My husband and I bought a number of timeshares over time. (Apparently, I am unable to say no.) My husband has now died, and I’m 72.
Supposedly, one of many advantages of a timeshare is that your youngsters can inherit it. Nonetheless, our grownup son has little interest in inheriting these “trip alternatives,” nor in being obligated to pay the continued upkeep charges. How can I defend him from inheriting the timeshares, which embrace the burden of paying the annual charges or risking harm to his credit standing for not paying?
-J.
Expensive J.,
Timeshares are sometimes bought on the promise of idyllic household reminiscences that may proceed for generations to come back. As an alternative, they transform a monetary albatross for numerous patrons. That’s why eBay is full of listings from determined homeowners looking for to unload their “trip investments” for as little as $1.
However I’ve excellent news: Saying no to purchasing a timeshare will be robust after a high-pressure gross sales pitch that stretches on for hours. Nevertheless it’s pretty simple to say no to inheriting a timeshare in most conditions.

Most often, a timeshare will turn into a part of your property once you die. Should you included it in your will, it will undergo probate and go to the beneficiary of your selecting. You might additionally switch it on to a beneficiary via a belief or joint tenancy titling ought to you recognize somebody who truly needs a timeshare. Should you die with out a will or the timeshare for some motive isn’t included, your state’s intestacy legal guidelines would decide who inherits it. That will most likely be your son, assuming he’s your solely baby.
Once you die, your son might file what’s known as a disclaimer of curiosity with the probate court docket and ship a duplicate of every disclaimer to your property’s executor, together with the timeshare corporations. Principally, he’d be rejecting the inheritance.
Your son wouldn’t must reject his complete inheritance when you have different property that you just plan to depart to him. The disclaimer would apply particularly to the timeshares. As at all times, it’s necessary to seek the advice of with an legal professional everytime you’re drafting a authorized doc.
Usually, he’ll have 9 months from the time of your demise to do that, although the legal guidelines differ considerably by state. As soon as your son rejects the timeshares, they might probably go to the subsequent individual in line based on your state legal guidelines. That implies that every one who stands to inherit your timeshares would want to file their very own disclaimers of curiosity.
If all of your potential heirs reject the timeshare, the timeshare firm will most likely foreclose on it. Your property could also be chargeable for charges, which might eat into every other inheritance your son would obtain. However your son wouldn’t personally be on the hook for any timeshare-related prices.
Your son and every other heirs ought to keep away from utilizing these timeshares after you die. Everytime you reject an inheritance, you may’t derive any profit from the property you’re disclaiming. By staying for even one evening at one among your timeshares, he’d danger violating this rule.
The recommendation I’ve given up thus far has been in your son. One factor you are able to do to make issues simpler is to verify his title isn’t on any of the deeds. Timeshare corporations ceaselessly push patrons to place their youngsters’s names on the deed, saying it’s extra handy. However this can make disclaiming the inheritance extra sophisticated in your son. In case your son’s title is on any of the deeds, contact the timeshare corporations about eradicating it. They’ll usually agree if there’s no mortgage hooked up.
Should you don’t use these timeshares a lot, look into your choices for getting out now to make issues simpler in your son later. Sadly, that is a lot simpler mentioned than performed — therefore all these $1 timeshare listings. Some corporations could comply with take again the timeshare if you happen to don’t have a mortgage.
It could even be attainable to promote some models in the event that they’re situated in a preferred market, albeit for a small fraction of what you initially paid. Simply concentrate on the various unscrupulous gamers concerned. Don’t pay any upfront charges to an organization that guarantees to promote your timeshare or get you out of the settlement. Use the Licensed Timeshare Resale Brokers Affiliation web site to discover a dealer who will cost a fee in the event that they promote your timeshare as a substitute of demanding an upfront fee.
You’ve most likely discovered the arduous method that timeshares are sometimes a horrible deal. In any other case, the salespeople wouldn’t should lure you into shows with free resort stays and theme park tickets. They’d have a prepared pool of patrons.
Happily, although, it’s rather a lot simpler to say no to inheriting a timeshare. You could be caught together with your timeshares for now, however your son doesn’t must tackle the burden of those cash pits.
Robin Hartill is a licensed monetary planner and a senior author at The Penny Hoarder. Ship your difficult cash inquiries to [email protected].