Legal Question in Wills and Trusts in New Jersey
This may seem like a silly question but... my father-in-law, who is widowed, has a will, leaving everything (50/50) to his 2 sons (my husband and his brother). However, my father-in-law owns a timeshare, which is paid in full, but which he must pay $400 a year maintenance fee forever, or, according to his agreement, they will put a lien against his house, etc., Nether one of his sons want it, now or after he dies. Can this particular item be excluded from his will, or can the timeshare company still come after his heirs, even though it was specifically excluded from the will? Please note, we have tried to sell the timeshare, but it's impossible to do so.. there are so many people trying to get rid of them. Any ideas would be appreciated!
1 Answer from Attorneys
In NJ [and I assume many other states], the executor for the estate may want to consider his/her options, including the right to "abandon" the property.