Original Message:
Re: Transferring or adding adult children to timeshare deeds (by Patrick V.):
Correct. Leave it alone. When BOTH parents pass, the kids may want the week or weeks, or some of them do and some of them dont. The ones that do can ask to have the deed updated to include their names and often the developer will help them, and yes a recorded deed is needed, and yes they will have some small fee for that as lawyers dont work for free. The kids who dont want it, disclaim it. As also if nobody wants it they all disclaim it and you tell the developer who then must take it back for resale. BUT my opinion is if the timeshare is in a good location, and good time slot, etc and the kids probably used it growing up, to simply RENT it if they dont want it. OR Bank it with RCI or Interval and TRAVEL. Exchanges are fun, varied and you can go anywhere. Most people dont know how to maximize their timeshare ownership. Sad.
Amortized over the years of usage, timeshare is a good value. We own several weeks on Hilton Head and adore it. And kids love it, grands too. No problem letting them inherit it all, but we will leave clear instructions on what to do. Rent it, bank it, ensure they pay the annual dues, use it, etc. Owning a house or condo at the beach outright, or even with a few friends/couples is expensive, with outrageous insurance costs...and upkeep,and utilities and taxes and so forth. Timeshare is turnkey and your dues cover ALL of that. We have traveled to Europe TWICE. Awesome. We used Getaways from Interval. We used offseason bonus weeks from Developer. All in all, we got a great deal, fixed price, and deeded. Dues are NOT crazy high like some places.
Most developers will take back a deed if you go them and ask nicely.....but you lose all your money. Just explain your circumstances.