Incorporating Your Maryland Timeshare Into Your Estate Plan

Timeshares are owned in one of two ways: leased or deeded. Leased, or contractual, ownership provides you with use of the property for specific periods of time. In most cases, the lease is not terminated upon death and there may be limitations on inheritance. When a person passes away, the decedent’s estate is required to pay contractual fees for the remainder of the lease.

Deeded ownership means that your name is on the deed with a fractional interest. The timeshare, in this case, is considered real property and, when a person passes away, probate needs to be opened with the Register of Wills to transfer the timeshare to a beneficiary.

Whether you have a leased or a deeded timeshare, you should consider incorporating it into your estate plan. One way to avoid probate is to hold the title as “joint tenants with rights of survivorship.” This means that when one owner passes away, ownership passes directly to the other owner(s) without having to go through probate.

A better way to avoid probate is to put the timeshare into a revocable trust, along with the rest of your assets. With a revocable trust, the transfer of ownership can take place outside of probate court and thus you can eliminate various headaches.

Before making any decisions, you should consult with your family to see if any family members would like to inherit the timeshare. Then, consider consulting an experienced real estate attorney for guidance.

For a free, confidential conversation to discuss estate planning, contact Maryland estate attorney Stephen J. Reichert at 410-299-4959 or sreichert@reichertlegal.com.

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