The weather this time of year inspires many to contemplate warm, sunny escapes. For some, this involves a timeshare property. While timeshare rights may not be as valuable as outright ownership, it is nevertheless worthwhile to consider your timeshare in planning your estate. If you have a living trust, this means taking the necessary steps to ensure that you’ve properly funded your timeshare holdings into your trust.
For many Wisconsinites who own timeshares, the timeshare property is located outside the state. In these types of situations, using a living trust as part of your estate planning can provide significant benefits. With a properly funded living trust, you may avoid probate on all your funded assets. Without it, your estate must undergo the probate administration process in each state where you own property, which would include Wisconsin, along with the state where your timeshare is located, in addition to any other states where you have assets.
This could place your loved ones in the expensive and time-consuming position of managing probate both in Wisconsin and some distant jurisdiction like Florida, Arizona or Hawaii. While timeshares may have limited value, and sometimes may be dealt with using a summary probate process, the process is still often expensive. Cumulative costs (including attorney’s fees) can total into the thousands of dollars for each probate process.