Many people would like to be able to keep their timeshare in the family. There different options for dealing with the title of a timeshare that you may want to pass to your beneficiaries. Some may think that a simply willing a timeshare would be enough, but it is more complicated than this. When a property interest is willed it must go through probate court before the beneficiaries can use it. This can take at least a year and in that time the family cannot use the property. Even worse they still have to pay maintenance fees while it is tied up in court. It is doubtful that this is your wishes, but it is reality.
One option to avoid this is to add the beneficiaries on the title before death occurs. This solution is almost too simple and of course doesn’t come without problems. When this option is used any time a contract of any kind having to do with the property comes up, all the titled owners must sign off on it. This will lead to hassles of all sorts. Let’s face it simple family feuds can make this a nightmare waiting to happen!
The best option is to have a revocable living trust. This option leaves you in control until the death when the trustees take over. This option avoids the cost and hassle of probate court. A living revocable trust can be complicated though and it is best to consult with your accountant and lawyer regarding the best way to set it up for yourself and trustees financially.
One piece to think about it, talk to your family members and be sure they have a vested interest in the property. You may be leaving them with more responsibility then they can handle. Some families may not have the time or money to spend on a timeshare and it can really cause problems trying to keep up with it in this case. This topic is obviously not as simple as it may seem at first so do your homework. Look into the best options for you and your beneficiaries.
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