What is the name of your state (only U.S. law)? I reside in Texas, but my legal situation is in Arizona, where my father had lived.
While my father was still living he purchased points in a vacation timeshare company at three different resorts. His upfront cost for the timeshare points was close to $200,000 for which he paid cash. He also paid maintenance fees of about $480 per month which were set up for autodraft on his bank account.
He placed the timeshare points account into his living trust along with many of his other assets.
Three years ago my father has passed away, and his living trust was left to the survivor trustees, i.e. my brother, sister, and myself. None of us want anything to do with this timeshare points account. We consider it to be highly toxic assets. The timeshare company told me they won't accept a deed back of the account. Timeshare resellers tell me the resell value of the account is about a penny per dollar of the original cost, and they'll try to sell it only if we pay them a big upfront listing fee. Meanwhile (for 3 years) the monthly maintenance fees have continued to be a drain on the trust's bank account, which cannot sustain this level of draindown too much longer. None of the survivor trustees has ever used any of the timeshare points for any vacation purposes.
My brother and I just recently instructed the bank to put a stop on the autodraft transactions for the monthly maintenance fees. Can the timeshare company legally come after the trustees for continuation of the perpetual draindown for timeshare maintenance fees? Can't the timeshare company be forced to merely foreclose on the account without insisting on perpetual payments? How can we legally stop the financial draindown of the trusts bank account from these monthly fees?
While my father was still living he purchased points in a vacation timeshare company at three different resorts. His upfront cost for the timeshare points was close to $200,000 for which he paid cash. He also paid maintenance fees of about $480 per month which were set up for autodraft on his bank account.
He placed the timeshare points account into his living trust along with many of his other assets.
Three years ago my father has passed away, and his living trust was left to the survivor trustees, i.e. my brother, sister, and myself. None of us want anything to do with this timeshare points account. We consider it to be highly toxic assets. The timeshare company told me they won't accept a deed back of the account. Timeshare resellers tell me the resell value of the account is about a penny per dollar of the original cost, and they'll try to sell it only if we pay them a big upfront listing fee. Meanwhile (for 3 years) the monthly maintenance fees have continued to be a drain on the trust's bank account, which cannot sustain this level of draindown too much longer. None of the survivor trustees has ever used any of the timeshare points for any vacation purposes.
My brother and I just recently instructed the bank to put a stop on the autodraft transactions for the monthly maintenance fees. Can the timeshare company legally come after the trustees for continuation of the perpetual draindown for timeshare maintenance fees? Can't the timeshare company be forced to merely foreclose on the account without insisting on perpetual payments? How can we legally stop the financial draindown of the trusts bank account from these monthly fees?
