Timeshare: Disclaimer of Interest
A timeshare disclaimer of interest, often referred to as a renunciation, is a formal declaration made by an individual, indicating their intention to forgo or relinquish their legal entitlement to an inheritance.
This inheritance could be the result of provisions made in a will, through the laws of intestacy (which come into play when someone dies without a will), or even through a trust, as stipulated by inheritance laws. Inheriting a timeshare can sometimes be more of a burden than a blessing. While the idea of owning a vacation property might sound appealing, the ongoing maintenance fees, association dues, and other associated costs can make it less desirable.
If you find yourself in the situation where you’ve inherited a timeshare and wish to distance yourself from it, the Timeshare Disclaimer of Interest is a tool you can employ. By filing this document, you are explicitly stating that you are waiving any and all rights to the inherited property and have no interest in claiming or using it.
How to Write a Disclaimer of Interest For a Timeshare
It’s important to understand the conditions under which you can file a disclaimer of interest. To successfully disclaim your interest in the timeshare, you must not have engaged with the property in any manner that could be construed as acceptance. This includes actions such as taking physical possession, using the property for personal enjoyment, or deriving any financial benefit from it. Engaging in any of these activities would mean you’ve “accepted” the timeshare, making it impossible to later disclaim your interest.
Quick Things to Know About Disclaimers of Interests
Next, gather all of the necessary information and documents. This will include a copy of the death certificate, the will (if there is one), and any other relevant paperwork required. You will then need to draft the disclaimer of interest itself. This document should state that you are not interested in the timeshare and are giving up any claim to it.
Finally, once the disclaimer of interest is completed, you will need to sign it in front of a notary public and preferably with a witness present. Keep in mind that filing a disclaimer of interest is a serious legal matter. If you have any questions or doubts, it’s best to consult with an attorney before taking any action. After it is signed, you should send the packet by certified mail or have a courier deliver the documents directly to the probate court and the timeshare company.
Please note that filing a disclaimer of interest does not cancel your timeshare contract. The developer or owner’s association may have to foreclose on the property or terminate the membership in order for you to be completely removed from ongoing obligations of the timeshare. Timeshare attorneys are usually familiar with developer procedures for recovery of a vacation ownership interest which includes timeshare termination in these instances.
A Relevant Example Published on Disclaimers of Interest
A recent article written by Robin Hartill adds to the subject of Disclaimers of Interest. Hartill is a well-respected personal finance advisor and nationally syndicated writer. She also writes the Dear Penny advice column for the Penny Hoarder. The Tampa Bay Times recently published a question from a timeshare owner:
Dear Penny: Will my son get stuck with my timeshare when I die?
The article discusses a few circumstances that heirs might encounter when it comes to timeshare inheritance issues. Hartill says that;
“Timeshare companies frequently push buyers to put their children’s names on the deed, saying it’s more convenient. But this will make disclaiming the inheritance more complicated for your son. If your son’s name is on any of the deeds, contact the timeshare companies about removing it. They’ll often agree if there’s no loan attached.”
While that’s not always the case, it’s important to understand that timeshare companies don’t want the ownership interest stuck in limbo. They want to know that the timeshare will continue to generate income and they are usually willing to work with heirs to make that happen.
Final Thoughts
If you have inherited a timeshare and are interested in learning more about disclaimers of interest, getting a proper opinion about your disavowal should be your first priority. You may find that you have more options than you at first thought, and a timeshare attorney could save you a great deal of money in the long run, if heirs are eventually stuck with an unwanted timeshare property.
Here is another resource: Six worst assets to inherit
Disclosure: This general information should not be construed as legal advice. Each situation is unique and you should consult a qualified attorney to get specific advice regarding your individual circumstances.
———————————————————————–
The Finn Law Group, a renowned legal firm specializing in timeshare matters, is spearheaded by the expert duo of attorneys J. Andrew Meyer and Michael D. Finn. Together, they bring to the table an impressive combined experience of over 75 years in the legal realm, ensuring clients receive top-tier advice and representation. If you’re seeking guidance or have questions related to timeshares, we invite you to reach out for a complimentary consultation. You can contact us directly at 727-214-0700 or send us an email at [email protected]. Follow us on Twitter X social media
