Leaving Time Shares to Loved Ones and the Probate Process
Individuals who face time shares and probate concerns have the problem of choosing what will happen to the piece of property. For those who do not know, probate is the legal process of moving the property of an individual upon their death. Time shares and probate costs a lot of time and money.
Time shares and the probate process are typically not an issue particularly when the departed left a will that will be performed by the household’s legal representative. Squabbles of time share homes can occur which is why it is advisable to include the time shares and probate considerations while doing your estate preparation.
What happens to the time shares throughout probate? The probate process can be objected to or uncontested. Many issues develop within the time shares and probate process because a dissatisfied beneficiary wants a bigger share of the deceased’s home than that he or she at first received.
Arguments most often raised consist of: the deceased being poorly affected in making the presents, the departed did not know or was not familiar with what they were doing when the will was carried out, and the deceased did not follow the legal procedures in drafting the will. The majority of time shares and probate estates are uncontested.
The fundamental process of moving an estate includes:
- Collecting all the homes of the deceased
- Paying all financial obligations, claims and taxes owed by its estate
- Collecting all rights to dividends, earnings, and so on
- Settling any disputes; and finally
- Distributing the remaining real estate to the successors.
Usually, the deceased names an individual (administrator) to handle the management of his/her affairs upon death. If the departed fails to identify one, an appointment by the court will occur such as a personal representative or administrator, to settle the will and estate.
There are 3 common estate-planning tools that can be used to prevent time shares and probate in the circulation of the individual’s property at death: joint occupancy with rights of survivorship, revocable trusts and recipient classifications. Revocable trusts can be utilized with all types of real estate.
At this moment, time shares and probate can be prepared with these three tools in mind. In the lack of a will, the very best device to solve time shares and probate concerns is the through a revocable trust. Revocable trusts or in some cases called “Living trusts” have the following advantages over wills:
- Privacy. Monetary affairs and to whom the piece of property is offered are personal. Wills and inventories of probate estates are a public record.
- Cost Savings. The trustee just has to continue the deceased’s financial obligatios to the assets, therefore eliminating time shares and probate costs.
- Convenience. A revocable trust makes it much easier to pass time shares and probate residential or commercial properties to the trustee.
- Continuity. Revocable trusts function as an extention of the deceased as he offers the responsibilities to the trustee after death to pay the bills, pay taxes, and to manage the time shares and probate and distribute assets immediately.
A deceased may wish to designate to manage time shares and probate more than one successor trustee or executor and also the successor trustee and executor can be a business or specific entities like a bank trust department. To handle matters like these estate planning matters or for business guidance, this law firm can help:
To avoid disputes in time shares and probate, generally it is encouraged that the successor trustees and administrators be the same person. A good estate plan must have the ability to disperse the home to whoever the testator dreams and when the testator wishes, with a minimum Amount of inheritance, estate, and income taxes and lowest possible lawyer’s charges and other costs. Preventing time shares and probate can be a huge relief to the deceased and their household.