Good morning everyone.
We sit here watching out our kitchen window watching the fall leaves coming off the trees. It’s a sad reminder here in Minnesota that winter may be only a month or two before the snow shows up. And to think that we only rode our motorscooter less than 10 miles this past summer.
Well anyway, we want to point out that if you own timeshare real estate outside of your state you should consider a “Beneficiary Deed” if your kids or relatives are interested in your timeshare. Otherwise, having a timeshare property going through a “probate” process is a lawyers dream.
Use your computer and look up “Beneficary Deeds” in the state where you own the timeshare and print one out or order one from the state where your timeshare is located. Otherwise, click here for a simple “beneficiary deed” you should be able to print.
Just some advice to keep that part of your wishes out of the hands of an estate attorney. It’s not worth it.
We found this article worth reading. We know your time is valuable but if you own timeshare either in the state you live or out of state it’s worth your time. We have solved our 3 deeded timeshare weeks through a “Beneficiary Deed”. You can do this also. It’s not hard to do and now some states make it even easier using online services. You don’t even have leave your home to take care of these issues.
Click here for more information if you belong to any type of timeshare title or club or vacation ownership.
Why You Need A Timeshare Beneficiary Title & Deed – If You Purchased Timeshare In Or Out Of State!
Here are nine states were: Arizona, Arkansas, Colorado, Kansas, Missouri, Nevada, New Mexico, Ohio, and
Wisconsin. Since 2007, Minnesota, Montana, and Oklahoma have also passed such laws, bringing the
current total to twelve. More states will be added later.
When the homeowner dies, title to the real estate passes to the beneficiary or beneficiaries, named in
the Transfer-on-Death Deed, similar to how title passes in a Joint Tenancy Deed. No Probate is needed.
This Deed avoids Capital Gains Taxes to be paid by the Beneficiaries at time of sale.
This Revocable Transfer-on-Death Beneficiary Deed, can be revoked. This avoids the problems that
exist when the homeowner now adds her son, her grandson, or her daughter to her deed. The home
ends up in her son’s divorce, her grandson’s bankruptcy, with liens from her daughter’s creditors.
When she asks them to give her home back to her, they frequently refuse. At her death, unnecessary
Capital Gains Taxes are paid upon the sale of the home. Although the Beneficiaries are named in a
Revocable Transfer-on-Death Beneficiary Deed, they have no ownership rights to the home until after
the death of the homeowner.
The real estate can be refused by the Beneficiary through a Disclaimer of Interest form. The rights of
creditors, as well as the debtors, are protected by this Deed.
What Is A Timeshare Beneficary
My wife and I own 2 deeded timeshare properties in Minnesota and one timeshare deeded property in Missouri. Our concern, should anything happen to both of us, was how our timeshare property would be handled.
Since there are so many timeshare-deeded properties in the state of Missouri, the state solved the problem by making available a Timeshare Beneficiary Deed which avoids probate for timeshare owners.
Basically what it does is “avoid probate” by assigning the property to someone who would like to have it should death occur to the current deeded owners. It is a simple one page agreement that should be kept with the timeshare papers indicating who it goes to. The designated person takes that “beneficiary deed” along with the death certificate to the court recorders office in the county where the timeshare property is located.
For Minnesota Timeshare Owners Click This Link:
For Missouri Timeshare Owners Click This Link:
For Arizona Timeshare Owners Click This Link: