Are you at risk of inheriting your parents’ timeshare? Read on to find out!
Most timeshare contracts are contracts in perpetuity. That means forever. So, if your parents own a timeshare, at the time of their death, your parents’ timeshare could pass to you. If the timeshare is not yet paid off, you inherit those payments. And you will inherit the maintenance fees. Since the average timeshare owner pays almost $1,000 in maintenance fees each year, think carefully before you say yes to your parents’ timeshare. Also, you would also be liable for any special assessments. Again, in perpetuity.
If you want your parents’ timeshare and you’re ready for all the fees associated with it, then you’re all set. You’ll be able to enjoy your new timeshare just as your parents did. But if you want to avoid your own contract in perpetuity, then here’s what you need to do to avoid owning your parents’ timeshare.
Stay off the Deed
The best way to not inherit your parents’ timeshare is to make sure you’re not on the deed. If you’re on your parents’ timeshare deed, you’ll have a much harder time not inheriting the timeshare. Unfortunately, timeshare companies will urge parents to list their children, claiming it’s a convenience. This is a common way that timeshare resorts take advantage of consumers. If you are already on your parents’ timeshare deed, they should have you removed. As with all timeshare transactions, you’ll want to confirm that they have done as your parents asked and truly removed you.
Just Say No
If you’re not on the deed, you don’t have to accept any timeshare that’s left to you. With some timeshares, you can simply refuse the inheritance. In some cases, you need to file a disclaimer of interest with the executor of the estate saying you do not wish to inherit the timeshare. The important thing to remember is they can’t make you take a timeshare you don’t want it.
If no one wants the timeshare, consider helping mom and dad get rid of it. It’s common for people to use their timeshares less and less as they age. So, if your parents’ timeshare has fallen out of use, there’s no need to continue paying expensive fees year after year. Unfortunately, timeshares can be very difficult to sell. You certainly won’t make any money off of the sale. Luckily, there are other options for getting out of a timeshare contract. However, be very careful not to fall for timeshare resale scams. These scams claim to have a (fictional) buyer for a timeshare in exchange for a fee in advance. But, after you pay the fee, the buyer disappears, along with your money.
Instead of a risky sale, consider a timeshare exit partner to help you get out of your timeshare safely and ethically. At Primo, we help people exit their timeshares every day. And we offer a free, no-obligation consultation where we’ll go over possible options for canceling your parents’ timeshare. So contact us today to learn more.