Schedule a Call

Fill in your details below and we'll have one of our product specialists contact you.


How Do I Get Rid of a Timeshare as Part of Estate Planning?

If you are a Mississippi resident and also own property in a timeshare, you need to make sure this is accounted for in your estate planning. Timeshares can be very difficult to get rid of and it is very often the case that heirs of a timeshare owner do not want to take on this responsibility or liability. One of the first questions to ask is, “Do I have a beneficiary who wants this timeshare?”

Beneficiaries who are notified that they now own a portion of a timeshare, can always disclaim or renounce a bequest that is made directly to them in the will. Just because you include something in your will, such as that you wish a certain beneficiary to have your ownership state in a timeshare, does not necessarily mean that this beneficiary has to accept it.

One common example could include a bank account or certificate of deposit that names a beneficiary designation as a sibling. This form would actually override a specific bequest in your will if it is noted differently there: how this bank account or CD will pass on. In this case the beneficiary designation form will determine who receives this asset. The same goes for closely held businesses.

A timeshare is a property that is owned within a contract and for this reason, the terms of a contract will stipulate what happens, not the will. If the will provision does not directly contradict the contract, the documents, however, can coexist. Due to the complexities associated with planning for a timeshare, it’s a good idea to have a relationship with an experienced and established estate planning lawyer to help you.       

Get Your FREE Report Now!

Three Reports Tell Secrets to Paying for Nursing Home Care

Simply enter your name and email to the right to get
your 3 Free Reports that reveal little known secrets to qualifying for Medicaid without going broke.

Plus, receive the Morton Law Firm email newsletter and alerts to upcoming education events absolutely free!

Morton Book

Call Us (601)925-9797 or Email Us

Copyright 2018 Morton Law Firm, LLC | Privacy | Disclaimer | Sitemap