It’s common for parents to leave their cherished assets to their children in their will. In some instances, this may include a timeshare. You may have fond memories of childhood vacations at the timeshare property. However, you may feel differently about the timeshare as the owner. You’ll be responsible for costly maintenance fees, which average $1,000 per year and typically increase 4-5% annually. If your parents were still making monthly timeshare mortgage payments, you’ll inherit this expense as well.
In most instances, timeshare contracts contain a perpetuity clause which states that the owner is legally responsible for all costs associated with the property, including annual maintenance fees and special assessment charges, for their entire life. This clause also results in the property becoming part of the owner’s estate, which means it will be passed along to their heirs upon death even if it wasn’t specifically left to anyone in the will.
Fortunately, you have options if you don’t want to be saddled with the financial burdens of an inherited timeshare.
The easiest and most effective way to get rid of your inherited timeshare is to legally refuse it by filing a Disclaimer of Interest. This is a straightforward legal document and an experienced estate planning attorney can guide you through the process, which involves the following steps.
If you plan on refusing the timeshare, it’s crucial that you don’t use it to benefit yourself after inheriting it. The following actions may prevent you from being able to legally disclaim the property:
It’s important to understand that once you file a Disclaimer of Interest, your decision to refuse the timeshare will be permanent. You’ll have legally rescinded your interest in the property and it will be passed along to the next heir named in the estate.
In addition, you have a short window of time to file the Disclaimer of Interest. While the deadlines vary from state to state, in most instances it must be filed:
You should always check with an experienced estate planning attorney regarding these deadlines to ensure you file all paperwork on time.
While it may be tempting to simply ignore upcoming mortgage payments or maintenance fees associated with the timeshare, this isn’t a good idea. You’re typically legally responsible for these payments until you’ve finalized your refusal of the timeshare. Late fees and other fines can add up quickly, increasing your financial burden. In addition, failing to make these payments can potentially damage your credit rating, resulting in long term financial consequences.
Your Disclaimer of Interest should include:
Make sure you send copies via certified mail to the timeshare company and the executor of the estate. You also need to file a copy of the document with the county probate court handling the willed estate to serve as an official record of your refusal of the timeshare. In addition, you should keep a copy for your own records.
If you aren’t able to file the Disclaimer of Interest before the state-mandated deadline, you have options. Timeshare Termination Team can help you legally cancel your timeshare contract, permanently freeing you from the financial burdens associated with the property.
Our expert advisors utilize attorney-based solutions to ensure you can legally and permanently exit the timeshare contract. Our attorneys specialize in this area of law, allowing us to customize your exit strategy to address your unique situation. This process has helped us achieve a 100% success rate with our clients. In fact, we’re so confident in our ability to deliver results that we provide a Money-Back Exit Guarantee™ which refunds all of your money if we aren’t able to fulfill our promise.
Timeshare Termination Team is the only company in the nation to offer an exclusive You First Approach™ that focuses on your unique needs and goals at all times. This approach includes:
You don’t have to be saddled with the financial burdens associated with an inherited timeshare. At Timeshare Termination Team, we’ll review your options in detail in order to arrive at the right solution to give you the freedom you desire.
Please contact us today to schedule a free consultation. Get started on your path toward timeshare freedom today.
Freedom from your timeshare burdens is only a phone call or a click away. Schedule a free consultation with one of our Expert Advisors. They'll give you all the information you need to make an informed decision about your timeshare situation.Get Started