April 2015< Back to View All Publications
It is estimated that more than 40 million people will visit fabulous Las Vegas this year. Many of these people will fall in love with the city and purchase a piece of it for themselves via buying a timeshare. They will use this timeshare many times during their lives to enjoy all that Las Vegas has to offer. What many of these timeshare owners don’t realize is that if they fail to make proper plans, their loved ones will end up having to probate that timeshare interest following the owner’s death.
We receive many emails and phone calls from people who need to probate their loved one’s timeshare. This month’s newsletter will answer some frequently asked questions about timeshares in Nevada.
Timeshares in Nevada – Frequently Asked Questions
My loved one died and owned a timeshare in Nevada – what do I need to do to?
In Nevada, timeshares are considered “real property” and can only be transferred following a person’s death pursuant to a court order. Because the value of timeshares is typically under $100,000, we can transfer them via a simplified probate process called a “set aside” which usually only involves filing one petition and attending one court hearing to get the court order.
What documents and information does the attorney need?
We need to know whether or not the deceased person had a will. If they did, we either need the original will or if the original has already been submitted to a court in another state then we need a certified copy of the will from the other state’s court. In addition we also need a copy of the most recent timeshare deed, a certified copy of the death certificate, a list of names and addresses for the deceased’s surviving family members to the second degree, and a current market value of the timeshare.
How can I get a current market value for the timeshare?
Sometimes the timeshare company will issue a letter stating the current value of the timeshare unit. Another option is to visit timeshare re-sale websites to find similar units listed for sale and use their listed prices as the current market value.
How long does it take?
Once you provide all of the necessary information, we can prepare the petition for you to review and sign. Then we can generally get it set for hearing with the court in about a month or less.
How much does it cost?
Each case has its own unique factors which impact the attorney’s fees and costs. The best way to get an estimate on the attorney’s fees and costs is to speak with an attorney about the details of your case. We provide complimentary estimates up front.
Are there any other fees involved?
Each timeshare company charges their own “transfer” fee (may have a different name) to update the company’s records to reflect the new owner. You should contact your timeshare company to find out details about their transfer fees.
Is there any way this probate could have been avoided?
Yes. The owner of a timeshare can avoid probate a couple of ways. First, they could add another person as a co-owner or “joint tenant” of the timeshare during their life. This way the timeshare will automatically pass to the surviving joint tenant in the event of death. A better option would be to create a revocable trust and transfer ownership of the timeshare unit to the trust. This way the successor trustees can take over management of the timeshare in the event of death and pass the timeshare to the beneficiaries.
Do you have questions about transferring ownership of a timeshare? Please contact me by phone (725 777 3000) or email (email@example.com).
Cordially, Kristin Tyler