One of the biggest challenges for those who are dealing with estate planning can be ensuring that they consider all of their assets when making a will or other plans. While most people who get this far with estate planning have the major assets such as homes, real estate and active cash accounts covered, it's easy to forget about inactive assets or smaller items. One thing you might never think about, for example, is a time share.
Time shares aren't always seen as valuable assets because of the way they are depicted on television sitcoms. Often, time shares are seen as something you are coerced or tricked into purchasing and something that you'd really like to be rid of. In reality, though, many people quite enjoy their time shares and get a lot of benefits from vacationing out of state or out of country.
Now, what happens to that benefit if you pass away? Can your adult children continue vacationing in a spot they might have spent time in as children? Will your surviving spouse be able to return to a location you both loved? The answers to these questions depends on how you are involved in the time share and how you include it in your estate planning.
If you are the sole owner of the particular time share, then it's an asset that you can pass along in your will. If you don't make a will, the time share passes to your heirs following the intestacy laws of your state. If you don't own the time share outright, your portion might pass to co-owners or a beneficiary that is designated on the time share.
Working with an estate law professional can help you understand how your ownership in all types of assets can be passed on to others. Our firm has experience working with all types of estate questions and concerns, and you can check out an in-depth article on passing time shares written by one of our attorneys.