The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Discusses The Various Ways To Keep Timeshares Out Of Probate Through Proper Estate Planning.
The Estate & Asset Protection Law Firm Owner, Shannon Pawley, writes about timeshare ownership and how some owners love it while others feel it is a burden. She writes about the various ways to handle timeshare in an estate plan in order to keep it out of probate.
DECATUR, GA, March 23, 2023: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “Timeshares and Estate Planning.” Ms. Pawley provides several different approaches for structuring timeshare within an estate plan.
Pawley writes, “Timeshare ownership is a very popular way that many people have found to commit to taking vacations.” She adds, “They can be wonderful when used properly. Many times, though, people are confused and end up not using them appropriately. Either way, if you end up purchasing or inadvertently becoming the owner of a timeshare, be aware that it is something that needs to be addressed in your estate plan to avoid probate.”
“As I mentioned above,” Pawley states, “if not used, timeshare ownership can be a huge burden. I know people who love their timeshare ownership and have traveled the world with it. And I know others who have not used their timeshare and feel that it is the worst decision they made. Either way,” she continues, “when the owner of a timeshare property passes away, the timeshare itself becomes part of the decedent’s estate, just like any other asset would.” As Pawley notes, “Proper estate planning allows you to legally note who should inherit the timeshare. It’s important to keep in mind that once ownership is transferred, it’s the inheritors who then become the legal owners. This means they also become responsible for taking over the fees associated with timeshare ownership.”
According to Pawley, “There are several ways to set up your estate plan for passing on your timeshare.” She emphasizes, “Just know that in the early days of timeshare ownership family members are typically excited and keen on the idea of becoming the owners when their parents pass on. However, circumstances change. Perhaps when the time comes the designated beneficiary doesn’t want it any longer or they’re unable to financially keep up with the fees.”
The entire article can be read HERE.
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.
About Shannon M. Pawley, J.D., LL.M
As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.
Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!