Will My Son Get Stuck With My Timeshare When I Die?

Dear Penny,

My other half and I acquired numerous timeshares throughout the years. (Apparently, I can’t state no.) My other half has actually now passed away, and I am 72. 

Supposedly, among the advantages of a timeshare is that your kids can acquire it. However, our adult child has no interest in acquiring these “vacation opportunities,” nor in being bound to pay the continuous upkeep costs. How can I safeguard him from acquiring the timeshares, that include the problem of paying the yearly costs or running the risk of damage to his credit ranking for not paying?


Dear J.,

Timeshares are frequently offered on the pledge of picturesque household memories that can continue for generations to come. Instead, they end up being a monetary albatross for numerous purchasers. That’s why eBay is filled with listings from desperate owners looking for to discharge their “vacation investments” for just $1.

But I have great news: Saying no to purchasing a timeshare can be difficult after a high-pressure sales pitch that extends on for hours. But it’s relatively simple to state no to acquiring a timeshare in the majority of scenarios.

In most cases, a timeshare will enter into your estate when you pass away. If you included it in your will, it would go through probate and pass to the recipient of your picking. You might likewise move it straight to a recipient through a trust or joint occupancy entitling ought to you understand somebody who in fact desires a timeshare. If you pass away without a will or the timeshare for some factor isn’t consisted of, your state’s intestacy laws would identify who acquires it. That would most likely be your child, presuming he’s your only kid.

When you pass away, your child might submit what’s called a disclaimer of interest with the court of probate and send out a copy of each disclaimer to your estate’s administrator, in addition to the timeshare business. Basically, he’d be declining the inheritance.

Your child wouldn’t require to decline his whole inheritance if you have other possessions that you prepare to delegate him. The disclaimer would use particularly to the timeshares. As constantly, it’s important to seek advice from a lawyer whenever you’re preparing a legal file.

Generally, he’ll have 9 months from the time of your death to do this, though the laws differ rather by state. Once your child turns down the timeshares, they would likely go to the next individual in line according to your state laws. That suggests that everyone who stands to acquire your timeshares would require to submit their own disclaimers of interest.

If all your possible beneficiaries decline the timeshare, the timeshare business will most likely foreclose on it. Your estate might be accountable for costs, which might consume into any other inheritance your child would get. But your child wouldn’t personally be on the hook for any timeshare-related expenses.

Your child and any other beneficiaries ought to prevent utilizing these timeshares after you pass away. Whenever you decline an inheritance, you can’t obtain any gain from the home you’re disclaiming. By remaining for even one night at one of your timeshares, he’d run the risk of breaching this guideline.

The suggestions I’ve quit to this point has actually been for your child. One thing you can do to make things simpler is to ensure his name isn’t on any of the deeds. Timeshare business regularly press purchasers to put their kids’s names on the deed, stating it’s easier. But this will make disclaiming the inheritance more made complex for your child. If your child’s name is on any of the deeds, get in touch with the timeshare business about eliminating it. They’ll frequently concur if there’s no loan connected.

If you don’t utilize these timeshares much, check out your alternatives for going out now to make things simpler for your child later on. Unfortunately, this is a lot easier stated than done — for this reason all those $1 timeshare listings. Some business might consent to reclaim the timeshare if you don’t have a loan.

It might likewise be possible to offer some systems if they’re located in a popular market, albeit for a little portion of what you initially paid. Just understand the lots of deceitful gamers included. Don’t pay any in advance costs to a business that guarantees to offer your timeshare or get you out of the contract. Use the Licensed Timeshare Resale Brokers Association site to discover a broker who will charge a commission if they offer your timeshare rather of requiring an in advance payment.

You’ve most likely found out the difficult method that timeshares are generally a horrible offer. Otherwise, the salesmen wouldn’t need to tempt you into discussions with totally free hotel stays and amusement park tickets. They’d have a ready swimming pool of purchasers.

Fortunately, however, it’s a lot simpler to state no to acquiring a timeshare. You might be stuck to your timeshares in the meantime, however your child doesn’t require to handle the problem of these cash pits.

Robin Hartill is a licensed monetary organizer and a senior author at The Penny Hoarder. Send your difficult cash concerns to [email protected].


A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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