You bought a timeshare and you have enjoyed your many stays. However, do you have any plans about what to do with your timeshare in the future?
Frequently overlooked when meeting with an estate planning attorney is ownership of a timeshare interest. Then when a person dies it may be unnecessarily expensive and cumbersome to pass title to the timeshare interest to the heirs or beneficiaries of the estate.A one-week timeshare is usually of sufficiently low value to pass by summary probate or small estate affidavit if it is the only asset left out of a trust. If it is a deeded timeshare interest in another state, then the probate proceeding must take place in the state where the deed is recorded, unless the timeshare is in a trust.
So, what is the best thing to do with your timeshare?
Good estate planning for an estate of any consequence would include putting all the substantial assets in a trust, including all timeshares. If a timeshare has special significance for a family, there may be special planning for maintaining the timeshare for the family, including providing for its financial support. If no one other than the original owners wants the timeshare, then it could be willed to the timeshare association. If that isn’t covered, then the executor or trustee should consider abandoning the timeshare.
Taking time to consider all of your timeshare estate planning options can simplify things for your heirs immensely. It is time and money well spent!