Categories: Trust

Owners who want their loved ones to inherit the time share need to plan ahead to avoid probate. Ideally, ownership should be in the name of trust. But if the owner does not have a trust, joint tenancy is an option. To create a joint tenancy, the owner adds another person on title as a joint tenant. The person added is the heir to receive the time-share on the death of the original owner. In joint tenancy the person who dies has her or her ownership interest disappear and the survivor is the sole owner.

Normally adding a joint tenant is not a good idea. The joint tenant’s creditors and spouse have access to the property and the cooperation of the new joint tenant is needed for any sales or borrowing. As a result, the owner gives up control. But because of limited marketability and low dollar value of a timeshare the risk of loss may be outweighed by the ease of transfer.

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Posted on Feb 5, 2013

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