Depending on your perspective, inheriting a timeshare can be a blessing or a curse. If you have amazing memories of childhood vacations at the timeshare property, you may be excited to build new memories there with your children. However, there are many people who feel that the timeshare is a burden and prefer not to inherit the property.
Timeshares carry significant financial obligations that you’re legally required to pay, even if you’ve inherited the property. This is because most timeshare contracts include a perpetuity clause which places the legal responsibility for all associated fees in the hands of the beneficiary upon the owner’s death. Currently, the average annual timeshare maintenance fee is $1,000, and maintenance fees tend to rise approximately 4% each year. These costs can be financially crippling and if you have no interest in using the property, they are certainly an unwanted burden.
Fortunately, you have options if you want to legally refuse a timeshare inheritance. However, it is a complex process that requires the expert legal guidance. Working with an estate planning attorney will help you understand your options.
Every situation is unique, and the solutions available to you will depend on a variety of factors, including:
It’s important to understand that even if you plan on refusing the timeshare, you must pay all maintenance fees and other costs associated with the timeshare until the process of refusing the property is complete. Failure to do so may have a negative impact on your credit score.
If the timeshare has been placed in a revocable living trust, you may potentially be shielded from personal liability regarding unpaid maintenance fees. In addition, the trust may establish a process that allows for payment of all fees out of the assets in your loved one’s estate. It’s crucial to speak with an experienced estate planning attorney who can explain your financial responsibilities and the process established for paying fees when the timeshare is governed by a trust.
If you don’t want to take possession of an inherited timeshare, you can file a disclaimer of interest. This is a legal document that states your desire to forego your rights to the property. Once the disclaimer of interest has been filed, it is irrevocable, and your decision will be permanent.
In most instances, you’ll only have about nine months after the death of your loved one to file a disclaimer of interest. If you’re a minor, you’ll have nine months from the date of your 21st birthday to file this document. Due to the time-sensitive nature of this process, it’s crucial that you decide whether you want to move forward with a disclaimer of interest quickly.
There are a few important caveats to keep in mind when filing a disclaimer of interest:
Depending on your circumstances, filing a disclaimer of interest may not be the best solution. In these situations, you can work with a timeshare cancellation company to help you get out of the timeshare.
At Timeshare Termination Team, we work with a team of attorneys who will design a customized strategy to safely, legally and permanently cancel the timeshare. We have extensive experience helping individuals break free from the burdens of an unwanted timeshare inheritance, and our solution will focus on addressing your unique needs and goals.
Since all our exit strategies are attorney-based, we’ve been able to achieve a 100% success rate with our clients. This allows us to confidently offer you a Money-Back Exit Guarantee™ that protects you throughout the process. If we’re unable to provide you with a legal and permanent exit solution within a clearly defined period of time, you’ll receive a full refund.
We provide a You First Approach™ that places your needs first every step of the way. As part of this process, we’ll provide you with the insights and education necessary to make a fully informed decision about your options. Getting out of an inherited timeshare can be a complex endeavor, and our expert advisors will carefully evaluate the circumstances associated with your timeshare to ensure the correct approach is used.
You don’t have to be stuck with an unwanted timeshare you’ve inherited. Timeshare Termination Team is here to help you start your journey on the path toward the freedom you desire. Please contact us today to schedule a free consultation.
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