If you have inherited timeshare, you’ve probably discovered a “perpetuity clause.” This clause requires the original timeshare owners to pay the associated costs of owning the timeshare for their entire lifetime. Now that they have passed away, it’s part of their estate.
As a result, all financial obligations fall to the estate, including payments, maintenance fees, and special assessments. They become your responsibility as the manager of the estate—leaving a costly legacy for you who may not even want the timeshare.
Although the timeshare company can’t go after you directly if you choose not to pay the timeshare mortgage or maintenance fees, it can go after the estate. If payments aren’t made, late fees accumulate. The resort will foreclose and take back the timeshare. If the estate had assets at the time of death, the assets must be used to satisfy the debt, penalties, fees, and interest.
If you are settling a loved one’s estate that contains a timeshare—or you are preparing your own will—our team is here to help. During a season that can be filled with many different emotions and challenges, let us help you find some peace of mind.
If you’re ready to find freedom from your timeshare with someone you can trust, fill out the form to get started today! Our Expert Advisors will give you all of the information you need to make an informed decision.