How Can I Eliminate My Timeshare Liability for My Heirs?
Questions about leaving your timeshare interest as part of an inheritance? This frequently asked question, “How can I eliminate my timeshare liability for my heirs?” is addressed in video interview below.
Even if someone was initially thrilled with the purchase of their timeshare interest, many owners start to lose heart over time. So it goes – and it’s worth noting that this is the case with many consumer goods. This proverbial falling out of love can happen for any number of reasons; many consumers are distressed by the prospect of rising maintenance and assessment fees. Others cite issues with making reservations, or find themselves unable to fully take advantage of their interest with time.
As a result of this growing dissatisfaction, many people have questions about leaving their timeshare interest to a loved one as part of an inheritance (or, conversely, about being on the receiving end of a timeshare deed). Consumers in this situation often find themselves asking a question along the lines of: “How can I eliminate my timeshare liability for my heirs?”
Attorney Michael Finn recently addressed that frequently asked question in a video interview, which is available to watch below:
Here is the transcript answering “How can I eliminate my timeshare liability for my heirs?”
“The key to this question is to determine first that your heirs are not already on the deed. Oftentimes, they get added to the deed at the time of purchase and nobody is really paying attention to that fact.
If you discover, as an heir, that you’re on the deed, then take steps to immediately remove yourself from the deed, redo the deed, let the resort know that you’re taking yourself off the deed, rerecord a new deed, or issue a disclaimer to indicate that you’re not willing to take this interest.
If you do end up inheriting the deed, remember that a bequest is a gift, and you do not have to accept this gift, you are allowed to say: ‘No, thank you.’”
Other Articles of Interest on Timeshare Inheritance:
Led by Attorney Michael D. Finn with 50 years of experience, the Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand vacation ownership as well as the many pitfalls of the secondary market of timeshare resales. If you feel you have been victimized by a timeshare company, contact our offices for a free consultation. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns.