Joe says his mom passed away and left behind timeshares. Joe inherited those, and they are all paid for. He isn't sure what to do with them now as the executor of the estate. Dave explains how to handle it.
QUESTION: Joe in Orlando says his mom passed away and left behind timeshares. Joe inherited those, and they are all paid for. He isn’t sure what to do with them now as the executor of the estate. Dave explains how to handle it.
ANSWER: There are two issues. Number one, as the executor, you need to decide what’s best for the estate, and then number two, do the heirs want these things? I don’t want one, I can tell you that, but if one of you guys want to keep one of them—it’s a free thing; all you’ve got to do is pay the maintenance fee—but by the time you pay the maintenance fees, you could’ve maybe stayed somewhere. For $1,500, you can stay in some nice places and not have this ongoing liability and be roped into Marriott or roped into Disney. Personally, I would just let them go.
The estate has the liability of the maintenance fees. You’ve got to pay the maintenance fees from the estate, and then I would call the timeshares and just tell them you’re going to deed them back to them because the estate is not going to keep them.
The way I look at it is for $1,500 a year, you can have a lot of fun. I can go wherever I want to go, and that’s why people don’t like timeshares at the end of the day—and that’s one that’s completely paid for and all you’re doing is paying the maintenance fees. Can you imagine how bad it’d be if you owed $15,000 on the stupid thing? They’re just a horrid product.
There’s nothing emotional here for me at all about it. Sometimes I am emotional about these things and I can join you in that. This one—the emotion is, “I’m out of here.” That’s the emotion.
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