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Inheriting a Timeshare: What You Need to Know and How to Navigate the Process
Need legal help with inheriting a timeshare? Our experienced Timeshare Defense Attorneys can guide you through the process. Contact us today!
Timeshare Inheritance in Florida
Timeshare interests are a form of property rights, just like other forms of real and personal property can be transferred or inherited by a person’s heirs.
However, beauty is in the eye of the beholder, just as a timeshare ownership inheritance could be seen as a blessing or a curse by a (prospective) heir. Some people love owning a timeshare for life and taking memorable annual family vacations. The memories they’ll make from using their timeshares will be worth any expenses they might incur.
In contrast, others may balk at paying annual maintenance fees on timeshare contracts and other timeshare owners’ responsibilities that form part of the deal. Just because the deceased person loved the idea does not mean the heir will also love it.
The good news is timeshare inheritance is not forced, as the heir has a choice whether or not to accept the inheritance.
So, if you have been left a timeshare, your parents are considering leaving you a timeshare in their will, or you’re considering leaving your timeshare to someone, please read further to learn about the possible outcomes.
How Does Inheriting a Timeshare Work?
Generally, timeshare ownership operates just like the common ownership of real estate. The timeshare contract usually includes a perpetuity clause, meaning it is owned forever.
This means that if a timeshare owner dies, their interest in the timeshare property is considered part of their estate and can be bequeathed to potential heirs as part of the estate assets.
If the deceased died without leaving a will, the timeshare would also be subject to probate, just as other properties in the deceased’s estate.
Can You Refuse to Inherit a Timeshare?
If your parents or loved one has left you their timeshare estate after their demise, you can refuse the bequest through a legal process known as the renunciation of property.
The process of renunciation of property is governed by state law, so if you’d like to tow this line, you might need to consult a qualified estate attorney in your state for legal guidance.
If you’re in Florida, the law on renunciation of property, also known as the Disclaimer of Property Interests Act, would apply. The law requires that a valid disclaimer or renunciation comply with the following requirements:
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It must be in writing
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It must describe the property interest disclaimed (in this case, the specific timeshare)
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It must be signed by the person making the disclaimer
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It must be witnessed and acknowledged by witnesses just like a deed.
After preparing the document, you must personally deliver it to the Probate Court and the timeshare company or by first-class mail. Each delivery choice has legal implications, which your attorney can explain further.
Effects of a Timeshare Renunciation
If you renounce or disclaim a timeshare inheritance, you have effectively absolved yourself of the contractual obligations that come with timeshare ownership, along with losing all rights to the property.
If the original timeshare contract so provides, the timeshare ownership would revert to the timeshare company. Otherwise, ownership is transferred in the manner that would have been applied if the disclaimer had died.
However, if the previous timeshare owner leaves some outstanding debts on the vacation property and all the beneficiaries renounce ownership, the estate will be liable to pay all due monies.
If you are considering leaving your timeshare to a designated beneficiary under a will, discussing the options with a timeshare or estate planning attorney is a good idea. This is because proper estate planning can ensure that your loved ones inherit a timeshare in the way you want and with as little hassle as possible.
The timeshare industry is rapidly changing, and with new developments come different rules that can affect your estate planning when leaving a timeshare to beneficiaries.
It’s essential to keep abreast of the industry’s latest developments and consult an attorney if you have any questions about managing your timeshare. This way, you can be sure your loved ones will get the full value of their inheritance.
Is Inheriting a Timeshare Worth It?
There is no right or wrong answer here. An inherited timeshare can benefit some people, and others may consider it an unnecessary burden. Understanding all rights and obligations under a timeshare contract before deciding whether to accept a timeshare under an inheritance is critical.
A timeshare can be inherited free of any bond, wherein the new owner will be liable for all maintenance and other timeshare fees as outlined in the contract.
If it is still subject to a bond or if the previous owner had defaulted on the required timeshare maintenance fees, then the responsibility would likely fall on the shoulders of the new owner.
Each timeshare is different, so it’s important to carefully read the contract to ensure you understand all rights and obligations under the agreement. If you have any doubts, consult a firm of timeshare attorneys to get some guidance before you make your decision.
Remember that getting rid of a timeshare is problematic once you have accepted it. You might struggle to sell it at a reasonable price, so it’s probably not a good idea to accept a timeshare to sell it to recover some cash quickly. If you are uncertain about inheriting a timeshare, it may be better to renounce the property and leave the burden of ownership for someone else.
Whichever route you take, weigh your options carefully and get legal advice from a qualified attorney if necessary. The decision to accept or reject a timeshare inheritance should not be taken lightly.
How to Avoid Inheriting a Timeshare
If your parents hint that they will leave you the timeshare inheritance, but you do not want it, you must politely inform them that you do not wish to inherit the timeshare.
On the other hand, timeshare purchasers who do not wish to burden their children and heirs with the costs of maintaining an inherited timeshare need to exercise caution at the point of purchase.
When signing timeshare agreements, timeshare companies often encourage you to list your children’s names as beneficiaries “to make it easier for them to use the timeshare.” This is usually a plot for the ownership of the timeshare to pass to the named beneficiary or family member once you have passed on. Therefore, you need to exercise caution.
However, if you have already signed the contract, you can approach the timeshare resort developer and insist they remove your children’s names from the agreement. They will likely consent, provided there are no outstanding fees on the timeshare.
How Can a Timeshare Attorney in Florida Help?
If you’ve inherited a timeshare in Florida, you have a big decision on whether you’ll accept the bequest. In that case, you might need to discuss this with a timeshare attorney in Florida and get legal advice before you decide.
Your timeshare attorney can assess the timeshare contract/documentation and help you determine if keeping the legacy is worth it. If you decide to disclaim the property and need clarity on how it works, your attorney can also help.
They can also assist with preparing and delivering the necessary documents to ensure that your timeshare renunciation takes legal effect so you’re not saddled with excessive liability in the guise of a gift. You do not have to handle this issue alone. Consider getting help from an experienced timeshare attorney immediately.
It is crucial to note that such changes must be made in writing and signed off by both the timeshare owner and the developer. This document should then be stored in a secure place for future reference.
Contact an Experienced Timeshare Attorney in Florida
Inheriting a timeshare can bring advantages and disadvantages, depending on each individual’s situation. Before deciding what to do with an inherited timeshare, it is essential to understand the terms and conditions of the contract, which could be complex.
If you are considering inheriting a timeshare or need help getting rid of an unwanted timeshare, contact Timeshare Defense Attorneys to discuss your options.
Our team of experienced timeshare attorneys will help you navigate the process and understand the best course of action for your situation. We will help you make the best decision for your future.
Call us today at 888-511-3211 for a free case evaluation. Our experienced timeshare attorneys are here to help!