How to renounce inherited timeshares?: Parents passed away in December. Had 4+ timeshares and none of us children want them. All paid off, only maintenance fees due. Do we need to send a renunciation letter from the trust? Or can we just ignore the maintenance fees? They are located in Utah, Florida and California.
Wesley’s answer:
Timeshares can be quite difficult to get rid of, especially if you own an interest in the real estate itself. This means that your name is on the deed and you have a fractionated interest in the property. To give these types of timeshares back to the timeshare company or sell them to someone else, you will need to go through a probate process. On the other hand, if your parents owned a license through a contract that allows them to stay at certain places for certain periods of time, it is relatively easier to transfer or switch these timeshares between different resorts or facilities.
If you neglect to pay the timeshare maintenance fees, the timeshare administration company will eventually fine the owners, and these fines will continue to accumulate. In the event that the owners have passed away, the fines will be added to their estates, potentially leading to a claim against the estate. If these claims are made, and the probate process has not reached the statute of limitations (usually determined by the date of death or three months after publishing a notification in a local newspaper), a probate may be forced.
Did your parents have a trust? Were the timeshares included in the trust? If so, you may be able to offload or sell them back to the timeshare company as the trustee of the trust. Otherwise, you will need to act as the executor or personal representative of their estates. However, finding the company that administers the timeshare benefits can be challenging.
If your parents own an interest in real estate, simply sending a renunciation letter will not have any effect. These are property rights, similar to owning a house. Renouncing the interest through an email to the recorder's office will not change anything. The interest will continue to be in their name until it is transferred by the executor or trustee, or through some form of judicial deed or foreclosure action by the administration company. It would be helpful to find out who is administering and managing the timeshare benefits to determine the type of interest your parents held.
Does a Trust override a person’s last will and testament? : My mom has her assets in a trust I believe for tax purposes etc. since the trust has been in place my sister and her have become very close probably because my sister has solely cared for her the last 3 years and has kept her in her home. Can a will override a trust on what my mom originally wanted and is stated in the trust or could she say she wants everything to be left to my sister?
Wesley’s answer:
I agree with Mr. Warner. I just wanted to add in simple terms the following:
Assets that are owned by trust are subject to the trust
Assets that are owned in your mom's name are subject to her Will.
They are two different buckets so they do not really override each other.
It is quite common for her Will to have one beneficiary, and that beneficary be the trust. I would check to see if that is the case. If it is the case then the trust will govern the distribution of all the assets at her death.
I hope this helps.
Sincerley,
Wes Winsor
Can I sue the estate in the state of Utah ?: In 2017 my mom asked me to help with my dad and in return. She told me I can live in the home as long as I wanted. My dad passed two years ago.My mom passed away this year December 5. I held her why she had a heart attack. My brothers are continuously threatening me with the cops saying they’re going to come and drag me out of the house and they’re going to lock it up. If I leave it it’s really an inconvenience and it stresses me out to the point where I can’t go to work because I’m fear of being homeless.
Wesley’s answer:
Your deal with your mom would only be enforceable while she was alive. If this agreement was written down and put in a trust or a will then maybe you would have a chance. The statute of frauds states that contracts dealing with rights to land have to written down and signed in order to be enforceable.
Whomever the executor is will have the legal right to evict you unless this deal is in her trust. Probably not the answer you wanted.
I hope this helps.