When your kids don't want them?

Pit · #1 (**permalink**) 08-01-2008, 12:02 PM

I'm happy with the weeks I own, but when the time comes, what if my kids prefer not to inherit these inexpensive resale weeks? If I will them to my kids, can they refuse them or are they stuck with them? Can I will them back to their respective HOAs rather than my kids? Put them in a seperate LLC or trust?

RedMan · #2 (**permalink**) 08-01-2008, 12:22 PM

Quote:

Originally Posted by Pit

I'm happy with the weeks I own, but when the time comes, what if my kids prefer not to inherit these inexpensive resale weeks? If I will them to my kids, can they refuse them or are they stuck with them? Can I will them back to their respective HOAs rather than my kids? Put them in a seperate LLC or trust?

This is a great question. This topic may have been discussed before but I don't remember it.

I would think that even if you "will" a TS to your kids they wouldn't be stuck with it unless they choose to. I wouldn't think anyone would be forced into an expense like this by "will". It seems that it would be the similar to "willing" a credit card (along with the expense) to your children.

I would love to know the answer to the second part of your question!

JoAnn · #3 (**permalink**) 08-01-2008, 12:25 PM

We have ours in our Trust & will and the kids have been told to do with them what they like. If they sell them that is money they didn't have before...even if they just get a small amount.

ebram · #4 (**permalink**) 08-01-2008, 12:35 PM

A trust is agood idea. Then if the kids don't want them the HOA can do go after the trust for the MFs.

RedMan · #5 (**permalink**) 08-01-2008, 12:45 PM

Quote:

Originally Posted by ebram

A trust is agood idea. Then if the kids don't want them the HOA can do go after the trust for the MFs.

I’m not sure why this would be a good thing. I’m assuming this is a facetious statement or am I missing something?

1950bing · #6 (**permalink**) 08-01-2008, 01:22 PM

This ties in well with the post, " Should I put adult children on deed "
Make sure they understand everything or you could stick them with something they may not want or use. I would not want to stick my kids with something that they would have a very hard time getting rid of and having to pay all the fees all along.

Pit · #7 (**permalink**) 08-01-2008, 01:53 PM

Quote:

Originally Posted by 1950bing

This ties in well with the post, " Should I put adult children on deed "
Make sure they understand everything or you could stick them with something they may not want or use. I would not want to stick my kids with something that they would have a very hard time getting rid of and having to pay all the fees all along.

That's my concern too. If I know that they do not want some of my weeks, what is the best way to deal with those weeks? I don't want to sell them, because I use them. But, I don't want to dump them on my kids in the event something happens to me. Then, they have to hassle with getting rid of them.

I would like to just will them back to the HOA, but is the HOA obligated to take them? If I put them in a trust, the HOA would have to go through foreclosure. Seems like it would make more sense to just will the weeks back to the HOA.

Is the solution to put them in a trust and will them to the HOA. Then the HOA has no real choice. They either accept the week back (for free), or waste time/money suing a worthless entity. Or, to get the last laugh, can I put them in a trust and will them back to the developer.

lawren2 · #8 (**permalink**) 08-01-2008, 05:40 PM

My son wants my timeshares and my house! Has offered to sit and learn how I pull off the

trades.

Hoping he hasn't been lacing my food with arsenic.

Very good question. Who would want to be stuck with something they have no idea or desire on how to use?

PigsDad · #9 (**permalink**) 08-01-2008, 06:24 PM

Another thought that no one has mentioned yet that we should think about when planning on passing timeshares to heirs: How old will those timeshares be when we pass?

Will our children really want a 30, 40, 50 year old timeshare, and the issues that will plague older timeshares? Or, instead, should we teach them how to purchase resale and let them decide what would work best for them?

Kurt

dougp26364 · #10 (**permalink**) 08-01-2008, 07:34 PM

I think this is a question best addressed by a probate attorny who practices in your home state. Laws vary to some degree from state to state.

In general, I do not think someone can be forced to inherit something they do not want but, I'm not certain that they can pick and choose from an estate what they will accept and what they won't accept. I don't think you'll find a definitive answer by asking this question on an internet forum and I darn sure wouldn't take it to the bank.