A deed recorded with the Bureau of Conveyances adds, removes, or changes the owner of a timeshare. Trusts, limited liability companies, and gifts require a change in owners. Divorce, marriage, and changes in access require adding or removing a co-owner. The recorded deed is forwarded to the timeshare company to update their owner records.
Gifts
Deeds are used to gift a timeshare. An owner no longer uses the timeshare but continues to pay annual maintenance fees. A win-win situation is to gift the timeshare to someone who will use the timeshare. The new owner has access and use to a timeshare in Hawaii. The prior owner is relieved of the obligation to pay maintenance fees.
Trusts and LLCs
A trust avoids probate. But the trust must own the timeshare. The current owner signs a deed to transfer their ownership to their trust. A person forms a limited liability company for tax purposes and liability protection. To work, the timeshare must change from the owner as individual to a limited liability company by deed.
Add or Remove an Owner
In divorce, a deed removes one spouse as owner. Removing a spouse is important because as long as both ex-spouses remain owners, both have access to the timeshare, and both are liable for the maintenance fees. A deed also adds a spouse, friend, or relative as a co-owner. Adding a new co-owner gives the new owner access to the timeshare. Adding new owners as joint tenants avoid probate on the death of a joint tenant owner.
A deed recorded with the Bureau of Conveyances is needed to change, add, or remove an owner of a timeshare. Trusts, limited liabilities companies, and gifts require a change in owners. Divorce, marriage, or allowing or preventing access to a timeshare resort require adding or removing a co-owner. The recorded deed is forwarded to the timeshare company to update their records of owners.
Sum It Up
Mark W. Bidwell provides this press release. Mr. Bidwell markets through the website DeedAndRecord.com. The office is at 4952 Warner Avenue, Suite 235, Huntington Beach, CA 92649. Phone is 714-846-2888.