When an estate is in probate court, there are certain procedures to be followed with regards to transferring property. For instance, there is a specific process for transferring personal property to an heir and another procedure to be used in regard to real estate. Also, if an estate includes a timeshare as an asset, you must understand the procedure authorized by law to transfer that vacation property to an heir or to an individual who purchases the asset.
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. Next, file a motion or petition in probate court in many jurisdictions, seeking approval from the court to sell or otherwise transfer the timeshare. 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.
After that, send a copy of the motion together with the date and time of the hearing to all persons with a legal interest in the estate. These individuals were previously identified when the initial petition seeking to introduce a will to probate or to establish an estate in the absence of a will was filed. It is also a must to attend the hearing and respond to any objections that are made in regard to the sale. You must then obtain from the court an order approving the proposed transfer of the timeshare.
Moreover, file a written report with the court following the transfer of the timeshare. In this report, include any amount of money received from a sale or to which heir or heirs the timeshare transferred if there was no sale made.
There are a number of reasons why an owner wants to get out of his timeshare and transfer it to another individual. It could be a sale for a profit or simply leaving that property to heirs. But for whatever reasons, there are proper steps to legally transfer such property and these were tackled in this article.