a bank in a mortgage foreclosure) or to the state or county if the tax lien holder doesn't want it. MOST property in Florida that goes delinquent on taxes is in the tax lien system. Private investors buy the lienholder position from the County. If those tax liens are not dealt with within 7 years of issue (when the tax lien holder bought them from the County) they expire and the tax lien becomes worthless. Usually the lien holder forces a tax sale before that happens.

No - I'm not an attorney. This is from personal experience and knowledge.

 

[persia]

So the best way to get rid of a timeshare is to give it to a person who is dying. There's probably some sort of morbid business opportunity there....