Bequeathing Timeshare is not a problem either pre our post death
In all wills drawn under English law- a person can bequeath part of their estate to another person, entity, trust, organisation or ecumenical institute. Of course there are many different recipients of bequests, however, in respect to the bequeathing of timeshare it is quite simple as long as the basis are understood.
Bequeath: to leave property to a beneficiary by way of a will.
i.e. “I bequeath my timeshare to the TCA (for example as it could be anyone who is the recipient of the benefit of the gift)”.
The problem with timeshare is that no one wants the gift as in reality it has a negative value and a long term onerous contractual commitment.If that gift is not accepted, it will be for the estate to get rid of it, so that the estate can be finally settled.
In common-law jurisdictions, administration of an estate on death arises if the deceased is legally intestate, meaning they did not leave a will, or some assets are not disposed of by their will.
Where a person dies leaving a will appointing an executor, and that executor validly disposes of the property of the deceased within England and Wales, then the estate will go to probate. However, if no will is left, or the will is invalid or incomplete in some way, then administrators must be appointed. They perform a similar role to the executor of a will but, where there are no instructions in a will, the administrators must distribute the estate of the deceased according to the rules laid down by statute and the common trust.
Certain timeshare property falls outside the estate for administration purposes, the most common example probably being timeshare jointly owned that pass by survivorship on the first death of a couple into the sole name of the survivor.
Therefore it is essential that when making a will you make a provision to leaving your timeshare. This can be done by either leaving to the estate and therefore the problem passes to the beneficiaries or to another who will take over the responsibility and liability of the timeshare.
If executors administrators post death wish to dispose of the timeshare by way of donation, then a donor will have to be found who will accept the timeshare. This is sometimes a difficult task to achieve but not insurmountable and the TCA can assist estates to locate a donor for you. The Donor post death usually charges more than if they had of accepted the Timeshare donation beforehand. The costs involved will be dependent upon the particular timeshare contract and subject to the provisions in the particular constitution of the club which levies the annual maintenance fees.
If the donor is contacted before the will is drawn or amended, the timeshare donation and all its contractual documents can be reviewed and a fix price agreed before the donation has been made. The fee involved will not be taken until the donation has been realised, however, an administration fee and holding fee will be taken on acceptance of the pre-donation acceptance which is normally £350.00 plus vat.
This contracted donor provides an irrevocable promise that in the future the beneficiary of the donation will be bound to accept it which leaves the estate the ability to dissolve which affords surety that the timeshare will not pass to estate after death.
Pre-planning is the key in this matter and affords the cheapest option, however if this has been overlooked when the will is wrote then post death donations are still available.
In the event the estate merely wants a cancellation of the timeshare contract then the donor company will engage a qualified exit quotation from a reputable company so that the estate can be liquidated.
Therefore there is no need to worry as the TCA can and will assist you free of charge.
Last modified: August 25, 2015