Figuring Out The Inheritance Of A Timeshare
Ask the Real Estate Lawyer: Real Estate Law Q&A
REM #LAW 738
By Ilyce R. Glink and Samuel J. Tamkin
Summary: A ThinkGlink reader has inherited
her father's Florida timeshare. She is now wondering if she is responsible for
the upkeep and taxes on the property. Ilyce and Sam explain that she must decide
if she would like to keep the property and cover the expenses.
Q: My father recently passed away. He owned a Florida timeshare with points.
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My siblings and I are not interested in owning this, but the resort where it's
located is telling us that a timeshare is considered to be real property and
we are responsible for all annual maintenance and property tax costs.
They also said they need a copy of his death certificate and will and that
his estate will be probated because the timeshare was not listed on his will.
Is this correct? How can we transfer ownership?
A: Many timeshare interests are in fact an ownership interest in real property.
Some are even called fractional ownerships. In any case, the timeshare is clearly
part of your father’s estate.
While you and your siblings may not want the timeshare, your father’s
estate is responsible for it. If you or any of your siblings are named executors
of his will, the executor will have to take action to either sell the timeshare
or to have title in the timeshare transferred to you and your siblings.
The timeshare may need the information to assist in the transfer of ownership
of the timeshare. But from a more important perspective, you need to know whether
you even want the timeshare. If you all decide that you want to sell it, you
will probably need an attorney in Florida to assist you in the estate issues
and in the sale of the timeshare.
If you decide you want to keep the timeshare, you may still need to hire an
attorney in Florida to assist you in the estate issues to allow you to transfer
the title of the timeshare to all of you.
Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce
R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your
Home Faster and For More Money In Any Market. If you have questions for
them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022
or contact them through Ilyce’s website www.thinkglink.com