Timeshares are deeded property. Estate heirs have automatic survivorship. Unfortunately, many well-meaning timeshare owners don’t have the conversation with their families to ask who wants to inherit the property along with the maintenance fees.
If you’ve inherited a timeshare or vacation club that you don’t want, you’ve probably discovered a “perpetuity clause.” This required the original timeshare owners to pay the associated costs of owning the timeshare for their whole life. Now that they’ve passed away, it’s part of their estate.
Although the timeshare company can’t go after you if you choose not to pay for the timeshare mortgage or maintenance fees, it can go after the estate. If payments aren’t made, late fees accumulate. The resort will foreclose and take back the timeshare. If the estate had assets at the time of death, the assets must be used to satisfy the debt, penalties, fees and interest.
Don’t let it go that far!
Legal precedence has been established to allow timeshare owners the option of terminating their timeshare agreement, even if there is an outstanding mortgage on it. Through this legal process, you can be released of the financial burden of the unwanted timeshare forever.