Florida is a popular area for timeshare resorts. A timeshare is a piece of property where the owners can vacation for a set period of time during the year in exchange for annual fees. Since the ownership can last in perpetuity, many owners want to make sure that their heirs are not stuck paying the fees for unwanted timeshares.
For heirs who are interested in inheriting a timeshare, a trust is one option to consider. Many people choose to use a trust as an estate planning strategy to allow for flexibility, especially if there may be a disagreement between heirs about what to do with the timeshare after the owner’s death.
When an heir is not interested in inheriting their loved one’s timeshare, the owner may try to sell their interest in the property if the loan has been paid off in full. If it has not been paid fully, it might be possible to negotiate with the timeshare resort owners to give back the timeshare and ask for loan forgiveness. If the resort will not allow this, it is possible to abandon the timeshare. However, this could damage the timeshare owner’s credit.
Anyone with estate planning concerns may benefit from speaking to an experienced lawyer. An estate plan can be uniquely tailored to meet the needs of the estate owner and their heirs. A will or trust can usually be modified, added to or revoked if changes need to be made months or years later.
Estate planning is not just for the benefit of heirs. It can also help the grantee keep the benefit of property during their lifetime. For example, some types of trusts can ensure that the trust beneficiary receives income during their lifetime.