Florida residents need to consider a wide variety of assets when they are putting together an estate plan. From houses to retirement accounts, investments to personal property, estate plans can lay out a person’s desires for how those assets should be passed on to others. However, here in Florida especially, there may be many people who are wondering, can a timeshare be part of an estate plan?
The short answer is, “it depends.” First, you will need to know how you own your timeshare. As a recent article pointed out, many timeshares are owned just like other types of real estate – by way of deed, which shows the conveyance of the property to the owner. A specific timeshare will show ownership of a certain unit – a condo unit, apartment, etc. – during a certain week of the year. If that is the case with your timeshare, ownership of this asset can most likely be passed on in an estate plan just like many other types of assets can be.
Including real estate interests in an estate plan is a wise move, but there are many different ways in which this can be accomplished. Trusts may be the best choice for some people, while altering the ownership structure of the real estate can be best for others.
The main point when it comes to estate planning is to avoid delay. The old adage “better late than never” may not apply if it is too late when the time comes for the terms of an estate plan to be implemented, but no such plan exists.