Can I get my wife off a loan as a co-signer for her mom’s timeshare?
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Can I get my wife off a loan as a co-signer for her mom’s timeshare?
Her mother was told she was adding her daughter as a beneficiary. No disclosures were provided to my wife. The timeshare is through a vacation club.
Asked on January 15, 2011 under Real Estate Law, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am a bit confused here. Someone can not just "add" you on to a loan for anything. You have to co-sign the loan and that usually requires an application and a credit check, etc. So I do not think that that is what your Mother in Law is doing. The timeshare/vacation club has ceated the ability to allow their participants to transfer ownership to another party upon their death without the necessity of proceeding through probate. That is what a beneficiary form does. You need to sit down with your wife and your Mother in Law and a estate planner. See what the real deal is here, what fees are involved, etc. Contact the vacation club yourself if you are worried about the "fine print" so to speak. Good luck.
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