Timeshare after Death of Parent

This is a hot topic. How could one transfer a "membership type" timeshare to a parent and then disclaim it once the parent is no longer alive. Here is a situation where a son would transfer a membership timeshare in a Caribbean Island to an older parent. The parent will have no estate since all the properties are currently co-owned with the son. What should the parent disclose in the will so that the timeshare agreement remains with the estate and not the heirs? The agreement does not mention anything regarding the death of the owner. The timeshare is fully paid with no assessments. It is only the maintenance fees that should remain with the estate and the estate will have no funds to pay it. Could they sue the executor if the estate has no money? P.S. I know this is an attorney question but the idea is for all of us to learn and share information.

Since all properties are co-owned with the son then, there would be an estate and the estate is responsible for all encumbrances (bills) before it can be closed out.

Thanks! What if the estate has no money. It is insolvent. Who will pay the bills then? Will the timeshare collection company be out of luck? Remember that properties that are co-owned before death do not become part of the estate. They do not become part of probate either. This is one way to avoid probate and to avoid having "estate assets" after death. Anyone, please correct me if I am wrong. Thanks again.

albertot3 wrote:

Thanks! What if the estate has no money. It is insolvent. Who will pay the bills then? Will the timeshare collection company be out of luck? Remember that properties that are co-owned before death do not become part of the estate. They do not become part of probate either. This is one way to avoid probate and to avoid having "estate assets" after death. Anyone, please correct me if I am wrong. Thanks again.

I didn't realize that co-owned properties would not become part of a co-owner's estate ... I'll have to Google to find out more about this statement.

Yes, please look into it. It will no longer be a co-owned estate since one of the owners has died and the surviving owner keeps everything that was owned before death with right of survivorship and the estate gets nothing.

You see how much we can learn here!

jayjay wrote:

albertot3 wrote:

Thanks! What if the estate has no money. It is insolvent. Who will pay the bills then? Will the timeshare collection company be out of luck? Remember that properties that are co-owned before death do not become part of the estate. They do not become part of probate either. This is one way to avoid probate and to avoid having "estate assets" after death. Anyone, please correct me if I am wrong. Thanks again.

I didn't realize that co-owned properties would not become part of a co-owner's estate ... I'll have to Google to find out more about this statement.

? were these properties within the U.S.? or in a another country?, and how were the titles registered? l hope you are a member of a Union and can obtain some cheap legal advise. because whatever you do will necessitate some paperwork. remember the saying " the person who acts as his own lawyer has a fool for a client." that is why we have our 3 timeshares in our livingtrust with all the l's dotted and T's crossed. Its really cheap insurance.