A surviving joint tenant needs to act to avoid probate of his or her Hawaiian timeshare.
Irvine, CA (PRWEB) April 24, 2013
DeedAndRecord.com provides tips on how to avoid probate of timeshare in Hawaii. On the death of surviving joint tenant a timeshare will go through probate. Deed and Record is a website for Hawaiian timeshare owners to avoid probate. Probate is the transfer of ownership from the decedent to living heirs under the supervision of the probate court of Hawaii. Probate is costly, time consuming and complicated. Often heirs unable to cope with burden and cost of probate surrender or walk away from the timeshare.
The surviving joint tenant can avoid probate. Options are; transfer the timeshare to children or relatives, add a child or relative as owner or transfer the timeshare into a living trust.
Regardless of the choice made the first step is to report the death of the joint tenant to the State of Hawaii. Reporting is done by ‘affidavit death of joint tenant.’ The affidavit is made by the surviving joint tenant. The affidavit and an original death certificate are recorded with the Bureau of Conveyances.
The surviving joint tenant can now transfer the Hawaiian timeshare to children, friends or relatives as owners by quit claim deed. 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.
When transferring or adding relatives the survivor does gives up control over the timeshare. And the transfer or addition is a gift. It is advisable for the survivor to consult with his or her tax advisor on tax consequences, if any, for gifting.
Another way for the survivor to avoid probate is with a living trust. The trust is like a Will but avoids probate and the survivor maintains control of his or her assets. The trust identifies who is to receive the assets and who is to distribute the assets. The person who is to distribute the assets is referred to as the Successor Trustee.
To avoid probate the Hawaiian timeshare is transferred into the trust while the owner is living. The transfer is with a quit claim deed from the owner to the owner as trustee of his or her trust. On the death of the timeshare owner the Successor Trustee files an ‘affidavit death of trustee.’
The affidavit authorizes the Successor Trustee to act on behalf of the trust. The Successor Trustee next files a quit claim deed from the trust to the heir of the Hawaii timeshare. All documents can be prepared in one day compared to one year for probate.
Deed and Record is an online service to prepare quit claim deeds for Hawaiian timeshare transfers into or out of trusts, remove former spouses and gifting. The Online Service records deeds it has prepared with the Bureau of Conveyances. 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.