Probate of California Timeshares
Provided by HG.org
Inheriting a California timeshare through a will from the deceased estate owner is possible and occurs through the courts in this state by probate alternatives. While the timeshares may often go on overlooked in inheritances, these properties and the interests in them could provide several benefits to the heirs of the probate process.
Timeshare interests may revert to a possible purchase at the death of the owner, or based on stipulations in the contract or inheritance documents, these interests could transfer without additional cost to heirs. Before using the probate courts to discover if there are any possibilities in the transfer of timeshares in California, it is essential to review the contractual conditions and terms contained when the purchase originally occurs. This is for the initial buy of the interest in the location.
Some clauses within the paperwork may explain that transfers to those receiving inheritances may not have the right to acquire ownership. However, in California, these regulations may go against state law.
The Affidavit Explained
Using the Affidavit Real Property of Small Value, the inheritance through California probate alternatives may occur. This process does have two steps to enact. Through the first, it is necessary to obtain authorization with the Superior Court of California for the transfer of interests. This affidavit is through the Court. With the affidavit itself is an Inventory and Appraisal which requires completion by a Probate Referee. This person determines the actual fair market value of any specific timeshare affected. Usually, the value is generally less than $50,000 in California which permit this type of procedure for the affidavit.
The other step necessary for this process is to record the affidavit as well as a deed with the Country Recorder in the local area of California where the specific timeshare exists. This provides for the deed transfer with the ownership of the timeshare from the estate owner to the heir in question. Copies are necessary and will provide the company with updates to records and access to the timeshare. This process is usually only possible when the real estate timeshare is directly owned in California with no greater market value than $50,000. If the timeshare value is greater than this, another process becomes necessary.
The Transfer of Ownership
The person receiving the timeshare must have his or her name on the will with a timeshare interest that existed in California prior to the death of the estate owner. This person may also be the next of kin for the person that passed on who owned the interest. By using the Affidavit Real Property of Small Value, it is possible to use the probate alternative to inherit the timeshare interests. However, if the assessed value is not within the limits, this may become complicated. Property that is held in joint tenancy or owned through a trust may not take part in these proceedings with the $50,000 limits in these situations.
When all processes are fully and completely satisfied, the heir of an estate may receive the former estate owner’s timeshare interest. It is important to seek the transfer in ownership so any previous stipulation about other owners with the option to purchase does not occur. Some contracts may specify that the current owners of interest have the ability to purchase the full or part of interest from deceased owners. While this may hold true around the country, in California, the heirs have the possibility to acquire and inherit the interest with the affidavit procedure. If no proof exists that specifies the fair market value of the property interest, the individual may need to hire an assessor.
Complications of Transfer in Ownership
The heir of an estate with a timeshare interest may face complications if the property has a market value greater than the $50,000 or if there is a joint tenancy or trust attached. Other issues may exist if the deceased has not been gone for at least six months. Debts, funeral costs and medical expenses may have already received payment before inheritance of a timeshare interest is possible. Additionally, extensive paperwork is usually necessary. To ensure all needed documentation and other requirements occur, the individual may need to hire a lawyer.
Timeshare Probate Lawyer Help
To take advantage of the probate timeshare transfer of ownership, it is often necessary to consult with and then hire a lawyer. While the fair market value may remain under the $50,000 limitation, the process is frequently confusing and needs the help of a legal professional.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.