Some people love their timeshares. These people go once a year to their timeshare location and enjoy the sights and the property. For others, a timeshare is an albatross, something they want to get rid of, but can’t seem to get out of. If you have avoided a timeshare all your life, but you inherit one when a relative dies, you can choose to disclaim a timeshare inheritance.
Timeshare Expenses
If you inherit a timeshare and choose to accept it, you will have non-negotiable fees to pay.
Maintenance Fees
You’ll need to pay maintenance fees every year. These typically run $1,000 or more per year and increase two to four percent per year, which means in 10 years, you could be paying much more in maintenance fees than you’re currently paying.
Special Assessment Fees
In addition to yearly maintenance fees, you may also have to pay a special assessment fee. This occurs when there is an unexpected repair or expense that the timeshare company needs to cover.
How to Disclaim a Timeshare Inheritance
If you inherit a timeshare that you don’t want, take these steps to legally refuse it.
File a Disclaimer of Interest
A disclaimer of interest demonstrates that you do not want to inherit the property. You will likely need to hire a qualified estate attorney to do this properly.
Send Copies to Interested Parties
You should send the disclaimer of interest to the executor of the will and the timeshare company. To be safe, you should also send it to the probate court. Send all of these documents via certified mail.
When you send your copy to the timeshare company, you will also want to include a copy of the death certificate.
Take Action Quickly
If you inherit a timeshare that you don’t want, take action quickly. You only have nine months from the time you inherit the timeshare to file a disclaimer of interest. If you’re under 21 when you inherit the timeshare, you must file within nine months of turning 21.
Caveats When You Disclaim a Timeshare Inheritance
Keep in mind these two important pieces of advice as soon as you learn you’ve inherited a timeshare:
Can’t Stay at the Timeshare
Some people may want to stay at the timeshare to see what it’s like before they decide to accept or refuse the timeshare. Do not do this! If you go to the timeshare and stay, the timeshare now becomes yours officially, and you can’t disclaim the timeshare.
Can’t Reverse Your Decision
If you disclaim a timeshare inheritance, this decision is permanent. You can’t reverse your decision, so be certain before you file the legal paperwork.
Final Thoughts
If you inherit a timeshare, you can choose to disclaim it. However, this does require some time and money on your part. If you want to avoid this problem all together, make sure your timeshare owning relatives knows that you have no interest in inheriting their timeshare. Perhaps they can then choose to leave it to a relative who actually wants it, rather than someone like you who does not care to own a timeshare.
Read More
Hotels vs. Timeshares: Why Hotels Are the Cheaper Option
10 Reasons Timeshares Are a Bad Idea
Disney Timeshares: The One Timeshare Worth the Money?
If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.
Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.
Leave a Reply