The most common appeal for timeshare owners to purchase a vacation timeshare is the idea of sharing a regular vacation with their family, building a tradition that will live on. What happens after the original timeshare owner has passed on? What if your loved one leaves you a timeshare in their will or a trust? Can you refuse to inherit a timeshare after the owner’s death?
There is no simple answer to that question; it is yes and no. You can refuse to inherit anything that you are left in a will, but that is not the case with a trust; there are rules that you have to follow. For example, failure to renounce or disclaim an inheritance or gift can mean you’re stuck with it. An unwanted timeshare contract could be a gift that keeps giving in the form of annual maintenance fees, taxes, management expenses, and other costs.
Here are a few resources and information about timeshare transfers and how to avoid them, but if you find yourself at a crossroads with your loved one’s timeshare you never wanted, the team at Timeshare Legal is here to help you explore the best strategies for your unique situation.
How Can I Legally Refuse to Inherit a Timeshare?
1. Check Your State’s Laws
The first thing you should do upon learning that you may inherit a timeshare is figure out what the law says. State laws determine how wills are administered and how property is inherited when there isn’t a will.
Every state’s laws are different, so be careful and don’t be afraid to seek help!
2. Disclaim the Inheritance
Typically, you can disclaim an inheritance in writing; this is an irrevocable action. You need to type and sign your disclaimer and get it notarized in case someone tries to challenge it later.
Submit a physical copy of the disclaimer with the executor of the estate. Depending on the state you reside in, you may also need to file the disclaimer with a probate court. Court filings are not cheap and may cost between $100 and $500.
What Are the Consequences of Refusing a Timeshare Inheritance?
Most would consider the singular setback: once you refuse the timeshare, you don’t have any legal influence on what happens next. Refusing means you cannot stipulate who it goes to or doesn’t go to next; additionally, you are not able to refuse to have the inheritance donated.
Once you have disclaimed your interest, it goes to the next person in line, though the process can vary from state to state. Therefore, the state law will determine what happens once you refuse to inherit the timeshare.
What is the Deadline for Renouncing a Timeshare Inheritance?
Most states will have a law that defines a specific time to disclaim your inheritance, typically nine months from the inheritance date. Each state has additional laws regarding age and other factors, so it is critical to check your local laws and seek counsel to understand them clearly.
Unfortunately, if you miss the deadline to refuse to inherit a timeshare, you are stuck with it. Once the title passes, the timeshare company can start looking to you for payment, and all ownership factors are in place, including foreclosure, which could damage your credit score.
No Matter How You Got Into Your Timeshare, Timeshare Legal Can Help Get You Out
As the leading timeshare exit company, Timeshare Legal offers a way out! We have helped thousands of clients cancel millions of dollars in timeshare debt. We understand the financial burden that timeshare companies leave their owners to carry; Timeshare Legal offers no-money upfront options for qualified candidates. With over hundreds of 5-star reviews, there is a reason we are the leading timeshare cancellation company.
