Not everyone wants to inherit their parents’ timeshare. You may love traveling, but paying for maintenance fees and the cost associated with taking a trip may seem overwhelming. So, keep reading to learn how to get rid of your parents’ timeshare.
Does My Parents’ Timeshare Pass to Me?
As a next-of-kin or estate beneficiary of a family member who owns a timeshare in perpetuity, you can inherit that timeshare. There are some timeshares that have Right To Use ownerships, which means their ownership will expire. It’s still possible for you to inherit an RTU timeshare, even if it’s only a few years away from expiration. Perpetual timeshares, on the other hand, can pass down through generations.
How Timeshares Are Owned in Perpetuity
Most timeshares owned by deceased individuals become part of their estate when they pass away. In other words, along with other personal assets, timeshares and their responsibilities are also passed down. A perpetuity clause is in some timeshare contracts.
It is common for timeshare titles to have perpetuity clauses, which means they are inherited forever. This is known as a deeded timeshares.
Right to Use (RTU) timeshares are typically over a specific period of time. So, in this case, the ownership expires when the contract ends. The expiration date will be written into the timeshare contract at the time of purchase. If you inherit an RTU timeshare, you only take over the timeshare responsibilities until the contract is over. So, if you’re looking to get rid of your parent’s RTU timeshare, you may have to just wait until it expires.
Timeshare owners can name their next-of-kin as co-trustees. This ensures they get to do whatever they want with their timeshare. As co-trustee, they have the choice to keep, sell, give away, or abandon their timeshare after inheriting it. By abandoning a timeshare, the inheritors won’t be responsible for timeshare payments. If you are unsure about handling your timeshare ownership inheritance, we recommend consulting with an estate attorney.
What Should I Do If You Inherit A Timeshare and Want to Get Rid of It
Hopefully, if you inherit your parents’ timeshare, it isn’t a surprise and you are ready to keep it or have a plan in place to get rid of it. But, if you don’t have a plan in place, there are options like renting, selling, giving it away, or abandoning the ownership.
Rent Your Timeshare
Our marketplace allows you to rent out your timeshare if you inherit one that you won’t use. During the years that you won’t use your inherited timeshare, renting it out will allow you to cover your annual dues and put some money back in your pocket. In addition, your ownership will be advertised for rent by our experts and you will keep all the proceeds. Find out how we can help you rent your timeshare by calling 1-800-610-2734.
Sell Your Timeshare
Another option is to sell your parents’ timeshare on the resale market. You can easily sell your timeshare by posting it on Timeshares Only. Our timeshare resale experts can create an ad campaign tailored specifically to your timeshare if you call 1-800-610-2734 or fill out the form below. A broker with experience in transferring ownership will be recommended to assist in the transfer as soon as you receive an acceptable offer.
Give Your Timeshare Away
Someone you know, a relative, or even a stranger might have an interest in taking over your parents’ timeshare that you’re trying to get rid of. Although you won’t get anything for it, you won’t be responsible for the fees. However, in the event that the paperwork isn’t in order and the new owner does not pay the annual maintenance fees, you could be responsible for them. So, make sure you take it out of your name and put it into theirs.
Abandon Your Timeshare
Lastly, there is a chance you can abandon the timeshare. We do not provide estate-planning advice, so if you need assistance with managing your timeshare inheritance, please contact a reputable attorney or professional. Upon inheriting a timeshare, you can write a Disclaimer of Interest if you do not wish to keep it. By submitting a Disclaimer of Interest, you are indicating your intention to deny your interest in an inherited timeshare. It is essentially a letter informing all parties that you do not wish to keep the timeshare. The only cost you will incur once you submit all the legal documents will be the minimal fee to be free from the timeshare.
Timeshares Only Can Help You Get Rid of Your Parents’ Timeshare
Timeshares Only are here to help if you are looking to rent out your timeshare or sell it on the resale market. With over 25 years of experience in the timeshare resale space, our experts can help advertise your timeshare for sale as well as rent it out. In addition, our company holds a BBB Accredited Business Rating of A+, and we are a proud member of ARDA. So contact us now at 1-800-610-2734 or via the form below. We can help assist you in any way possible to help you get rid of your parents’ timeshare.