Wednesday, October 10, 2018
Inheriting (or not) a Timeshare
I’m not an attorney so I am not giving out legal advice here, but one question I get asked time and time again is ‘Do I have to inherit my parents’ timeshare?’
The best answer I can provide is ‘maybe.’
If you are on the deed or other legal instrument conveyed by the resort, the answer is most likely YES.
If you’re not on the deed or other legal instrument conveyed by the resort, the answer is most likely NO.
From the legal experts that I’ve discussed this with, it seems the best course of action in either case is to send a "disclaimer of interest," along with a copy of the original owner's death certificate, to the timeshare property within a specific time frame -- usually nine months after the original owner's death.
If you intend to refuse the timeshare inheritance, you must not take advantage of any timeshare privileges because this may cause you to forfeit your right to refuse the timeshare.
If money is still owed on the timeshare, that presents a whole range of additional steps and in that case, you absolutely should contact an attorney as you would in the case of any other debt that the deceased had.
Don’t be taken in by the scare tactics that so many of these self/proclaimed ‘timeshare exit’ companies use to get you to cough up thousands of dollars so that your heirs don’t have to inherit an unwanted timeshare. As with most of the claims they make, it just isn’t true.