Should you add child's name to your timeshare deed?

Attorney Tom Olsen: Chrissy, here's a text question. They said, "Should we add our child's name to our timeshare deed?" We've been asked that many times. When somebody asked me that my first response is, "Are you sure you want your child wants it?" because generally, these timeshares, they’re nothing but a liability. They're not an asset. They're a drain on your finances.

Attorney Chris Merrill: Correct.

Attorney Tom Olsen: Yes.

Attorney Chris Merrill: We know that they are something that many clients ask us about their timeshare situation, and you're right. The very first thing that we ask, "Do your children even want it?" so I make them do that and find that out if they don't already know the answer to that question before we proceed. Then from there, then, okay, if your children really want it, then that's when it's talking to the timeshare company about what the options are for making that smooth transition to them. Most of the time, however, the children don't want it. Therefore, it's about how do you get rid of it?

Attorney Tom Olsen: Yes, exactly. Well, how do you get rid of it when you pass away? That's unfortunately is the--

Attorney Chris Merrill: Well, and I have to tell you, I've been dealing with some and including one here recently that the dad passed away two years ago and the timeshare company is still giving them a hard time, the family, and trying to bully them into paying.

Attorney Tom Olsen: Unbelievable.

Attorney Chris Merrill: I don't mean like $50 a month or whatever. No, I'm talking about it's $10,000 a year for one fee, and then in addition to that, there's an additional $1,500 a month. It's really ridiculous.

Attorney Tom Olsen: First of all, there are some timeshares that have value. For example, Disney timeshares, I feel certain that there's value to those.

Attorney Chris Merrill: Correct, and they have deeds.

Attorney Tom Olsen: Exactly. When we talked about adding a child's name to a deed, this is for timeshares only, do not add your child's name to the deed to your home, or your rental property, or your beach condo. This is the only time that we're giving you permission, add your child's name to a deed as when it's a timeshare. For the purposes of avoiding probate, adding your child's name to the deed to your timeshare, good idea but first, make sure your child understands the financial obligations that go along with it. And that they really want to get into that and why else would you want to get into it other than that you use it every year, and you think it's a good value for you. Whatever you pay per year to maintain that timeshare you think is cheaper than going and just renting out one, like you don't own a timeshare.

Attorney Chris Merrill: Correct.