Quit claim deeds for Hawiian timeshare trust and spousal transfers.
Irvine, California (PRWEB) March 12, 2013
New Tip Sheet on how to fund trusts and remove or add spouses as owners of Hawaiian timeshares. Key document is the quit claim deed, a document prepared and recorded at http://www.deedandrecord.com, a website supported and marketed by Mark W. Bidwell.
Website, DeedAndRecord.com, hosted by Mark W. Bidwell, prepares and records quit claim deeds for Hawaiian timeshares. Quit claims deeds are used to fund a trust, remove a spouse or partner and add a spouse or partner as an owner of a timeshare.
Marital settlement agreements and judgments for dissolution of marriage and partnerships distribute timeshares to one owner. But actual record of ownership is at Hawaii’s Bureau of Conveyances and the resort management company. Until these records are updated the spouse or partner remains as owner.
Until ownership records are updated the resort company will continue to hold both owners responsible for maintenance fees. Both owners can continue to use the timeshare. If ownership records are not updated with Hawaii’s Bureau of Conveyances on the death of one owner, the surviving owner will become the sole owner.
To update ownership with the State of Hawaii a quit claim deed is prepared and recorded with the Bureau of Conveyances. The non-owning spouse signs the deed giving away all of his or her ownership to the other spouse. Form P64b must also prepared for exemption from transfer tax and either owner may sign. Both documents are submitted to the Bureau of Conveyances.
The Bureau updates the public records for the change in ownership and assigns a recording number to the deed. The document is returned to the owner. The owner submits the recorded deed to the resort management company for update of their records. Change of ownership is complete.
This same process is used to add owners on title. Owners may want to add a child, new spouse, or new partner on title. Typically title is taken in joint tenancy or as joint tenants. When one joint tenant dies the surviving joint tenant automatically becomes the owner without going through probate. An alternative to joint tenancy is a trust.
Trusts are used to avoid probate. But to avoid probate the timeshare must be owned by the trust. For a trust to own a timeshare a deed is prepared transferring ownership from the owners to the owners as trustees of their trust.
On the death of trustees, a person named in the trust as the successor trustee files an affidavit death of trustee. In the affidavit the successor trustee declares he or she is now authorized to manage the timeshare as directed in the trust. Most often the trust directs the transfer of the timeshare to named individuals in the trust.
A quit claim deed transfers property ‘as is.’ Quit claim deeds do not contain any implied warranties of debt outstanding or good title. An owner who ‘quit claims’ real property simply conveys whatever ownership interest he or she has along with any debt or loans secured by the property. A quit claim is the easiest and cheapest way to transfer ownership between parties who personally know each other.
Deed and Record is an online service to prepare quit claim deeds for real property transfers into or out of trusts and remove or add spouses as owners of timeshares. The Online Service records deeds it has prepared with the appropriate government agency. Deed and Record does not offer legal advice or services.
Deed and Record markets through websites, primarily, DeedAndRecord.com. The owner of the websites is Mark W. Bidwell, Attorney at Law and CPA Inactive. Office is located at 18831 Von Karman Avenue, Suite 270, Irvine, California 92612. Phone number is 949-474-0961. Email is Mark(at)DeedandRecord(dot)com.