Many timeshare owners are concerned that their unwanted timeshare interest will pass to their children or heirs after their death. Read below to find out more.
The best way to make sure that your children or heirs do not inherit an unwanted timeshare is to hire a lawyer who has experience with wills, trusts, and estate. Our firm does not practice in this area, and we cannot give advice that is specific to your situation.
Nevertheless, there are steps that you can take while you are alive to minimize the chances that your children or heirs will inherit an unwanted timeshare.
First, check your timeshare deed or contract and ensure that your children or heirs are not listed on that document. If they are listed, contact your timeshare developer and request that your children or heirs be removed.
Second, make sure that your will does not leave your timeshare interest to your children or heirs. If it does, you should promptly draft a new will.
Third, you can transfer your timeshare interest into a trust. This is a complex process that goes beyond the scope of our practice. If you have questions about this, you should contact an attorney with experience in trusts and estates.
In some cases, your timeshare interest will be transferred to your children or heirs even if you follow the steps above. If that happens, there are two things that your children or heirs can do to protect themselves after the timeshare interest is transferred to them.
First, they must not use, rent, or sell the timeshare interest. They should not receive any benefit whatsoever from the timeshare interest. If the timeshare developer contacts your children or heirs and suggests that they visit before deciding whether to accept your timeshare interest, your children or heirs should decline the offer.
Second, your children must file a document called a disclaimer of property interest. The requirements for this form differ from case to case and from state to state, so your children or heirs should contact an attorney following your death to ensure that all the requirements are met. Generally speaking, a disclaimer of property interest is a simple paragraph identifying the person signing, identifying the property at issue, and stating that the person signing the document “disclaims any interest” in the property. This document must be signed in the presence of a notary and it must be mailed either to the court or to the administrator of your estate by a certain date. In many states, the deadline for mailing is nine months after the timeshare interest is transferred to your children or heirs. In most circumstances, your children or heirs cannot file a disclaimer of property interest before your death.
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