Inherit Your Parents` Timeshare

How To Not Inherit Your Parents` Timeshare

A timeshare is considered a way to use vacation property for a week each year, providing a specific right of use that is more like a membership. Timeshare companies typically require the upfront cost of purchasing, not saying about annual maintenance fees. Besides, timeshare contracts are likely to put forward obligations to pay fees for heirs after the owner’s death – but the truth is that no one should inherit an unwanted timeshare property. Check up on the timeshare exit companies’ reviews before you refuse the inheritance. In this article, we’ll discuss whether children are responsible for timeshare after parents’ death and what to do if you inherit a timeshare.

How to avoid inheriting parents` timeshare

In most cases, timeshare contracts incorporate the so-called perpetuity clauses that mean an owner can be obligated to pay fees to resort for a lifetime. Moreover, this obligation to make payments might transfer to their children! But, not many heirs are likely to agree to take ownership once parents buy a timeshare. Keep reading to find out several essential things about inheritance timeshare.

1. The children names should not be mentioned in the contract

The first pledge to not inherit a timeshare from parents is to make sure that your name is not written on the deed. While the timeshare salesperson is likely to advise parents to put kids` names in the contract to ensure more convenience for children to use estate on their own, it is an actual trap for inheriting a timeshare. The working solution is to ask a salesperson to remove the names from the contract while signing a contract itself. Additionally, experts say that even the fees for a timeshare should come from parents` bank accounts to avoid any problems in transferring the right of use to kids.

2. A timeshare property should not be for a lifetime

If it is straightforward for parents that none of the children is willing to take the inherited timeshare, they should take care of a timeshare before death. The best option to get rid of a timeshare is selling or giving it away. However, some resorts would like to repurchase a timeshare property – it never hurts to ask whether your resort will do. Once an owner receives a refusal, they might abandon the property, even if it influences the credits. Experts say that older owners are unlikely to care about what happens to their credit cards.

3. Heirs can disclaim the inheritance

Once you inherit a timeshare, you can disclaim the unwanted property. Whether a timeshare provides rights to use, the heirs have to inform a resort about the owner’s death so a resort can take action for taking the property back. On the other hand, if a timeshare has a real estate deed or different types of agreements, the heirs can pass a written disclaimer of interest for inheriting a timeshare to the probate court that engages in a business of parents` estate.