First – I am not an attorney. If you need legal advice about the handling of a deeded property hire a lawyer.
In this article I will explain what your options are when it comes time to handle the ownership of a timeshare when a probate of a will is in process or how to avoid it altogether.
Legalzoom.com defines it as “Probate is the legal process through which the court decides how your property will be divided. If you have a last will, the court will review that document to determine your wishes and will follow those wishes unless the last will is successfully contested by your heirs. If you do not have a last will, the court will assign someone to manage your estate and its distribution.”
Advanced planning can help avoid your timeshare getting tangled up in a probate. One option is to have ownership of the timeshare in a joint tenancy with right of survivorship. Another person would co-own the timeshare with you and at the time of probate the other person would just assume ownership without the timeshare having to go through probate.
A living trust would also accomplish the same thing. A Living Trust is used to transfer timeshare property to beneficiaries. But unlike a last will, a living trust is not usually subject to probate court, which can take years and cost thousands in court fees.
Transferring ownership or gifting the timeshare is another option. Advanced planning and time is required to make this option work. By the timeshare owner transferring ownership to a family member or friend the timeshare would not be subject to probate.
Finally, selling the timeshare is an option that many consider. Selling your timeshare may take longer but in the end you accomplish avoiding the long process of probate, you would avoid giving the timeshare to someone who does not need or want a timeshare and maintenance fees. When selling your timeshare you need to go with a timeshare resales specialist with many years of experience to avoid problems at closing.
So there are your options to deal with your timeshare to avoid probate problems. Some would consider a timeshare a liability and not an asset. Putting a value on a timeshare for the probate court is a near impossible task. Selling your timeshare avoids the most problems.
Sell your timeshare with confidence when you use a timeshare resales broker or timeshare resales specialist with many years of experience and credentials.