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The following are general guidelines and should not be relied upon without consulting a timeshare attorney about your unique situation. Please see disclaimer.
Timeshare Attorney provides estate planning services to many individuals and families, especially regarding those aspects of managing your timeshare and the associated liabilities and obligations. Estate planning allows you to take control of your financial and physical assets, so that you can plan for the future. Our timeshare attorneys can help you to plan now and eliminate any uncertainty that your family may have regarding your wishes or requests – whether those wishes relate to your timeshare ownership or everything else. Our lawyers can provide you with the legal assistance needed for this essential task.
What Goes Into Estate Planning
No matter your situation, it is important to have a plan for your family’s future. If you have not had the chance to sit down with an attorney to discuss your options you may be wondering “what exactly goes into estate planning?”
First of all, an estate plan should include at least the following:
- A will
- A power of attorney
- A medical power of attorney
Based on a recent AARP study, two out of five Americans over 45 do not have a will. Without a will, your assets will most likely be divided by the state. If you are married with children, the assets will most likely be divided between your spouse and children. If you are single then the state will decide how the assets will be separated to your relatives.
Pinpointing your assets is the best way to start. Your assets may include:
- Bank accounts
- Retirement funds
- Real estate
After determining who you wish to inherit these assets, it may be a good idea to discuss your estate plan with your heirs to avoid any future conflicts. Consult an attorney to determine if a trust may be a good option for your family as well. In the past trusts were traditionally viewed as something that only extremely wealthy families hold, but trusts may actually make your estate planning much simpler and help your family avoid the other time consuming probate processes.
Should I Include My Timeshare in My Will?
It is your choice whether or not to include a timeshare in your will. However,it is probably a deed tied to contractual obligation. Some timeshare contracts even claim to be perpetual contracts. This means that the property will most likely be passed on to your heirs even if you do not include it. It is important to understand that whoever you decide to pass the timeshare to will also take on all the liabilities and obligations associated with the timeshare contract. This will more than likely include maintenance fees which are ordinarily a monthly or yearly payment.
When you begin to discuss your estate plan, you may come to the conclusion that you do not want to pass the timeshare onto your heirs. If you do not want to burden your heirs with your timeshare, you may be able to legally transfer your timeshare ownership so that it is not included in your will or estate at all. Contact us now for a free consultation.
When Should I Start My Estate Planning?
It is never too early to begin estate planning. Your will can be updated periodically for any modifications that you wish. And, in fact, frequent updates to your will are recommended by most legal experts. If you have a timeshare that you do not wish to include within your estate plan, speaking with a lawyer who understands timeshare law can help you to determine what options you have at this time. If you already have a will drafted with another attorney, we can also provide co-counsel as to how to best incorporate your timeshare contract into your estate.
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