I recently spoke to a client who had an interesting situation. Their father died with very few assets. Maybe the total was $5,000. One of the assets was a timeshare with no value but ongoing maintenance fees. Nobody in the family wanted the timeshare and they didn’t know what to do. I told them roughly the following:
My instinct is that the timeshare is just another of your father’s creditors. It’s no different than a credit card or any other creditor. You are technically liable for all creditors to the extent you receive assets. However, I believe the creditors (including the timeshare) would have to open probate to try and go after you and I think the odds of this happening are close to 0%.
You mentioned the idea of filing a disclaimer. A disclaimer wouldn’t work as a disclai
A lot of people come home from a vacation with a souvenir they did not intend to ever buy… a shiny new TIMESHARE or ”vacation club” or even a fancy “fractional ownership!” It seemed like a great idea after a couple of Mai Tais I am sure! One of the sales benefits often gushed by the slick salespeople is that this timeshare can be given to your children and grandchildren after you die. While this is often true, how many people actually factor this into their estate plan? My wife and I have sat through several presentations in our years together as we have a hard time passing up a “deal.” We got Tiffany candy dishes and $200 to spend at the Four Seasons one time at the Four Seasons Aviara. Ok, that was our best deal to date but I’ll sit through another timeshar
Did you know there is a California probate code that can help transfer timeshares, after death, withtout the need for a full probate? We can typically take care of this for you for a flat fee of $750 which includes the Court costs. The only additional cost would be the timeshare transfer fee. This works for any “real property” with a value under $20,000. Contact me with questions or visit our website, www.californiaprobate.info, for more information.
PROBATE CODE SECTION 13200-13210
13200. (a) No sooner than six months from the death of a decedent,
a person or persons claiming as successor of the decedent to a
particular item of property that is real property may file in the