If you own a timeshare in perpetuity, your timeshare is going to outlive you. At some point, you are going to have to think about passing it on to your friends or family. It wouldn’t be a bad idea to meet with an expert so you can go about transferring your timeshare ownership to the right person. Your timeshare could be an unnecessary and unwanted expense for the person that inherits it.
How to Transfer a Timeshare Deed to Someone Else
There are actually multiple ways to go about transferring your timeshare ownership. This can be done under a living trust, a will, joint ownership, or through probate.
A Living Trust
A living trust is a legal document that is created during someone’s lifetime. The creator of the trust is the one who decides who gets the property. It is very important that the timeshare owner transfer the timeshare interest into the trust. If the timeshare is held by a lease or contract, the owner has to list it as part of the trust property.
Through a Will
A timeshare can also be passed on by a will. A will is similar to a trust, as it is a legal document made during someone’s lifetime and goes into effect upon their death. The person who owns the will doesn’t need to sign a deed or an Assignment of Ownership Interest form. The only thing needed for a will is proper language that clearly delegates who will take over the timeshare.
Having a joint ownership is where multiple owners own an undivided equal interest in the whole property. Immediately after one owner’s death, the surviving owner will continue to own the timeshare.
Through a Probate
Additionally, the timeshare can be passed down to heirs through a probate without establishing a will, trust, or joint ownership. However, there are some disadvantages to this option. The probate route could take months or years to complete. The process has to go through the courts, and they are strict about completing the process before passing the timeshare on. Since this process can get a bit pricey with all of the fees involved, they will even take the money out of the deceased’s person’s account before transferring the ownership to anyone else. After the process is done, the courts may go against the owner’s wishes and pass down the timeshare according to state law.
Transferring Timeshare Ownership
If your timeshare has a special and significant meaning to your family, specific financial planning and support should be in place. If no one wants the timeshare left to them, then it technically can be willed to the timeshare association. However, if that is not an option, the absolute last resort may be to consider selling the timeshare.
When you buy a timeshare, it is important to think ahead. Even though you may think that you are doing a great thing by leaving your timeshare to someone who will enjoy it as much as you, it could actually become a burden on them.
And last but not least, you can always donate your ownership to charity. There are many charities that will accept your timeshare, so do some research to transfer it out of your name to the cause of your choice.