QUESTION

How do I gift my timeshare to a relative ?

Asked on Sep 22nd, 2015 on Real Estate - California
More details to this question:
My timeshare is in my trust which was drawn up here in CA. I was told I might have to "sell" it for $1.00 as part of the transfer/deal. The timeshare is Kona Coast II in Hawaii and the company is Wyndham.
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1 ANSWER

Real Estate Attorney serving Oakland, CA at Sack Rosendin LLP
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Ask Wyndham what you need to do to transfer the timeshare to someone else. It's probably accomplished by just an entry on its records. Most timeshares are not recorded in the county real estate records. Wyndham probably has a form. No, you do not need to "sell" it for $1.00. That's a common myth. If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business. Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need. Dana Sack    
Answered on Sep 23rd, 2015 at 6:34 PM

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