When we talk of inheritance, we usually think of assets. However if you stand to inherit a timeshare, the last thing you want to do is just accept it and worry about dealing with it later. Then, you will soon realize the many advantages of it and decide to get out of such timeshare unit as this could certainly cause all kinds of problems for you down the line.
Few people realize that when they are bequeathed an inheritance, they have the choice of acceptance or not accepting it. They can choose to refuse or disclaim an inheritance. In the case of a timeshare property, this is a viable alternative to inheriting something that you don’t want or can’t use.
Meanwhile, when choosing to refuse an inheritance, there are several qualifications that have to be met. First, you must file a Disclaimer of Interest. This must be a written refusal to accept the timeshare and it must be filed within a certain time period, usually nine months from the date of the death of person you inherited the property from. Also, you have to irrevocably refuse the whole timeshare package and a qualified estate attorney can help you with the documentation.
Moreover, the timeshare resort will likely continue to expect payments if the timeshare has a mortgage. Thus, make sure that the executor of the estate sends them a copy of the death certificate to prevent the property from going into foreclosure. The death certificate should also be sent to the property management company to prevent the continued dunning of maintenance fees.
In the case of inheriting a timeshare, it is important to examine all of possible options. Take note that several people who accepted a timeshare inheritance regretted their decision and have problems getting rid of it later on. Some of them even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. So, before you say yes, do some research into what owning a timeshare involves and make an educated decision whether it is something you want or you can use.