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This is a question I am often asked.. In my opinion, the best answer I've seen to this is posted here: Probate for a Timeshare? | Florida Probate Attorney | WeProbateFlorida.com? and is attributed to the Office of Long H. Duong, a probate attorney in Gainesville, FL.
Part of his answer is posted below for information purposes... However, please visit his site if you want information or help with this issue:
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Well, the real question is whether or not you intend to use the timeshare or sell it at a reasonable profit. If you stand to receive very little benefit from the timeshare and it’s the only real asset of the estate, it might not be worth it.
Here are a few points to consider:
1. Timeshares, generally speaking, are VERY hard to sell unless they are the cream of the crop.
2. As with any other probate case, despite what a Last Will might say, you do not own it until you go through probate.
3. If the timeshare management company asks you to simply quit claim deed the interest back to them (and be relieved of the costs), you should know that you cannot deed any interest that you do not yet own (see #2).
4. Furthermore, you have NO obligation to deal with the timeshare. Yes, you will lose it, but no, you don’t have to continue to pay the maintenance fees if you don’t want to deal with it.
Part of his answer is posted below for information purposes... However, please visit his site if you want information or help with this issue:
***
Well, the real question is whether or not you intend to use the timeshare or sell it at a reasonable profit. If you stand to receive very little benefit from the timeshare and it’s the only real asset of the estate, it might not be worth it.
Here are a few points to consider:
1. Timeshares, generally speaking, are VERY hard to sell unless they are the cream of the crop.
2. As with any other probate case, despite what a Last Will might say, you do not own it until you go through probate.
3. If the timeshare management company asks you to simply quit claim deed the interest back to them (and be relieved of the costs), you should know that you cannot deed any interest that you do not yet own (see #2).
4. Furthermore, you have NO obligation to deal with the timeshare. Yes, you will lose it, but no, you don’t have to continue to pay the maintenance fees if you don’t want to deal with it.