McDonald Warner - Probate, Elder Law, & Special Needs

Kids don't need to accept a timeshare from their parents

Arizona residents who inherit assets from their parents may find that they have inherited a timeshare. However, a child may not want to be responsible for an asset that may cost up to $3,000 a month in dues and other fees. Fortunately, there are some easy ways to ensure that a child is not responsible for these payments. First, the beneficiary may submit a written document saying that he or she has no interest in the property.

It may also be possible to simply not make payments to the resort that offered the timeshare. It is rare that they come after children who fail to make payments on a timeshare that they have inherited. Parents can choose to sell the timeshare or give it back to the resort prior to their passing. While this may be a drastic move, it could be put into a trust, which makes it hard or impossible for a resort to collect from a beneficiary.

Parents may also be able to get the names of their children off of a timeshare deed. Putting a child on the deed is often marketed as a convenient feature for the person buying the timeshare. A child's name may be removed from the deed as long as there is no loan balance associated with it.

Individuals who create wills or trusts may make it easier to settle their estates after they pass on. This is because trust documents have the potential to leave clear and organized instructions as to how assets should be divided. It may also include instructions related to the location of passwords or other important information. An attorney may be able to help create or amend estate planning documents in a manner that conforms to existing state law.

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