Can You Refuse To Inherit A Timeshare?
Owning a timeshare is a dream to some, but to others it is nothing more than a burden. Because timeshares can be transferred to others, you may inherit an interest in one through a will or some other legal process. What you may not know is that timeshares have maintenance or membership fees. Additionally, if your inherited timeshare has an outstanding balance, then you may become responsible for that unpaid bill. As a result, you may be wondering what your options are if you find out that a timeshare has been left to you. Here’s more on timeshares and what you can do if you have inherited a timeshare that you do not want.
Timeshares And Inheritance
Because most timeshare is considered property, if you own it in your sole name at your death, then it could be passed onto your family members or others through your will.
If you do not have a will when you pass, your timeshare may go to your heirs as outlined in your state’s laws on intestacy.
If the property goes to your loved ones through a will, then the property must go through the probate process. What this typically means is that a court where the property is located will need to approve the transfer and ensure that all applicable laws have been followed. You may want a free consult on your contract with a timeshare attorney to find out exactly if and how timeshares can be passed down.
Refusing A Timeshare Inheritance
As with any property that has been left to you, you are not required to accept it. But in order to decline your inheritance, you must follow your state’s laws on filing a disclaimer of interest. Typically, this document will need to be signed, dated, and filed with the probate court. You should be aware that when you refuse a timeshare inheritance, you will not be able to use it. Additionally, the timeshare could very well then pass to the person next in line to receive the deceased person’s property.
It is important that you understand that you must act fast if you want to refuse your timeshare inheritance. Depending on your state’s laws, if you become aware that you have been left a timeshare, and you do not file a disclaimer of interest in a timely manner, then you might end up becoming the legal owner.
Alternatives To Refusing A Timeshare Inheritance
If a timeshare seems to have some value to you, it may make sense for you to accept your inheritance and then try to sell it on the open resale market. You should be aware that accepting a timeshare will cause you to become the legal owner and be held to all the obligations and responsibilities of timeshare ownership.
Still, the cost of owning a timeshare may be far less than what you get for it if you sell. Consulting your state’s laws on inheritance taxes is also recommended as accepting a timeshare may result in you owing money to the IRS. Similarly, accepting a time share and then selling it may subject you to tax liability on the proceeds of the sale.
This article is for information purposes only and does not represent legal advice. Please contact a timeshare attorney is you have specific questions.
Florida Timeshare Lawyers
The Finn Law Group is dedicated to assisting clients with timeshare issues. We are also known for resolving financial dilemmas through settlement and negotiation, litigation, bankruptcy, and other legal avenues so that our clients can get the resolution that they are entitled to. We are here for you. Our experienced attorneys and legal staff can thoroughly review your situation and advise you about viable solutions. To have a free consultation in office or over the phone with the Finn Law Group, call (855) 346-6529 or email us today at [email protected] | Look for more on our Twitter page.