Probate Of Timeshares Can Be Expensive

If an individual dies owning a timeshare, their heirs may needlessly pay thousands in probate expense. A probate for a timeshare interest can be avoided by using a timeshare beneficiary deed.

Probate is a legal process by which title to a timeshare is formally transferred at death. A primary probate proceeding is opened in the state where the deceased is domiciled at time of death. Ancillary probate is a probate proceeding opened in another state to transfer property owned by the deceased in that state. Typically, real estate or a timeshare interest is the property to be transferred in a primary or  ancillary probate proceeding. The cost of a single ancillary probate proceeding can be thousands of dollars just to transfer a single timeshare week.

How to Avoid Probate For A Timeshare Interest

Avoiding probate for a timeshare interest is easy.  All you need is a timeshare beneficiary deed.  In Colorado, for example, an individual can create a payable on death designation for a timeshare by executing and recording a payable on death designation for the Colorado timeshare interest. Colorado calls this a timeshare beneficiary deed. While a Colorado timeshare beneficiary deed is executed and recorded, today, in the Colorado county where the timeshare is located, it passes no interest in the timeshare until the death of the current owner. Since 1995, at least seven other states have enacted laws allowing some type of timeshare beneficiary deed. Hopefully, even more states will follow.

DeedMonkey's Beneficiary Deeds for Timeshares

Deedmonkey is in the process of offering beneficiary deeds for Colorado and Florida.  View our Legal Forms for Timeshares page for more information.  If you don't see your timeshare listed, let us know, a beneficiary deed may be under development for your Florida or Colorado timeshare.