I know many people who love timeshares. That is, the option to be a part owner of a property which is used for getaways and vacations. Even though a deeded timeshare is an interest in real property, it is usually more of a luxury than an asset. Even if the mortgage is paid, there are continued maintenance fees and property taxes that will need to be paid for as long as a person owns it.
However, when a timeshare owner dies, the fees and taxes will continue to pile up, regardless if anyone uses the property. Even if you choose to sell the timeshare down the road, the estate is liable for all of these delinquent fees. And, unfortunately, timeshares are notoriously hard to sell, so those costs can add up fast.
If timeshares are deeded (and not leased) they are considered real property interests. Once the owner dies, the laws of the state where the timeshare is located are to be followed.
If the title is held in joint tenancy with right of survivorship, then the surviving joint tenant files an affidavit of death of joint tenant to remove the deceased’s name from the title. However, if the title is held in a trust, the trust controls who inherits the timeshare without probate, no matter where the timeshare is located.
If you have inherited a timeshare, it’s best to speak to a qualified New Haven County attorney who can help you decide whether or not to keep the property. You can then work through your options for transferring or selling the timeshare in the fastest and most cost-effective manner. If you’d like to speak with our Shelton estate planning attorneys, simply call our law firm at (203) 877-7511 to schedule a consultation.
