Tweet
I am considering purchasing a deeded resale timeshare on Maui (Diamond Resorts-Kaanapali Beach Club). Does anyone know if the new deed can be put in two names with Right of Survivorship? Thanks!
-
-
I beleive so, but the experts should be on soon.
Mike -
Yes, you can have 2 names or more names and hold title to the property as Joint Tenants with Full Rights of Survivorship.... You can actually do that in most states.Originally posted by Laura0882
However, you do not say, if the 2 people are married to each other, because, in some states it is actually better to hold title as husband and wife then JTWROS.
Hawaii will have a really strange requirement that most of the E-Bay sellers, I mean their in house closing companies miss, and that is the full middle name of each party is supposed to show on the deed. It is a weird requirement, but that is what my attorney in Hawaii tells me.
DaveComment
-
RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dickComment
-
I have been asked to come back and explain why I posted the link, as if reading the page that opens is not self-explanatory. It seems a person or three has suggested to the mucky mucks that I merely posted an ad.
So, I will take my time to explain it.
The link opens a site that prepares timeshare deeds in Hawaii. It clearly mentions joint tenancy and discusses ways to avoid probate, pretty much what the OP was asking.
That site has a contact link, so the OP could contact someone who really knows the topic, cuz they do it for a living.
Anything else?RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dickComment
-
If the parties split someome is gonna get stuck with it.Comment
-
I had exactly that scenario with an elderly neighbor.Originally posted by 1950bing
He and his SO were on the contract together for a Mexican RTU. They split up and they no longer wanted it. Then he became terminally ill.
Through a procedure the resort provided, they removed her from the contract, so that he was the sole owner.
Then he died.
Nothing has been and nothing will be done about it.
- - - - - -
Another important factor that the link I posted points out is that everything (that is not taken care of before the fact) has to go through probate in Hawaii.
bummerRCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dickComment
-
Are you saying that if they don't do JTWROS that someone won't get stuck with it if they split??Originally posted by 1950bing“Maybe you shouldn't dress like that.”
“This is a blouse and skirt. I don't know what you're talking about.”
“You shouldn't wear that body.”Comment
-
Great information!! Thanks!!!!! LauraComment
-
What I am saying is that when people are joined by contract for anything they put their signature on they should have some type of exit plan when needs change. Now is the time to discuss what is to be done with this and that BEFORE something major changes your plans.
People buy timeshares with plans for now and a few years out. You don't want to assume that the kids will want the thing when you are no longer around.. You could make their life a real mess by dumping an unwanted ts on them. The time to think about an exit plan is before you sign the paper! Discuss what should I do with this thing before a spouse passes on. The last thing someone needs to worry about in trying times is what to do with an old timeshare.Comment
-
This is actually fairly common now as the demographic ages...
Amen!Originally posted by 1950bing View Post
I'm seeing more and more transactions where the hopeful seller is a representative of an estate and knows zilch about the ownership, and doesn't even realize that probate is a possibility for the timeshare interest (which is commonly either ignored or forgotten during a standard probate proceeding). If the deceased owned several resorts in different locations, several probate proceedings may actually be required! The cost of which often exceeds the value of the ownerships themselves....
It's a very sad situation, and one that should be avoided.
Even if the kids agree to take the ownership, they parents should ensure the potential new owners are "educated" about timeshares- how to use them and the costs involved.my travel website: Vacation-Times.org.
"A vacation is what you take when you can no longer take what you’ve been taking."
~Earl WilsonComment
-
Yeah, then maybe our deceased neighbor's house would not be sitting there empty two years after the fact, tied up by a daughter and two attorneys who really have no desire to bring the matter to the courtroom since they have two out-of-state clients.Originally posted by 1950bing View Post
FWIW, he (deceased neighbor) and XSO did, in fact, plan and prepare, in the case of the house by executing a beneficiary deed, but XSO did not do the things required by law in our state, and the daughter opened probate with an old Will (succeeded by at least two more Wills).RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dickComment
Comment