House Calls: Absentee Real Estate Investment
You cannot decide who will receive the timeshare instead. Once you disclaim, the law operates as if you were dead, and the bequest goes to the next heir. Assuming nobody wants it, the matter could end up being a bit of a mess for the lawyers to take care of.
Ms. Lank: You recently wrote about the difficulty of selling timeshares. I was recently president of a resort homeowners association that had increasing foreclosures. We devised a method to consolidate vacant weeks into whole units for sale, and this has solved the problem for the owners who want to vacate their timeshare and for the resort. -- G. H.
Answer: Thanks for an interesting suggestion.
What Should B Do?
Dear Edith: My mom has passed away. She had a will, which left everything to her children. This includes her modest home, which is valued at approximately $130,000.
Child A is disabled and lives in said home. She has a short life expectancy. Child B wants to move into the home eventually. Children C and D have both stated they would give child B their shares in the home, free and clear. As child B, what should I be doing? -- askedith.com
Answer: I receive many questions involving family problems. They usually start with something like "Our grandfather's will left the lake cottage to me and my 14 cousins." So it's a pleasant change to hear about cooperative siblings.
Who will be paying the expenses on the house while child A remains there? If A can't, perhaps you might take title (ownership) now and bear those costs in return for the generous offers from C and D. But what does A say? And does A have a will?
The three of you -- or, if it's appropriate, the four of you -- might consult an estate-planning lawyer together. If there's a problem you haven't mentioned, consider contacting a professional mediator.
Contact Edith Lank at www.askedith.com, at email@example.com or at 240 Hemingway Drive, Rochester NY 14620.Copyright 2019 Creators Syndicate Inc.