How to Title TS

mtm65 · Oct 13, 2014

We are trying to determine the best way to title the timeshare we are purchasing and I am hoping for some advice. We are a married couple for over 30 years and have all our property listed in both of our names. We see three reasonable choices at this point....

Tenant in Severalty - interesting because we could put this in my name and if I die first, my wife may not want the responsibility of the maint fees.

Husband and Wife - not sure I understand the implications of this choice.

Joint Tenants with survivorship - this is how we have our other real estate and makes the most sense if my wife decides she wants to keep the TS (and maint fees).

Am I missing any major points as I consider how to title this TS?

Thanks in advance for any and all help!

ronparise · Oct 13, 2014

mtm65 said:
We are trying to determine the best way to title the timeshare we are purchasing and I am hoping for some advice. We are a married couple for over 30 years and have all our property listed in both of our names. We see three reasonable choices at this point....

Tenant in Severalty - interesting because we could put this in my name and if I die first, my wife may not want the responsibility of the maint fees.

Husband and Wife - not sure I understand the implications of this choice.

Joint Tenants with survivorship - this is how we have our other real estate and makes the most sense if my wife decides she wants to keep the TS (and maint fees).

Am I missing any major points as I consider how to title this TS?

Thanks in advance for any and all help!

The question is what do you (both of you) want to have happen if you die before your wife. and equally important...what you you want to happen if your wife dies first?

My wife and I hold assets that have some value jointly with rights of survivorship. I own the timeshare individually.. When I die, they become a problem for the hoa's

mtm65 · Oct 13, 2014

ronparise said:
The question is what do you (both of you) want to have happen if you die before your wife. and equally important...what you you want to happen if your wife dies first?

My wife and I hold assets that have some value jointly with rights of survivorship. I own the timeshare individually.. When I die, they become a problem for the hoa's

What is a hoa? Home Owners Assoc? So when you die, the property goes back to Wyndham and Worldmark?

I would have no problem keeping the TS if she goes first. I would use it or rent it. I think I could get enough value to cover the maint fees.

My wife is not as certain. It would be more difficult for her to manage the timeshare and she would not be interested in renting it. So she may use it but would not get the full value or use from it. Probably not enough use to offset the maint fees.

bogey21 · Oct 13, 2014

mtm65 said:
I would have no problem keeping the TS if she goes first. I would use it or rent it. I think I could get enough value to cover the maint fees.

My wife is not as certain. It would be more difficult for her to manage the timeshare and she would not be interested in renting it. So she may use it but would not get the full value or use from it. Probably not enough use to offset the maint fees.

Explore putting it in your name only. Leave it to your wife in your will. If you die first and she wants it, she accepts it. If she doesn't want it she declines the inheritance. If your wife dies first, the Week will already be in your name. I'm not 100% sure this will work in a Community Property state.

George

sfwilshire · Oct 30, 2014

bogey21 said:
Explore putting it in your name only. Leave it to your wife in your will. If you die first and she wants it, she accepts it. If she doesn't want it she declines the inheritance. If your wife dies first, the Week will already be in your name. I'm not 100% sure this will work in a Community Property state.

George

Would this require probate in the state of ownership and the associated higher legal fees?

Sheila

1Kflyerguy · Oct 30, 2014

sfwilshire said:
Would this require probate in the state of ownership and the associated higher legal fees?

Sheila

Its my understanding that would require probate in the state or states of ownership. That is why i am changing our TS ownership to our trust, just like we have our primary residence.

At least right now, both my heirs believe they would use the TS so it makes sense to pass it along as least costly as possible. Even if they decide to sell the TS, i believe this still makes sense for us.

Talent312 · Oct 30, 2014

I believe that the distinction between "husband and wife" and "JT w-right of survivorship" is that a H+W title is considered an estate by the entireties, meaning that each of you own the whole thing and a creditor or claimant against one cannot reach or grab it, becuz the other also owns it.

But in a "severabilities" or "JT w/ROS" any one of you could suffer the loss of their undivided share to a creditor or claimant who could force a division or sale of the property. Not likely, but possible.

... Arm-chair quarterbacking, not legal advice. Consult your own lawyer for that.
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How to Title TS

mtm65

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ronparise

mtm65

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bogey21

sfwilshire

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1Kflyerguy

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Talent312

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