Despite the many complaints and the many owners getting out of their timeshares, such property still remain a part of the lives of a number of individuals. One of the key features of timeshares is that it can be transferred as a gift or something that the heirs can inherit. But there is a specific process for transferring a personal property to an heir and another procedure to be used in regard to real estate.
First, you must include the timeshare in the inventory of the assets of the estate. Then, obtain a professional appraisal of the value of the timeshare. After that, file a motion or sometimes called a petition in probate court in many jurisdictions. The court will likely schedule a hearing on the motion to determine if anyone with a legal interest in the estate objects to the proposed transfer. Send a copy of the motion with the date and time of the hearing to all persons with a legal interest in the estate.
You must also attend the hearing and respond to any objections that are made in regard to the sale and obtain from the court an order approving the proposed transfer of the timeshare.
Finally, file a written report with the court following the transfer of the timeshare. This includes any amount of money received from a sale or to which heir or heirs the timeshare transferred if there was no sale.
Nowadays, timeshares are unattractive in the eyes of many consumers. On the other hand, several owners these days try to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart. But for a small portion of its owners, they consider this property as something that they can pass on to their heirs or family and to successfully transfer it, you can use the above-mentioned steps as your guide.