For people who were bequeathed a timeshare inheritance, they have the choice of acceptance or not accepting it. However, with the unstable economy today while many owners are trying to get out of their timeshares, it’s no wonder why most people refuse this kind of inheritance.
If you decide to refuse an inheritance, there are many qualifications that have to be met. First, you should file a Disclaimer of Interest. This is a written refusal to accept the timeshare. The Disclaimer of Interest must be filed within a certain time period. Usually, this is nine months from the date of the death of the person you inherited the property from. Unless you are under the age of twenty-one, the time period begins when you turn twenty-one.
If the timeshare has a mortgage, the timeshare resort will likely continue to expect payments. Also, make sure that the executor of the estate sends them a copy of the death certificate to prevent the property from going into foreclosure. A death certificate should be sent also to the property management company to prevent the continued dunning of maintenance fees.
In general, if you refuse an inheritance, it will go directly to the next person in line to inherit. If you have a large family and no one wants the timeshare, each one should file their own Disclaimer of Interest.
Many people refuse to inherit a timeshare due to a number of disadvantages with this kind of property. Perhaps these people have seen several dissatisfied owners trying to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. If ever you have a timeshare inheritance, would you accept it or not?