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Passing my timeshare to my daughter before my death

acnp2b

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how can I best pass my timeshare to my daughter. She is not on the deed. I am widowed and she is my only child. I have tried to ask this question before but each time I am told I have to buy more in order to change the deed. I don’t need or want more. Thanks for any info
 

DaveNV

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My understanding is if you put the timeshare in your Will, naming your daughter as recipient, she can accept it when the time comes.

Dave
 

acnp2b

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Does she end up having to pay to retitle the deed? I would like to take care of that if possible


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Passepartout

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Does your daughter even WANT the timeshare, given that there will be ever increasing annual fees involving it? Is she on your membership in II or RCI, or whatever exchange it's involved with? You can transfer the deed to her on your own. Many TUGgers use www.lttransfers.com They are TUGgers, and very reliable and reasonable. a couple of hundred bucks covers it.

We hope this transfer isn't anything that's going to happen anytime soon, but realize how much burden it lifts to have one's affairs in order. My wife is a family law attorney and does a lot of estate planning. People leave her office feeling relieved.

Welcome to TUG!

Jim
 

DaveNV

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Does she end up having to pay to retitle the deed? I would like to take care of that if possible


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Any time there is a transfer of title paperwork there are recording fees and such attached, but it's not excessive, if done right. LTTransfers can tell you their fees, which would likely be less than $200 to process it all. As Jim states above, if your daughter wants to be the owner of your timeshare, you can process paperwork easily to make that happen. On the other hand, if she does not want to receive it, and you still include it in your Will, she can refuse to inherit it, and it will revert back to the resort. If you are at the point where you just want out, you can probably give away or sell your timeshare to someone who would want to own it. You have options.

Dave
 

rapmarks

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Does anyone have contact information for LT transfers?
 

LannyPC

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You still haven't answered the question Jim posed above. Does your daughter actually want the TS if/when you pass away (or even before then)?
 

theo

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You still haven't answered the question..... Does your daughter actually want the TS if/when you pass away (or even before then)?

That's a question to be very clearly asked and answered before unilaterally preparing and recording a new deed.
Personally, I believe that it's generally unwise to add offspring name(s) to a timeshare deed unless, as informed adults, the offspring overtly agrees to that action and fully understands the associated long term legal and financial obligations.

I believe it wiser to provide options, so that the heir(s) can either inherit or disclaim the inheritance when the time comes. A lot can change in their lives over the years; their view on that timeshare ownership today may be very different later.
Why unnecessarily lock them into long term legal / financial obligations by adding their name(s) to the deed now? :shrug:

Just my own personal view and opinion.
 
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acnp2b

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I think she wants it but I will discuss it with her. Your points are very well spoken. She has offered to start paying the maintenance fees and she seems to enjoy all the trips we take. I will make sure she understands the ramifications of changing the deed to her name. Like you said I hope that this does not have to be done anytime soon and her circumstances could change in the next 10 to 15 years. Thanks for your thoughtful comments.


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