dgstockwell
TUG Member
My dad recently passed away and owns two timeshares on Daytona Beach. We will certainly try to sell them, but does anyone know the legalities of disposing of the units if no one in the family wants them?
I don't believe the OP said that the estate was broke.
Ron:
But the decadent's credit rating will take a bad hit.
I don't believe the OP said that the estate was broke.
Hypothetical...
So IF the resort is unwilling to take a deed-back and the estate is unable to sell the TS...Lets assume in this hypothetical that its a poor TS with with a horrible fixed week that has a super high MF...The Estate has to continue to pay all future MF's until it is completely broke? What happens after the estate is completely broke, the homes, bank accounts have been wiped out all inheritance that would have went to the family...Who's Credit score is effected by the Foreclosure? the Executor of the Estate?
Ride - You keep getting confused on this. They CANNOT go after the heirs for the maintenance fees - they can only go after the estate - a separate entity. Yes, the estate does have to get rid of the timeshare to close the estate, but that doesn't mean that the heirs cannot inherit whatever has been willed to them. No, the executor's credit score is not affected - he doesn't OWN the estate - he executes (manages) it.
So let's say my mom leaves me a house and there is also a timeshare in her estate that no one wants. I can inherit the house - but the estate executor still has to get rid of the timeshare - two separate issues.
The estate cannot be properly closed out and any distributions made until all claims are settled. That would include the proper handling of the timeshare "assets". Hopefully the resort(s) will cooperate and, other than correctly demanding all fees be brought current, accept the deed back and thus close the case. Simply refusing to pay leaves the estate in a potentially bad situation. It shouldn't be hard to contact the resort(s), pay any current fees due & sign the deed over. Until they try they won't know and are assuming problems that really aren't there.
The situation of estates having unwanted and unsellable property has existed long before timeshares ever came on the scene. Not surprisingly, procedures have been devised to deal with that exact situation. Imagine that!!!!Hypothetical...
So IF the resort is unwilling to take a deed-back and the estate is unable to sell the TS...Lets assume in this hypothetical that its a poor TS with with a horrible fixed week that has a super high MF...The Estate has to continue to pay all future MF's until it is completely broke? What happens after the estate is completely broke, the homes, bank accounts have been wiped out all inheritance that would have went to the family...Who's Credit score is effected by the Foreclosure? the Executor of the Estate?
Say i die with a $2000 car a $100,000 house a $1500 bank account and a TS with a $3000 MF in my estate, the MF is due in 2 months after my death....I only have one Heir, my daughter..Lets say it takes 5 yrs to dispose of the TS by the Executor of my estate ($15,000)...Now can my daughter collect the car, house and cash from the bank account..before the TS is disposed of? Or do they have to be held in the estate until the at the MF is disposed of?
What happens if the TS is willed to the HOA or developer?
I was wondering the same thing, but I am guessing that just like any heir, they don't have to accept property they don't want.
You mean a HOA or developer wouldn't even want their own unit? LOL - how bad is that???