If you have a timeshare, you likely also have many wonderful memories of vacations with your family. Did you know that you can ensure your family’s ability to continue enjoying vacations at your timeshare property even after your death?
Timeshares are handled either as deeds, or as contractual property interests. If your timeshare is in the form of a deed, you will likely need an attorney in the jurisdiction where your property is located, because real property must always be handled in the county where the property is located. With a deeded timeshare, your family will be required to open a probate estate for you in the jurisdiction where the timeshare is located, unless you execute a new deed for your timeshare. The new timeshare deed can be granted to a revocable living trust, or to an individual over 18 years old. By granting the timeshare to a trust, you can ensure that a succession of beneficiaries is available to inherit the interest, should the first named beneficiary predecease you. You can also ensure that trust funds are made available for ongoing expenses relating to the timeshare, and that the funds are used for that specific purpose.
On the other hand, if your timeshare is a contractual interest, your current estate planning attorney can likely be of assistance.
A common concern with timeshares is whether the beneficiaries will be able to afford to keep it. Whether you choose to list individual beneficiaries or list your trust on your timeshare deed, your estate plan should address the possibility of allowing for rent to cover maintenance costs of the timeshare, or re-sale of the timeshare in the event that your beneficiaries decide that they would no longer like to make use of the property.
Often, there are additional requirements to transfer a timeshare property interest. Take, for example, the popular Disney Vacation Club timeshare. In addition to the deed, which must be drafted by a Florida licensed attorney, a Request to Transfer form must be completed, along with a Waiver of Right of First Refusal. After the deed is registered with Orange County, Florida, a copy of the recorded deed, recorded waiver, membership change request, and a copy of government photo identification for all grantees must be sent to Disney Vacation Club.
As you can see, planning for your timeshare interest within your estate can be a complicated process that should not be undertaken without an attorney. Additionally, each timeshare is different, often having unique requirements in addition to the recording of a deed. Our office has attorneys licensed in Michigan, Indiana, and Florida. If you have a timeshare in a different location, we can work with local counsel to accomplish your goals. To learn how you can pass your particular timeshare on in your estate, and ensure years of continued vacation memories for your family, contact Mammel Law at 248-644-6326.