Whether you’re one of the few who enjoy vacation ownership or you’re one of the many who wish they’d never signed on the dotted line, you may wonder, “What will happen to my timeshare when I die?” If your timeshare has been a burden, you may think you’ll finally be free of it. But thanks to timeshare inheritance clauses, the burden may be passed on to your loved ones instead.
While we typically think of an inheritance including property and assets, the fact is that debts and obligations can be passed on as well. And whether you’ve enjoyed your annual timeshare vacation or not, you should consider what a timeshare inheritance could mean for your heirs.
In this article, we’ll look at the ins and outs of timeshare inheritance — from the clause that makes it possible in your timeshare contract to whether your heirs are required to accept it. We’ll also provide guidance on what you can do ahead of time, with the help of Centerstone Group, so your timeshare does not cause problems for loved ones after you pass.
Can a Timeshare Be Inherited?
Yes, timeshares and related vacation ownership club memberships can be inherited.
You might be thinking, “Well, I just won’t put the timeshare in my will, and that will solve the problem.” Unfortunately, it won’t. Even if you don’t have a will at all, your property (often referred to as your estate assets) will still pass through the probate system and be inherited according to the laws of your state — a legal process known as intestacy.
The simple fact is, after you pass away, all of your property and financial obligations will be distributed to your loved ones, who are legally known as your heirs or beneficiaries. Having a will just gives you more control over how the process happens. Even if you choose to ignore it, the law (through state probate courts) will find your heirs.
But what about timeshare properties specifically, you ask? Most modern timeshares aren’t deeded real estate interests, so you might think they can’t be inherited. This, unfortunately, is not correct. Most timeshare purchase agreements now have inheritance clauses (also known as perpetuity clauses) providing that not only the property interest but all costs and debts are able to be passed on after a timeshare owner’s death.
Even if a probate court were skeptical of the idea that a timeshare could be inherited, courts will almost always defer to the plain language of contracts. Because you signed your timeshare agreement and accepted that language, the interest and costs of your timeshare almost certainly can be passed on after you die.
Are Heirs Legally Required to Keep a Timeshare?
No, heirs are not required to keep a timeshare inheritance, but there are specific legal actions that they need to take to avoid it. Once the inheritance takes place, there is a ticking clock. If your loved ones don’t take the necessary actions to renounce their interest in the timeshare within the right timeframe, they could be stuck with the ongoing costs of the timeshare contract.
Though the exact procedure is different in each state, in most cases, someone who wants to refuse an inheritance will need to file a document known as a disclaimer of interest. That document must then be given to the administrator or executor of the estate (the person who is making sure that the deceased’s property goes where it should) and filed with the appropriate government office (for example, a probate court) under state law.
State inheritance laws can be tricky, so anyone trying to disclaim their interest should probably get legal advice before doing so, and sooner rather than later. In California, for example, failing to make a proper disclaimer of interest within nine months means that someone is stuck with an unwanted timeshare, whether they like it or not.
If you’re a beneficiary who has missed their window and feels stuck with an inherited timeshare, all hope is not lost. There is still the possibility of an exit with the help of a timeshare exit company like Centerstone Group. Our team of timeshare professionals has years of experience in getting people out of tricky timeshare contracts, so if you find yourself in that situation, you should contact us as soon as possible.
How Can You Prevent Your Family From Inheriting Your Timeshare?
Yes, it is possible to avoid putting your family through the trouble and expense of having to disclaim their interest in a timeshare. A timeshare contract cannot be passed on to your heirs if it has been terminated. Therefore, a timeshare exit while you are still alive is one of the best things you can do to avoid passing on the burden of timeshare inheritance.
At Centerstone Group, we specialize in finding responsible, legal, and ethical exits for timeshare owners in a variety of situations. For long-term owners who are current on their payments, we can sometimes negotiate returns of timeshare units through developer deed-back programs.
But that doesn’t mean those who are financially struggling can’t get out. We have also achieved great success with our proprietary pressure campaign, which turns the tactics of timeshare companies against them to secure exits for our clients.
We also have a robust transfer program to help our clients turn over their timeshare to someone who actually wants it. In this way, the timeshare goes to a new owner, and a future unwanted inheritance is avoided for family members of the original owner.
Don’t Burden Your Loved Ones With a Timeshare Inheritance
For most people, they’ve regretted signing up for a timeshare, and it has been a financial burden. So of course, they wouldn’t want their loved ones to inherit the problem. But even if you’ve enjoyed timeshare ownership, your heirs likely won’t want to be saddled with ever-increasing annual maintenance fees and other costs when you pass on. Therefore, it just makes sense to look at your options for getting out of your timeshare ahead of time, saving the trouble for your future beneficiaries.
But be sure to partner with an exit company you can trust. Centerstone Group is an accredited, A+-rated company with the Better Business Bureau (BBB) with a 4.78-out-of-5-star rating from its satisfied clients. If you are considering what to do with your timeshare, give us a call, and we will schedule a free consultation to see what we can do for you.
Whether you’re one of the few who enjoy vacation ownership or you’re one of the many who wish they’d never signed on the dotted line, you may wonder, “What will happen to my timeshare when I die?” If your timeshare has been a burden, you may think you’ll finally be free of it. But thanks to timeshare inheritance clauses, the burden may be passed on to your loved ones instead.
While we typically think of an inheritance including property and assets, the fact is that debts and obligations can be passed on as well. And whether you’ve enjoyed your annual timeshare vacation or not, you should consider what a timeshare inheritance could mean for your heirs.
In this article, we’ll look at the ins and outs of timeshare inheritance — from the clause that makes it possible in your timeshare contract to whether your heirs are required to accept it. We’ll also provide guidance on what you can do ahead of time, with the help of Centerstone Group, so your timeshare does not cause problems for loved ones after you pass.
Can a Timeshare Be Inherited?
Yes, timeshares and related vacation ownership club memberships can be inherited.
You might be thinking, “Well, I just won’t put the timeshare in my will, and that will solve the problem.” Unfortunately, it won’t. Even if you don’t have a will at all, your property (often referred to as your estate assets) will still pass through the probate system and be inherited according to the laws of your state — a legal process known as intestacy.
The simple fact is, after you pass away, all of your property and financial obligations will be distributed to your loved ones, who are legally known as your heirs or beneficiaries. Having a will just gives you more control over how the process happens. Even if you choose to ignore it, the law (through state probate courts) will find your heirs.
But what about timeshare properties specifically, you ask? Most modern timeshares aren’t deeded real estate interests, so you might think they can’t be inherited. This, unfortunately, is not correct. Most timeshare purchase agreements now have inheritance clauses (also known as perpetuity clauses) providing that not only the property interest but all costs and debts are able to be passed on after a timeshare owner’s death.
Even if a probate court were skeptical of the idea that a timeshare could be inherited, courts will almost always defer to the plain language of contracts. Because you signed your timeshare agreement and accepted that language, the interest and costs of your timeshare almost certainly can be passed on after you die.
Are Heirs Legally Required to Keep a Timeshare?
No, heirs are not required to keep a timeshare inheritance, but there are specific legal actions that they need to take to avoid it. Once the inheritance takes place, there is a ticking clock. If your loved ones don’t take the necessary actions to renounce their interest in the timeshare within the right timeframe, they could be stuck with the ongoing costs of the timeshare contract.
Though the exact procedure is different in each state, in most cases, someone who wants to refuse an inheritance will need to file a document known as a disclaimer of interest. That document must then be given to the administrator or executor of the estate (the person who is making sure that the deceased’s property goes where it should) and filed with the appropriate government office (for example, a probate court) under state law.
State inheritance laws can be tricky, so anyone trying to disclaim their interest should probably get legal advice before doing so, and sooner rather than later. In California, for example, failing to make a proper disclaimer of interest within nine months means that someone is stuck with an unwanted timeshare, whether they like it or not.
If you’re a beneficiary who has missed their window and feels stuck with an inherited timeshare, all hope is not lost. There is still the possibility of an exit with the help of a timeshare exit company like Centerstone Group. Our team of timeshare professionals has years of experience in getting people out of tricky timeshare contracts, so if you find yourself in that situation, you should contact us as soon as possible.
How Can You Prevent Your Family From Inheriting Your Timeshare?
Yes, it is possible to avoid putting your family through the trouble and expense of having to disclaim their interest in a timeshare. A timeshare contract cannot be passed on to your heirs if it has been terminated. Therefore, a timeshare exit while you are still alive is one of the best things you can do to avoid passing on the burden of timeshare inheritance.
At Centerstone Group, we specialize in finding responsible, legal, and ethical exits for timeshare owners in a variety of situations. For long-term owners who are current on their payments, we can sometimes negotiate returns of timeshare units through developer deed-back programs.
But that doesn’t mean those who are financially struggling can’t get out. We have also achieved great success with our proprietary pressure campaign, which turns the tactics of timeshare companies against them to secure exits for our clients.
We also have a robust transfer program to help our clients turn over their timeshare to someone who actually wants it. In this way, the timeshare goes to a new owner, and a future unwanted inheritance is avoided for family members of the original owner.
Don’t Burden Your Loved Ones With a Timeshare Inheritance
For most people, they’ve regretted signing up for a timeshare, and it has been a financial burden. So of course, they wouldn’t want their loved ones to inherit the problem. But even if you’ve enjoyed timeshare ownership, your heirs likely won’t want to be saddled with ever-increasing annual maintenance fees and other costs when you pass on. Therefore, it just makes sense to look at your options for getting out of your timeshare ahead of time, saving the trouble for your future beneficiaries.
But be sure to partner with an exit company you can trust. Centerstone Group is an accredited, A+-rated company with the Better Business Bureau (BBB) with a 4.78-out-of-5-star rating from its satisfied clients. If you are considering what to do with your timeshare, give us a call, and we will schedule a free consultation to see what we can do for you.