What happens when you die?

[chunkygal]

I am sure this has come up before, but what happens at MVC when the owner dies? DVC has a finite period of time for ownership, but MVC is supposed to be forever. What happens when both people die or no one wants it any longer?

 

[dioxide45]

The estate must take care of disposition of the asset (timeshare).

 

[billymach4]

I interpret the OP's question to say.

What if you don't have a will?

What if your heirs don't want the TS?

How does the HOA recover the past due fees?

Perhaps these are units that go up for auction by the local government, and then the HOA recovers the past due fees as a stipulation of the sale?

 

[Ridewithme38]

The Timeshare drains everything in your ownership, your house, your savings, your life insurance, your everything of value until nothing is left then eventually they take the deed back

 

[DeniseM]

The Timeshare drains everything in your ownership, your house, your savings, your life insurance, your everything of value until nothing is left then eventually they take the deed back

Ok - Let's say my MF is $1,000 a year, and my estate is a modest $50,000. That means they won't foreclose for 50 years - right?

Does that mean if I have a million dollar estate, they will wait a thousand years?

Or maybe you think you are going to have a really, small estate?

Or maybe you just made that all up?

 

[Ridewithme38]

Ok - Let's say my MF is $1,000 a year, and my estate is a modest $50,000. That means they won't foreclose for 50 years - right?

Or maybe you think you are going to have a really, small estate?

Or maybe you just made that all up?

Thats right, 50 years, if you don't account for the LARGE MF increases every year and the Special Accessments, i'd say closer to 10 years for 50,000...You and i both know some resort can't even be given away...IF YOUR LUCKY, you'll be able to get rid of it in 10years...

DeniseM you can try to spread all the dis-information you want, but we both know what i'm saying is the truth

 

[dioxide45]

All the estate has to do if it can't dispose of the TS is quit paying the MFs. The only security that the HOA has is the deed that they can foreclose on. They would have to sue to come after other assets in the estate. Far too costly of an endeavor.

 

[Ridewithme38]

All the estate has to do if it can't dispose of the TS is quit paying the MFs. The only security that the HOA has is the deed that they can foreclose on. They would have to sue to come after other assets in the estate. Far too costly of an endeavor.

thats a valid point...your credit rating doesn't really matter when your dead....But it does put the burden of your MF's on the other owners

 

[infamazz]

I interpret the OP's question to say.

What if you don't have a will?

What if your heirs don't want the TS?

How does the HOA recover the past due fees?

Perhaps these are units that go up for auction by the local government, and then the HOA recovers the past due fees as a stipulation of the sale?

An estate asset cannot be forced on beneficiaries - the beneficiary can decline the distribution. What happens to the asset after that is governed by the respective state's laws on intestate (dying without a will). If each tier of beneficiaries declines to take the asset, most states would then take possession. Obviously the state would not be on the hook for MF's on such an asset in that situation and cannot be compelled ot pay.

 

[DeniseM]

But let's not forget my FAVORITE part of this fairy tale! :rofl:

Viking ship, as used on TUG, is a corporation or LLC that is setup with the spacific intent of going into bankruptcy and dissolving....These are used by a very few PCC's as a way to get owners that are suffering major financial problems out of the TS contracts that they can no longer pay for, saving these poor people from eviction from their homes, losing their jobs and ending up on the streets where their children will eventually die of starvation or be forced to turn to a life of drugs and crime

To sum it up, Viking ships help children survive and thrive to become strong successful members of our society

 

[Ridewithme38]

But let's not forget my FAVORITE part of this fairy tale! :rofl:

Viking ship, as used on TUG, is a corporation or LLC that is setup with the spacific intent of going into bankruptcy and dissolving....These are used by a very few PCC's as a way to get owners that are suffering major financial problems out of the TS contracts that they can no longer pay for, saving these poor people from eviction from their homes, losing their jobs and ending up on the streets where their children will eventually die of starvation or be forced to turn to a life of drugs and crime

To sum it up, Viking ships help children survive and thrive to become strong successful members of our society

What? You don't care about the Children??

 

[DeniseM]

What? You don't care about the Children??

Rats! You found me out! Don't tell the hundreds of students I've had over the last 30+ years! I fooled them all!

 

[GregT]

DeniseM you can try to spread all the dis-information you want, but we both know what i'm saying is the truth

Ride, I don't agree with you. I do not believe that timeshares will suck the remaining assets out of someone's estate and bankrupt their children, and I think your suggestion is way off the mark.

And I don't think that's DeniseM in the Bad Teacher poster. Where's the computer?

 

[DeniseM]

[/QUOTE]

I am definitely going to take this as a compliment! :hysterical:

 

[Clark]

I am definitely going to take this as a compliment![/QUOTE]

I can see why, with sunglasses like that!

 

[jlepstein1]

I am sure this has come up before, but what happens at MVC when the owner dies? DVC has a finite period of time for ownership, but MVC is supposed to be forever. What happens when both people die or no one wants it any longer?

I understand that there is new post-mortem technology available which allows you to take it with you into the next life. Does anyone know if this requires approval from the board of the T/S? Also, can you still belong to II?

 

[ampaholic]

I understand that there is new post-mortem technology available which allows you to take it with you into the next life. Does anyone know if this requires approval from the board of the T/S? Also, can you still belong to II?

Actually according to certain eastern philosophies you will get free access to all the common areas of all the resorts on Maui - just come back as a sea gull! :hysterical:

 

[chunkygal]

These responses have been toooo funny.

I will have to get a separate life insurance policy for the HOA dues so my kids can eat.

 

[brianfox]

I think the proper answer is to use the Timeshare as leverage against your heirs - let them know that whoever doesn't treat you nice gets saddled with it. You will immediately notice that they treat you with a newfound respect.

If you don't have any heirs, leave it to your cat and have a great laugh from beyond, watching Marriott try to collect the MF. (And don't think they won't...)

 

[davemy]

That is funny, I am now gunna leave ours to our DOG. lol:hysterical:

 

[pedro47]

That is funny, I am now gunna leave ours to our DOG. lol:hysterical:

That's a great idea. Leave your t/s to your Dog and let the HOA go after him !!!