When the owner of a timeshare passes away, determining what happens to the timeshare of the deceased depends on a number of factors. This article will guide you step by step to assist you in determining what happens to a deeded timeshare in the event of death.
Is there a will?
The first way to determine to whom a timeshare property will be transferred after death is to refer to the will.
If there is a will – All property owned by the decedent (deceased person) will be dispersed according to the terms set forth in the will. If there is a will, but there is nothing specific in the will regarding the timeshare property, it will be up to the executor of the estate to decide what happens with the timeshare.
If there is not a will – The executor of the estate (as determined by state law, usually defined as the closest next of kin the absence of a will) will determine to whom/if the timeshare is transferred.
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How do you remove a name from timeshare? What is a Quitclaim Deed?
Reasons for changing the name listed on your timeshare contract vary. Maybe you purchased a timeshare with family and have come to find that only one person is using it. Perhaps you’ve just gotten married and need the timeshare deed to reflect your new name.
Some of the most common reasons to have a name removed/changed on the timeshare deed include:
- Transfer into a Trust
- Transfer into a company name
- Removing a Deceased persons name
- Name change resulting from marriage, divorce or legal change of name
- Transferring to children or other family members
What is a Quitclaim Deed?
In simplest terms, a Quitclaim Deed (also referred to as Quick Claim Deed or Quit Claim Deed) is a legal document that transfers interest in real property from one person to another. Each state has their own regulations on whom the deed must be signed by and what it must contain, so it is wise to seek legal counsel when considering this type of action. A few hundred dollars for an attorney to assist you through the process is worth the thousands you could end up spending later when you find out you’re still responsible for timeshare payments.
Where Does the Quitclaim Deed Need to be Filed?
A quitclaim deed needs to be filed in the county where the timeshare is located. The Quitclaim needs to be notarized before it can be recorded with county clerk’s office. The Quitclaim deed used will also need to be from that particular state, despite where you live.
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As of July 11, 2010, current RCI members which submitted a properly completed claim form in accordance with Section II.E of the Settlement Agreement in the proper amount of time, with a claim form verified by RCI, may begin using the benefit they selected on the claim form. Former RCI members completing the aforementioned completion qualifications, will receive their selected benefit in October 2010. The selected benefit must be used within 2 years of the effective date, and no extensions will be granted.
For anyone following the class action lawsuit Murillo vs. RCI, final approval of the settlement was granted by the courts on December 7, 2009. RCI has denied the accusations made, which alleged RCI rented out inventory deposited by weeks members, instead of making them available for exchange.
Link to PDF of Settlement Agreement – Final Order