[WSBAPT] Probate Creditor Worldmark Timeshare

[Mike Winslow]

Worldmark is not a true timeshare, but rather a vacation ownership with
"points" which gives the owner the right to so many days of use of resort
property (located throughout the US and regions beyond).  A deed in lieu
would be anomalous, as there is no deeded interest in a piece of dirt
anywhere in the world.
Worldmark memberships have value on the resale market, so the PR should look
into a resale.  http://www.worldtimeshareclub.com/     this is a link to a
claimed reputable reseller. They say no BBB complaints in 13 years.
 
The main problem with the membership is the annual dues, which keep
escalating.
 
If the PR wants to forfeit the interest for non payment of dues, that would
be their prerogative, but I question whether or not they are meeting their
fiduciary duty if the asset has value (my understanding is that there is a
real resale market for this time share). I have been an owner in this club
for 20 years.
 
If the PR does not want the asset and has no worries with other heirs, then
let the collectors keep calling. Their claim is cut off if the PR gave
proper Notice to Creditors.
 
Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com
 
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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Ronald Hendry
Sent: Monday, July 27, 2015 1:38 PM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Probate Creditor Worldmark Timeshare
 
The creditor can foreclose the deed of trust, but can take no further
collection steps.
 
From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jared E. Adams
Sent: Monday, July 27, 2015 12:22 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Probate Creditor Worldmark Timeshare
 
Hello All,
 
I am representing a probate estate with a Wordmark timeshare interest.
Decedent was a single person, and the PR is one of the kids.
 
PR was told by Worldmark at the beginning of the probate to do nothing and
the timeshare interest would simply go away.  To be safe, I mailed a
creditor notice to Worldmark and later a notice to Pinnacle Recovery (the
collection agency that is now involved). Neither the timeshare nor the
collection agency filed a creditor's claim.
 
My client is now receiving harsh letters from Pinnacle Recovery, even though
I wrote them to inform them that the time for creditor's claims has expired.
I was under the impression the interest was merely a membership interest,
but the most recent letter from Pinnacle was a deed in lieu of foreclosure
offer.
 
My question is, what's the worst thing that can happen if my client
continues to ignore the collection agency?  I am sure others have dealt with
this, and I'd love to get the wisdom of the group.
 
Thanks in advance!
 
Jared
 
 
Jared E. Adams, JD, LL.M.
 
Condie & Adams, PLLC
611 4th Avenue, Suite A
Kirkland, WA  98033
(voice):  (425) 450-1040 
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(email):  <mailto:jared at condieadams.com> jared at condieadams.com
(web):  <http://www.condieadams.com/> www.condieadams.com
 
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