What Happens To Timeshares When Someone Passes Away?
What happens to timeshares when someone passes away? When someone passes away, timeshares still have to be transferred to the next of kin and into the rightful heir's name(s).
Generally speaking, you're going to have to go through probate, meaning the court process of transferring a deceased person's assets to the rightful heirs. You're still going to have to go through probate in order to get the timeshare transferred to the right person.
In previous discussions, I've mentioned probate always depends on the value of the assets that the person who passed away possessed. That's what is going to determine what level of probate you're in for and how much it might cost you in attorney's fees. So, there are different levels depending on the value of the estate; the higher the value, the more expensive probate is going to be, and the longer it takes to go through - the same goes for timeshares.
If the only asset that the person who passed had in their possession was a timeshare, then you've got to make sure you know the value of the timeshare, and then, with the help of an attorney, you can know what level of probate you will be in, how long it'll take, and how much it'll cost.
If you want to talk about probate and timeshares - or estate planning to avoid all of this - and you live in Nevada, please give us a call. We offer complimentary 15 minute phone consults. You can book directly on our website or you can call us at 702-850-7798 and we'll schedule from there.