Lagunamar resale

[KevSki]

I'm looking at buying a resale Lagunamar, but have a few questions about it. I found on Redweek that some units are Right To Use and others are Deeded. What's the pros and cons of each? Does it make a difference with how Vistana deals with two different ownerships?

 

[cubigbird]

Lagunamar is only RTU / “equity membership.” The weeks are not deeded so the listing would be incorrect. The key is your obligation ends when the RTU expires. With a deed (Not at Lagunamar) your obligation is in perpetuity.

 

[DeniseM]

However, it's not a RTU like a Disney ownership where each owner has a termination date for their ownership. At the end of the Lagunamar RTU, it will be extended for the entire resort for like 50 years, unless the entire resort is actually sold or otherwise taken out of service.

 

[KevSki]

Thank you both. I think if it goes 50+ years, I won't be worried about, my sons or grandchildren can worry. And another question... Has anybody put the Mexico timeshare ownership into a trust?

 

[md8287]

Thank you both. I think if it goes 50+ years, I won't be worried about, my sons or grandchildren can worry. And another question... Has anybody put the Mexico timeshare ownership into a trust?

All my timeshares at Lagunamar are in a Trust. Works great

 

[carpie99]

All my timeshares at Lagunamar are in a Trust. Works great

What is the benefit to having your timeshares in a trust?

 

[Tucsonadventurer]

We were advised by our lawyer not to include ours in our trust in case our children decided they did not want them . Right now they plan to take them but who knows down the road.I am curious about other pros and cons though

 

[KevSki]

We did it so if something happens to the both of us, our kids will not have to go through probate and all the other hassles.

 

[Tucsonadventurer]

We did it so if something happens to the both of us, our kids will not have to go through probate and all the other hassles.

I will have to check that out. We were advised that timeshares wouldn't go through probate but I will re-check that. At the time we just took our lawyer's word for it.

 

[VacationForever]

We were advised by our lawyer not to include ours in our trust in case our children decided they did not want them . Right now they plan to take them but who knows down the road.I am curious about other pros and cons though

Our attorney advised us to leave them out of the trust unless they are valuable and that my son wants them. While our timeshare is of some value, we decided to leave them out of trust so that my son does not need to be stuck with trying to sell them while having to pay MF in the meantime.

I will have to check that out. We were advised that timeshares wouldn't go through probate but I will re-check that. At the time we just took our lawyer's word for it.

I figure for us, if one of us dies first, with joint tenancy with rights of survivorship, the other person inherits in entirety and hopefully the survivor has time to get rid of the timeshares so that the estate is not burdened with them. Otherwise they will have to go through probate. Our thinking is that the estate can abandon the timeshare and not even go through probate in the event they are not gotten rid of by the time we both die.

 

[klpca]

Our attorney wanted them in the trust to avoid non-CA probate. Since we own one in Hawaii, one in Louisiana, and one in Arizona, it seemed like the prudent thing to do. Watching friends and clients dealing with their deceased parents financial issues, I say make things as easy as possible on the executor.

 

[VacationForever]

Our attorney wanted them in the trust to avoid non-CA probate. Since we own one in Hawaii, one in Louisiana, and one in Arizona, it seemed like the prudent thing to do. Watching friends and clients dealing with their deceased parents financial issues, I say make things as easy as possible on the executor.

The main question is whether your heirs want the timeshare. If they do not want the timeshares and they are put into a trust, the heirs will inherit the timeshares automatically.

 

[Tucsonadventurer]

Our attorney wanted them in the trust to avoid non-CA probate. Since we own one in Hawaii, one in Louisiana, and one in Arizona, it seemed like the prudent thing to do. Watching friends and clients dealing with their deceased parents financial issues, I say make things as easy as possible on the executor.

Thank you. We will revisit that. Sounds like we should add them

 

[klpca]

The main question is whether your heirs want the timeshare. If they do not want the timeshares and they are put into a trust, the heirs will inherit the timeshares automatically.

Not even worried about that. They are clever enough to figure out how to use them or dispose of them. Can't they disclaim anyway? (As it stands, two of ours are already spoken for).

But I am not putting them through dealing with an out of state probate. The cost to deal with that is throwing good money after bad - especially for something that is essentially worthless. Even if there is an exception to probate for a low value asset, the work to determine if that exception applies still has to be paid for - at $$ per hour. So at this point, we are good with our personal decision. YMMV.