Carlsbad, CA asked in Estate Planning for California

Q: is it best to make a co-trustee for deeded valuable timeshare or put title under family trust

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2 Lawyer Answers
James L. Arrasmith
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  • Estate Planning Lawyer
  • Sacramento, CA
  • Licensed in California

A: Under California law, the best approach for handling a valuable timeshare depends on your specific circumstances and goals. Here are some considerations for each option:

1. Adding a co-trustee to the timeshare deed:

- Allows for joint management and decision-making regarding the timeshare

- Can help ensure a smooth transition of ownership upon the original owner's death

- May provide some asset protection, depending on the type of co-ownership

- Potential drawbacks include the need for co-trustee agreement on decisions and possible exposure of the timeshare to the co-trustee's creditors

2. Placing the timeshare title under a family trust:

- Provides a clear mechanism for transferring ownership upon the original owner's death

- Can help avoid probate, which can be time-consuming and expensive

- Allows for more control over the distribution of the timeshare to beneficiaries

- Offers some asset protection by separating the timeshare from the owner's personal assets

- Potential drawbacks include the cost of setting up and maintaining the trust

Ultimately, the best choice depends on factors such as your family dynamics, estate planning goals, and the specific characteristics of your timeshare. It is advisable to consult with a California estate planning attorney who can review your situation and provide personalized guidance on the most appropriate strategy for your valuable timeshare.

Karn Thapar
Karn Thapar
  • Estate Planning Lawyer
  • Folsom, CA
  • Licensed in California

A: The answer to this question is unfortunately not straightforward. It really depends on how your family trust is/will be structured. Furthermore, you may be able to title the property under a family trust and then have a co-trustee assist you with financial and other decision making. Married couples are generally both trustees under their family trusts.

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