Timeshare: Disclaimer of Interest
A Timeshare Disclaimer of Interest (also known as a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust, according to the law of inheritance.
If you have inherited a timeshare, you may find yourself in the position of wanting to get rid of it. One way to do this is to file a timeshare disclaimer of interest. This document states that you are giving up any rights to the property and indicating that you aren’t interested in it.
Now this next part is important: You can only disclaim your interest if you have not accepted the property in any way. This means that you can’t have taken possession of it, used it, benefited from it. If you have done any of these things, then you are considered to have “accepted” the timeshare.
How to Write a Disclaimer of Interest
The first step is to research your state’s laws on disclaimers of interest. You will need to determine if there are any specific requirements in your state. Time is one element that is often strictly regulated. In most cases, you only have a short period of time after you learn of the inheritance to file the disclaimer.
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
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.
Bottom line: 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 an attorney timeshare cancellation 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
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 is managed by timeshare attorneys J. Andrew Meyer and Michael D. Finn with over 75 years of legal experience between them. For a free consultation, please contact us at 727-214-0700 or email us at [email protected].