How should you handle your timeshare in terms of estate planning? Should you transfer ownership of your timeshare to your revocable trust if you have one? Should you keep it in your name or jointly with another member of your family? What if you don’t use it very often, and despite your best efforts to get your adult children to use it, it remains largely unused?
The Benefits of Owning a Timeshare in Your Trust
Assume you regard timeshare ownership to be really valuable. You might wish to think about retitling the timeshare to your living trust. A timeshare stake is considered real property and most other states, depending on the contract. This is crucial to know because in most of the states, if you decease holding real property in your own name, your heirs will have to go through a lengthy and perhaps costly probate process to receive it. In the end, the choice to transfer your timeshare to your trust is based on a number of factors. You may avoid costly blunders by asking questions and thoroughly reading your timeshare contract.
Why You Shouldn’t Title Your Timeshare in Your Trust’s Name
The annual maintenance costs or dues assessed to timeshare owners are one of the most common complaints people have about timeshares they no longer utilize. Owners may be assessed special assessments if their property is damaged by a natural disaster or other mishap, or if it requires upkeep. Special assessments can increase the cost of ownership by thousands of dollars per year. Even if your timeshare agreement does not terminate upon the demise of the owner, if the timeshare was the only asset in your name (because all other assets were passed via trust or beneficiary designation) and your family had no interest in inheriting the timeshare, the timeshare company may have to file a probate action to collect payment from the estate.
Timeshare ownership can be beneficial to individuals who are devoted to using it on a regular basis and who understand how to get the most out of it for themselves and their families. It may be advisable to title ownership of your timeshare in the name of your trust in conditions when a timeshare can benefit a family and subsequent generations. When timeshares become a liability rather than an asset to a family, it’s time to assess your obligations under the timeshare contract, maybe with the help of an timeshare attorney in Florida, and decide whether putting your timeshare in a trust is a wise option. It might not be the best decision. Keep in mind that timeshare contracts might have a wide range of conditions and requirements. If you’re unclear about your rights and responsibilities under your timeshare contract, consult a timeshare attorney in Florida to determine the best course of action for your family’s estate planning.
If you have any queries on how to cancel my timeshare, you can contact attorneys at The Law Offices of Susan M. Budowski, LLC.
The author of this article is an experienced timeshare attorney in Florida. In this article, she has mentioned a few reasons why you should own your timeshare in your trust. Visit https://www.susanbudowski.com/.