Time-Shares/Timeshare and trust disposition
Not sure where to turn on this one: Legal or Real Estate ?
My parents have a timeshare that is in a trust that will be eventually distirbuted to 4 children. So what happens in this case, since it can't be sold or divided ? I doubt any of the children will want to be "saddled" with the yearly fees. How would the timeshare organization even know about the successors ?
The second part of my question is if one or all of the children refuse the disposition of the timeshare. I know under federal tax law you can do this, but what happens with the obligation of the timeshare ?
The last part of my question is would it be better to take the timeshare out of the trust so not to forward the yearly fee and responsibility to the children ?
The answer to your first question is the would most likely take title as to a 1/4 interest each. It depends on how the trust was structured or it may stay in the trust. Without seeing specific pages from the trust, it can not be properly answered.
As farad the other questions you have, the attorney that created the trust would need to be consulted. There may hae been provisions inte trust if someone does not want anything.