ask-redweek-inherit-timeshare

What a horrible mess it was for me to get rid of a timeshare my parents bought in Branson Mo. It cost me more in attorneys fees than the place was even worth. All I can say is don't buy one! I had to hire an attorney in the state of Mo. to go through probate to deed back the property to the timeshare company. It is a waste of money on all counts and I would rather choose my place to vacation whenever I want to, not be chained down to one certain week a year at the same place!

I put it in my Will to give it to my ex-husband. LOL Or, if he dies before to - to return it to the resort. I'm hoping this will keep it out of my son's life.

My brother and his wife in VA both died suddenly and they owned a timeshare in NC which my nephew tried to disinherit by way of a letter. The timeshare resort said it couldn’t be done in NC and refused to take it back saying they would file a judgment against the estate. He had to get a lawyer and also file probate in NC which cost a couple of thousand to finally deed it back to the resort. What a mess.

If the timeshare is in the parents name and not in a Trust or Will, by default it is part of the estate. Normally the best approach is to notify the resort of the passing of the owners when the maintenance fee is received and do not provide any additional information. It is then up to the resort to determine if they want to chase for the maintenance fee. Sadly too many 'estate' attorneys ask about other property or assets and place the timeshare into the into the Trust or Will. The best thing is to leave them out and let resort to figure out what to do unless somebody, that is anyone, wishes to continue utilizing the timeshare. The primary reason for a Trust versus a Will is it reduces the chance of probate court where the timeshare resort can place a claim. Most timeshare agreements have a limited time frame of x years for ownership and define the process to return the unit to the resort. Also remember the timeshare agreement is not a mortgage, so there is no payoff of a debt and the maintenance fee is just that, a fee. If you look at the agreement, there usually is a clause that states if maintenance fee is not paid, you cannot use the timeshare. As for the people stating large attorney fee's not sure I understand, as property transfer stated in a will or trust is not automatic until any outstanding balances be it mortgage or fee is paid.

My father just passed away and he had two timeshares. He did not will the timeshare to any one in particular. But by default it goes to the heirs. But no one wants it. So what should the heirs do to abandon it and be free from any liability?

Just leave it alone and nobody will be responsible for any future fees .

This is misleading. You CANNOT abandon a timeshare. We tried and kept being charged late fees.

I agree with Don P. These companies don't acquire customers. They acquire victims. These timeshare relief companies are probably owned by the same people so they can get you coming and going.

OK how do we add one of our kids to the deed ?

How in the name of all that is holy, could a timeshare be considered a "gift" to your kids. It's a curse, like congenital syphilis, that was caused by the poor choices of their parents. Saying you gave them a "gift" is perverse in the extreme.

Renunciation of Inheritance is the best route if your family does not want the timeshare. It's legal in all states.

Renunciation of inheritance means that an heir renounces his/her right to inherit any of legacy when the heir does not want to inherit the legacy of the ancestor (a deceased person). Inheritance property includes not only “positive assets such as real estate properties and bank deposits” but also “negative assets such as liabilities”.

Have owned one for 40 yrs and getting too old to travel so they can take mine back or not as nothing is forever.

My parents are trying to put the timeshare in 4 kids names. I don’t want part of it. My mom is so upset as she considers it an asset. Wyndham told her if she adds me to the deed, that it costs me 300$ to get out of the timeshare. I don’t really believe that. My issue is 2022 the yearly maintenance is 4000 but no one can say what the yearly maintenance will be 5,10,20 years from now? What I’m gathering is that if the timeshare is not written into the will, after the passing of the original wonders, my parents, if no one pays the maintenance fees, they will just leave it alone (there is no “mortgage” left. Sooo confused.

What happens to the timeshare if the kids refuse it? Will the estate be responsible for maintenance fees forever?