The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Turns Her Attention To Timeshare Owners And How To Properly Pass Them On To Beneficiaries.
Estate & Asset Protection Law Firm Owner, Shannon Pawley, writes about the confusing aspect of timeshare ownership that comes when the original owner passes on, there is no estate plan, and the timeshare ends up in probate.
DECATUR, GA, April 25, 2022: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new blog on the law firm’s website entitled “Timeshare And Your Estate Plan,” in which Ms. Pawley explains there is a way to avoid probate.
“If you own a timeshare,” Pawley writes, “you understand how they work and hopefully yours has been and will continue to be the source of wonderful travel adventures and memories.” She continues, “One thing that many people who purchase timeshares do not understand though is how to properly protect these assets and/or pass them on to heirs.” According to Pawley, “The main source of confusion typically arises during the purchase, because of the “Perpetuity Clause” that exists in most contracts. This clause basically states that you’re the owner of the timeshare for your life, and when you pass away, ownership would become part of your estate.” At that point, responsibility to pay any fees would be inherited by your estate, next-of-kin, or a designated Beneficiary.” She points out, “For most timeshare owners, they think this clause is sufficient. Not so.”
Pawley states, “Your timeshare needs to be included in your Estate Plan just as your house is, your investments, savings and other valued assets are.” Pawley elaborates, “The most important thing to take into consideration with timeshare are the fees associated with timeshare ownership. These things must be discussed with the person you would like to pass it on to. They should enjoy travel, be able to travel, and they should be able to afford the fees associated with timeshare ownership.”
The entire blog can be read at LINK 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.