Can timeshares be willed?
Since timeshare contracts typically include “in perpetuity” clauses, owners can be on the hook for these fees for life — and the obligation to pay passes to anyone who inherits the contracts at the owner’s death. The good news: No one has to inherit an unwanted timeshare.
Can a person refuse to accept an inherited timeshare?
If you are either left a timeshare in a will or are the legal heir of someone who owned a timeshare and died without a will, you may choose to refuse to accept your inheritance. In legal terms, this is generally called “renunciation of property.”
Can a deed be inherited from a timeshare owner?
To be part of a shared, deeded ownership means having a part of real property itself—an interest in the unit and some of its common areas. Other deed owners will also own an interest in the same property. Although deeds can be inherited, not everyone wants to inherit a timeshare. This is because:
When does the clock start on a timeshare inheritance?
Laws vary, but you’ll usually have about nine months from the date of death…unless you’re a minor, then the clock starts when you turn 21. Have the executor of the estate send a copy of the death certificate to the property management company in order to stop them from demanding maintenance fees.
Can a timeshare be disclaimed by the executor?
Heirs can disclaim the timeshare If the timeshare is the “right to use” type, the heirs should direct the executor to inform the resort that the owner died, so the resort can take steps to take back the timeshare, Finn says.
If you are either left a timeshare in a will or are the legal heir of someone who owned a timeshare and died without a will, you may choose to refuse to accept your inheritance. In legal terms, this is generally called “renunciation of property.”
Laws vary, but you’ll usually have about nine months from the date of death…unless you’re a minor, then the clock starts when you turn 21. Have the executor of the estate send a copy of the death certificate to the property management company in order to stop them from demanding maintenance fees.
How old do you have to be to inherit a timeshare?
If you are under 21 years old when you inherit the property, you have nine months from the time you turn 21 to do it. It’s very important that you not use the timeshare or receive any sort of compensation from it during these nine months.
What happens to a timeshare when the owner dies?
In the best situation, the decision of timeshare inheritance is made at the time of purchase and written into the contract. Timeshare agreements usually contain a “perpetuity clause,” saying that the timeshare is valid for the lifespan of the original owner. When the owner dies, the timeshare becomes part of the estate.