Californians owning Hawaiian Timeshares

Californians have many options to sell their Hawaiian timeshares, but have limited options to change ownership or title due to divorce, to gift, to fund a trust or for post-death trust administration. DeedAndRecord.com is an independent service for quit claim deeds to change ownership or title of timeshares in Hawaii without using escrow, title insurance or probate.

Californians with timeshares in Hawaii need to change how title is held in divorce, to fund into a trust, to transfer to heirs or beneficiaries out of trust and for gifting to friends or relatives. Complete service is provided at DeedAndRecord.com.

 

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Posted on Jan 14, 2014

Use quit claim deeds for transfers

This Tip Sheet advocates the use of quit claim deeds to fund trusts, remove a spouse as co-owner pursuant to divorce or dissolution of marriage, and to give away a timeshare.

A quit claim deed transfers property ‘as is.’ Quit claim deeds do not contain any implied warranties of debt outstanding or good title. An owner who ‘quit claims’ real property simply conveys whatever ownership interest he or she has along with any debt or loans secured by the property. A quit claim is the easiest and cheapest way to transfer ownership between parties who personally know each other.

Quit claim deeds can be used to give away timeshares in Hawaii. Timeshares are most often gifted to children of the owners. Other owners want to gift to nieces, nephews, other relatives or friends. Sometimes a ‘gift’ occurs when the timeshare owner sells the timeshare for nominal value.  

A quit claim deed works in gifting because little or no money is exchanged and the parties know each other. Gifting may have income tax, capital gains tax or gift tax consequences. Owners are advised to consult with a tax accountant for tax consequences of gifting a timeshare by quit claim deed.

Quit claim deeds can be used to fund trusts and avoid probate. Hawaiian timeshares not owned or titled in a trust are at risk for probate.  A timeshare must be transferred into trust while the person is still living.  A quit claim deed works to fund a trust because no real change in ownership occurs. What is changed is how title is held.

Use quit claim deeds to remove a former spouse as owner of a timeshare. A timeshare awarded to one spouse in a divorce must have the non-owning spouse removed as owner. Until the former spouse is removed from title the owning spouse cannot sell or transfer the timeshare and the former spouse will inherit the timeshare in the event of death.  Quit claim deeds work in divorce because the parties have complete information and disclosure on the value of the timeshare and amount of debt outstanding.

Posted on Dec 20, 2013

How Surviving Joint Tenant Can Avoid Probate of Hawaiian Timeshare

On the death of surviving joint tenant a timeshare will go through probate. Deed and Record is a website for Hawaiian Timeshare owners to avoid probate.  Probate is the transfer of ownership from the decedent to living heirs under the supervision of the probate court of Hawaii.  Probate is costly, time consuming and complicated.  Often heirs unable to cope with burden and cost of probate surrender or walk away from the timeshare.

The surviving joint tenant can avoid probate. Options are; transfer the timeshare to children or relatives, add a child or relative as owner or transfer the timeshare into a living trust.

Regardless of the choice made the first step is to report the death of the joint tenant to the State of Hawaii. Reporting is done by ‘affidavit death of joint tenant.’ The affidavit is made by the surviving joint tenant. The affidavit and an original death certificate are recorded with the Bureau of Conveyances.

The surviving joint tenant can now transfer the Hawaiian timeshare to children, friends or relatives as owners by quit claim deed.  A ‘quit claim deed’ transfers property ‘as is.’ Quit claim deeds do not contain any implied warranties of debt outstanding or good title. An owner who ‘quit claims’ real property simply conveys whatever ownership interest he or she has along with any debt or loans secured by the property. A quit claim is the easiest and cheapest way to transfer ownership between parties who personally know each other.

 When transferring or adding relatives the survivor does gives up control over the timeshare. And the transfer or addition is a gift.  It is advisable for the survivor to consult with his or her tax advisor on tax consequences, if any, for gifting.

Another way for the survivor to avoid probate is with a living trust.  The trust is like a Will but avoids probate and the survivor maintains control of his or her assets. The trust identifies who is to receive the assets and who is to distribute the assets. The person who is to distribute the assets is referred to as the Successor Trustee.

To avoid probate the Hawaiian timeshare is transferred into the trust while the owner is living. The transfer is with a quit claim deed from the owner to the owner as trustee of his or her trust.  On the death of the timeshare owner the Successor Trustee files an ‘affidavit death of trustee.’

The affidavit authorizes the Successor Trustee to act on behalf of the trust. The Successor Trustee next files a quit claim deed from the trust to the heir of the Hawaii Timeshare.  All documents can be prepared in one day compared to one year for probate.

Posted on Apr 19, 2013

Gifts

Quit claim deeds can be used to give away timeshares in Hawaii. Timeshares are most often gifted to children of the owners. Other owners want to gift to nieces, nephews, other relatives or friends. Sometimes a ‘gift’ occurs when the timeshare owner sells the timeshare for nominal value.  

A quit claim deed works in gifting because little or no money is exchanged and the parties know each other. Gifting may have income tax, capital gains tax or gift tax consequences. Owners are advised to consult with a tax accountant for tax consequences of gifting a timeshare by quit claim deed.

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Posted on Jan 29, 2013

Timeshare transfers to Trust

Quit claim deeds can be used to fund trusts and avoid probate. Hawaiian timeshares not owned or titled in a trust are at risk for probate.  A timeshare must be transferred into trust while the person is still living.  A quit claim deed works to fund a trust because no real change in ownership occurs. What is changed is how title is held.

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Posted on Jan 29, 2013

Timeshare transfer for Divorce

Use quit claim deeds to remove a former spouse as owner of a timeshare. A timeshare awarded to one spouse in a divorce must have the non-owning spouse removed as owner. Until the former spouse is removed from title the owning spouse cannot sell or transfer the timeshare and the former spouse will inherit the timeshare in the event of death.  Quit claim deeds work in divorce because the parties have complete information and disclosure on the value of the timeshare and amount of debt outstanding.

Posted on Jan 29, 2013

For Californians

Californians have many options to sell their Hawaiian timeshares, but have limited options to change ownership or title due to divorce, to gift, to fund a trust or for post-death trust administration. DeedAndRecord.com is an independent service for quit claim deeds to change ownership or title of timeshares in Hawaii without using escrow, title insurance or probate.

Californians with timeshares in Hawaii need to change how title is held in divorce, to fund into a trust, to transfer to heirs or beneficiaries out of trust and for gifting to friends or relatives. Complete service is provided at DeedAndRecord.com.

Posted on Jan 18, 2013

Divorce, Trust and Gifts

A quit claim deed transfers property ‘as is.’ Quit claim deeds do not contain any implied warranties of debt outstanding or good title. An owner who ‘quit claims’ real property simply conveys whatever ownership interest he or she has along with any debt or loans secured by the property. A quit claim is the easiest and cheapest way to transfer ownership between parties who personally know each other.

Quit claim deeds can be used to give away timeshares in Hawaii. Timeshares are most often gifted to children of the owners. Other owners want to gift to nieces, nephews, other relatives or friends. Sometimes a ‘gift’ occurs when the timeshare owner sells the timeshare for nominal value.  

A quit claim deed works in gifting because little or no money is exchanged and the parties know each other. Gifting may have income tax, capital gains tax or gift tax consequences. Owners are advised to consult with a tax accountant for tax consequences of gifting a timeshare by quit claim deed.

Quit claim deeds can be used to fund trusts and avoid probate. Hawaiian timeshares not owned or titled in a trust are at risk for probate.  A timeshare must be transferred into trust while the person is still living.  A quit claim deed works to fund a trust because no real change in ownership occurs. What is changed is how title is held.

Use quit claim deeds to remove a former spouse as owner of a timeshare. A timeshare awarded to one spouse in a divorce must have the non-owning spouse removed as owner. Until the former spouse is removed from title the owning spouse cannot sell or transfer the timeshare and the former spouse will inherit the timeshare in the event of death.  Quit claim deeds work in divorce because the parties have complete information and disclosure on the value of the timeshare and amount of debt outstanding.

In Hawaii a quit claim deed must have attached Form P-64B, ‘Exemption from Conveyance Tax.’ Hawaii collects a transfer tax on all filings or recordings with the Bureau of Conveyances. But there are exclusions. Transfers in and out of a trust are exempt. Transfers due to divorce and dissolution of marriage are exempt. True gifts are also exempt. To obtain the exclusion, either the Grantor or the Grantee completes Form P-64B, ‘Exemption from Conveyance Tax’ and submits the form with the quit claim deed.

The deed must be recorded with the Bureau of Conveyances to put the world on notice of the change in timeshare ownership. Maintaining an accurate, timely and permanent record system of timeshare ownership is the responsibility of the State of Hawaii Bureau of Conveyances.  A properly prepared quit claim deed must have the legal description, interval control number and reference to a prior recorded document.

Once the quit claim deed has been recorded it is returned by the Bureau with proof of recording. This recorded deed must be provided to the resort management company to update their records for reservations, accounting and billing.

Posted on Jan 18, 2013

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