If you are fortunate enough to go on that well-deserved vacation this year, then there is a good chance you will find yourself listening to the all-too-familiar ‘timeshare marketing pitch.’ Most people are familiar with the concept of a timeshare, but there is more than meets the eye. The repercussions of owning a timeshare can vary tremendously depending on many things, including whether it is a real property interest, a mere right to use the property, or some other arrangement.
#3 – You Should Not Decide Then and There. Do not sign anything before you leave, unless you already have a revocable living trust and have already met with your lawyer regarding the timeshare you are considering. The concept of a timeshare is attractive, but before saying “yes,” it is absolutely imperative to speak with a good estate planning attorney. For those who own timeshares already, whether or not you are considering an additional purchase, it is very important to be sure that transfer of your ownership interests in these timeshares upon your death will not result in expensive and time-consuming paperwork for your heirs.
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