Do you own timeshare interests? If so, the following are a number of questions you may want to consider regarding your estate planning:
- How do you plan on distributing your timeshares to your beneficiaries when you're gone?
- Is it wise to make all of your kids co-owners after you pass?
- Did you purchase your timeshares with the hope that your kids and grandchildren could use them for years to come?
- Are you afraid they will be sold for a fraction of what you paid?
If you're concerned about any or all of the above questions, perhaps you should consider adding Timeshare Trust provisions to your current revocable living trust.
A Timeshare Trust is a way to hold title to all of your timeshare interests after you've passed. It will contain specific provisions to govern how the timeshares will be held for your family after you're gone. A Timeshare Trust allows you to designate one or more knowledgeable person(s) to manage the use of the timeshare properties or points. A Timeshare Trust can also ensure that the maintenance fees, insurance, and property taxes associated with timeshare ownership are paid proportionately by all beneficiaries. For example, the failure of a beneficiary to pay their fair share of the expenses could result in a forfeiture of use that year. Finally, a Timeshare Trust can ensure that these interests aren't sold unless a majority of the beneficiaries agree.
A Timeshare Trust can be customized to meet your specific family circumstances and goals. When you use a Thousand Oaks estate planning attorney, they can assist you with the ins and outs of establishing a fool proof timeshare trust. Contact Pederson Law Offices if you're interested in learning more about how to plan for your timeshare interests.