If you are a timeshare beneficiary, consider yourself lucky to have a vacation home you can inherit from your forefathers. So, how does timeshare inheritance work? When someone comprises a timeshare property in their trust or will, the timeshare property management firm will go to the beneficiary when the original owner dies. The timeshare beneficiary has 2 options: transfer your timeshare ownership into their name and possess it or either sell your timeshare back to the developer or resort and get paid.
Can You Inherit a Timeshare?
The top timeshare exit companies suggest that a few requirements for timeshares are inherited from one generation to another. The original timeshare owner should add their children’s names as nominees of the trust. It will allow the children to keep, sell, or abandon the timeshare. The timeframe for renunciation differs in different states.
Once a timeshare property is inherited, the children can choose to own, sell, or sell it away. The concluding option is better as it steers clear of a potential credit hit (resulting from an unpaid timeshare). If the timeshare contract has a stability clause, it would be up to the nominees to decide if they want to retain the timeshare property, use it, or sell it away.
Can You Use Your Timeshare Inheritance for Vacations?
Timeshare is a great way of ensuring you go for a holiday every year. Several timeshare owners like to take a trip alone, with a group of friends, or with their children. Timeshare contracts allow you to split the property’s cost with others and then use it for a few weeks yearly. Instead of paying for an expensive hotel/motel room, you can split the price with other people who are willing to stay on the same property.
Also, you get access to all the discounts, amenities, and even free flight tickets. The best part about timeshare properties is that they are present in beautiful vacation spots such as Orlando, Hawaii, Mexico, and Las Vegas — all amazing places to visit.
How to Refuse the Timeshare Inheritance?
If you are a beneficiary of a timeshare inheritance but don’t want to receive it, here are a few ways to legally refuse a timeshare inheritance. The most common way is taking the assistance of the top timeshare exit companies.
File a Disclaimer Document
Suppose you have decided to decline the timeshare inheritance. In that case, firstly, you will have to file a disclaimer of no interest for an unnecessary timeshare inheritance to whoever is looking for the estate. If your parents suffer from a probate process, you’ll have to file a disclaimer of no interest in a probate court handling the case. This legal document officially announces your interest in not taking a timeshare inheritance from the estate. You’ll have about 9 months to file a disclaimer of no interest in maximum cases. If you do not file a disclaimer within 9 months, you may give up your right to disclaim.
Notify the Timeshare Resort
If the event of a timeshare owner dies, their legally nominated representative must notify the resort management. The legal representative is expected to do this as quickly as possible. The notification of the timeshare owner’s death should be in printed form and sent through certified mail. It should primarily include:
- A copy of the owner’s death certificate.
- A copy of Identification proof for the deceased.
- If you are not the family’s heir, you must include proof that you are a legal beneficiary or creditor.
- A statement that can verify that you are a legal representative.
- A copy of your valid identification.
Don’t Make Payments from Your Own Account
Do not pay any fees on the timeshare property from your bank account. If you are answerable for maintenance fee payment, the timeshare resort will likely send their executives to your house for the payment. Mail these invoices back without opening them or open the invoice and write on it – Return to Sender. This pushes payback responsibility on the resort, so they may take the timeshare property back if they want it.
After going through this guide about inheriting timeshare ownership, you might want to avoid your timeshare inheritance. For that, consider taking help from someone professional like top timeshare exit companies.