Rejecting an Inherited Timeshare
Rejecting an Inherited Timeshare
Table of Contents
How to Reject your Inherited Timeshare Legally
There’s no doubt that the pain of losing one’s parents can be devastating. It becomes even worse when parents have left behind a lifetime of fees that won’t stop increasing. Indeed, this is the experience of some children after the passing of their parents, especially if the parents owned a timeshare.
Even though the children might have vacationed with their parents at the concerned resort a few times or more, they still might not be interested in taking up the ownership of the timeshare. This could be due to a variety of reasons.
For example, you might have heard of or read about how financially discomforting timeshare ownership can be—especially regarding the maintenance fees, assessment fees, and some other hidden fees that make timeshare inheritance more of a burden than a gift.
Therefore, if you are looking to get rid of your worries of inheriting your parents’ timeshare, this article will show you just how to do that. You will not only learn what to do after the timeshare might have been transferred, but you will also learn some preventive measures that parents can take in a bid to save their kids from the inheritance of their timeshare.
Are Timeshares Automatically Transferred to the Kids?
There have been claims that the ownership of a timeshare is bound to be inherited by default in the event of the owner’s death. That is, the timeshare owner’s heir automatically becomes the new owner, and consequently becomes responsible for paying all fees associated with the timeshare.
While this claim may be considered true, it is not entirely so. Yes, it is true that timeshare contracts normally come with a perpetuity clause. This clause provides that the property is owned for a lifetime and equally added to the owner’s estate after his or her demise, which suggests that whoever inherits the estate inherits the timeshare too.
However, what many people don’t know is that the child or children of a timeshare owner can refuse the inheritance of the timeshare if they don’t want it. They may only have to take certain steps to ensure that this is done legally. A later section of this article will discuss this.
How to Get Rid of your Unwanted Timeshare Inheritance
As you can see, renouncing an unwanted timeshare inheritance can be as easy as that, although acting fast is key. However, parents are advised to avoid this entirely by never naming their kids as inheritors or by leaving them out of the timeshare contract.
As a potential inheritor, if by any chance, you missed the opportunity of disclaiming a timeshare inheritance, then you may still have some solutions at your disposal. You could choose to resell the timeshare, but note that this can be extremely difficult because timeshares are often almost valueless, as many of them are listed for a price as low as $1 on eBay.
We would recommend that you enlist the service of a timeshare exit company. But, be sure to hire a reliable one. There are many scammers out there taking advantage of distressed timeshare owners. This is why we always recommend timeshare exit companies that make use of the escrow payment option.