We often hear family members arguing over who inherits certain property after someone passes away. But what about disputes regarding unwanted property? For timeshare owners in Ontario and their families, this can be a real point of contention. Here are some things worth knowing when going through estate administration with a timeshare in the mix.
In some cases, one or more family members may decide that there is value in keeping a timeshare and choose to let it remain in the family. This is certainly an option, but it is worth considering all angles of this choice as soon as possible, including the issue of maintaining fees and who will use the property. This conversation is time-sensitive, as certain paperwork will be needed to renounce the claim on the timeshare inheritance.
If it’s clear that no one wants to inherit the timeshare, estate planners can take certain steps to make it easier for next of kin to rid themselves of this financial obligation. Owners who are too old or frail to travel can try to arrange for the timeshare to be returned to the resort, an arrangement to which some companies are open. Owners should also take steps to ensure children’s names are not on the deed so there is a clear avenue to renounce the inheritance when the time comes. Beneficiaries should avoid paying maintenance fees directly, even if they are helping out the owner while they are alive, so the company cannot use the payment as evidence that the beneficiary has assumed ownership.
Estate administration is often a challenge, and unwanted property can certainly complicate things further. Considering obligations like a timeshare before someone passes away is ideal; however, there are ways to manage this issue even after the owners pass away. The key here is to have an Ontario estate administration lawyer on hand to support the process at each stage.