Everything You Need to Know About Inheriting a Timeshare Ownership
Start writing a post

Everything You Need to Know About Inheriting a Timeshare Ownership

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.

Wrapping Up

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.

Everything You Need to Know About Inheriting a Timeshare Ownership


Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
Student Life

Waitlisted for a College Class? Here's What to Do!

Dealing with the inevitable realities of college life.

college students waiting in a long line in the hallway

Course registration at college can be a big hassle and is almost never talked about. Classes you want to take fill up before you get a chance to register. You might change your mind about a class you want to take and must struggle to find another class to fit in the same time period. You also have to make sure no classes clash by time. Like I said, it's a big hassle.

This semester, I was waitlisted for two classes. Most people in this situation, especially first years, freak out because they don't know what to do. Here is what you should do when this happens.

Keep Reading...Show less
a man and a woman sitting on the beach in front of the sunset

Whether you met your new love interest online, through mutual friends, or another way entirely, you'll definitely want to know what you're getting into. I mean, really, what's the point in entering a relationship with someone if you don't know whether or not you're compatible on a very basic level?

Consider these 21 questions to ask in the talking stage when getting to know that new guy or girl you just started talking to:

Keep Reading...Show less

Challah vs. Easter Bread: A Delicious Dilemma

Is there really such a difference in Challah bread or Easter Bread?

loaves of challah and easter bread stacked up aside each other, an abundance of food in baskets

Ever since I could remember, it was a treat to receive Easter Bread made by my grandmother. We would only have it once a year and the wait was excruciating. Now that my grandmother has gotten older, she has stopped baking a lot of her recipes that require a lot of hand usage--her traditional Italian baking means no machines. So for the past few years, I have missed enjoying my Easter Bread.

Keep Reading...Show less

Unlocking Lake People's Secrets: 15 Must-Knows!

There's no other place you'd rather be in the summer.

Group of joyful friends sitting in a boat
Haley Harvey

The people that spend their summers at the lake are a unique group of people.

Whether you grew up going to the lake, have only recently started going, or have only been once or twice, you know it takes a certain kind of person to be a lake person. To the long-time lake people, the lake holds a special place in your heart, no matter how dirty the water may look.

Keep Reading...Show less
Student Life

Top 10 Reasons My School Rocks!

Why I Chose a Small School Over a Big University.

man in black long sleeve shirt and black pants walking on white concrete pathway

I was asked so many times why I wanted to go to a small school when a big university is so much better. Don't get me wrong, I'm sure a big university is great but I absolutely love going to a small school. I know that I miss out on big sporting events and having people actually know where it is. I can't even count how many times I've been asked where it is and I know they won't know so I just say "somewhere in the middle of Wisconsin." But, I get to know most people at my school and I know my professors very well. Not to mention, being able to walk to the other side of campus in 5 minutes at a casual walking pace. I am so happy I made the decision to go to school where I did. I love my school and these are just a few reasons why.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments