Timeshares - compulsory inheritance?

I own two timeshares (fully paid up) with right to use until 2062. In the event of my death, would my will beneficiaries be liable for the maintenance charges if I have not written the timeshare into the will, or does the timeshare automatically become part of my estate?

If the latter is true can I specifically will it back to the resort so that my will beneficiaries do not have to pick up the maintenance charges?

I would appreciate your help on this. Many thanks, Babs

babso2 wrote:

I own two timeshares (fully paid up) with right to use until 2062. In the event of my death, would my will beneficiaries be liable for the maintenance charges if I have not written the timeshare into the will, or does the timeshare automatically become part of my estate?

If the latter is true can I specifically will it back to the resort so that my will beneficiaries do not have to pick up the maintenance charges?

I would appreciate your help on this. Many thanks, Babs

This topic has been discussed a few times here and on the TUG Forum.

Based on what I've read from these forums is... You heirs are not obligated to take the timeshare even if it was part of your will. In that case, your estate is responsible for paying the MFs, taxes, etc, until the funds in your estate are exhausted.

You can will it to the resort, but they do not have to accept it either.

However upon you demise, the executor of the estate puts a notice in local newspaper informing all interested parties of the situation. From what I've read, creditors have a limited time frame to collect any monies from the estate. After that time is up, then the estate can be closed. The resort cannot go back to the estate several years later to collect back fees.

Again, this is all based on what I've read in various forums. I would recommend talking to a lawyer who is well versed in these matters.

Thanks! That is very useful information.I will probably will it to the resort as I think they might well take it back, the two properties are still selling well as resales through the resort.

I just wanted to make sure that my relatives would not have to pay the maintenance fees themselves.

babso2 wrote:

Thanks! That is very useful information.I will probably will it to the resort as I think they might well take it back, the two properties are still selling well as resales through the resort.

I just wanted to make sure that my relatives would not have to pay the maintenance fees themselves.

As Mike stated above, the resort is not obligated to take your timeshares back even if that was written in your will. Your estate inherits the timeshares and all its encumbrances. I would definitely get the advice of an attorney as to what steps to take.