Monday, January 6, 2014

Visions of Time Shares Dancing in Your Head.....Probate and Time Shares

Image by M. Gustafson Gervasi, 2013

As visions of sugar plumbs danced in their head........a classic line from a classic book I've been reading over and over again to my young children over the holidays.  And as a polar vortex sweeps over my hometown of Madison, Wisconsin, I am certain many of my fellow residents have visions of warmer climates in their head.  And with it, the temptation of the time share.

Often billed as an affordable way to own a place in paradise, with the common benefit of trading rights in other locations, I see a fair number of estates with a time share asset.  Whether you a creating your own estate or handling the affair of a loved one who has passed, do not overlook the time share!

Time shares are generally considered a real asset, something someone owns.  Meaning it can be sold or bequeathed.  Earlier this morning I assisted a former client who inherited a time share.  Selling it has proved anything but easy.  In our exchange I gave him the name and number of what other attorneys have described as a reputable time share broker. Yes, there are professionals out there who specialize in selling time shares!

In my research, I also came across an excellent consumer guide to time shares, put together by the Federal Trade Commission.  The language is simple and to the point, with excellent practice tips for those considering buying a bit of paradise or for those looking to sell.  The point that stood out the most to me were making certain you understand the fees involved at both purchase, maintenance, and sale.

Please note that a blog is not legal advice, and should not be relied upon, but rather to stimulate thought and discussion.  It is essential that you consult an attorney in your state for advice specific to your situation.  Thank you for reading.

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