Decades ago, or perhaps more recently, ...
You were on vacation and were offered the opportunity to view a wonderful timeshare development. The setting was idyllic and you envisioned yourself every year enjoying a week's bliss surrounded by extensive amenities and fine weather.
Fast forward, and for the past few years neither you nor a family member has been able to travel to your timeshare. The annual maintenance fees have escalated and an assessment is looming for repair or replacement of the timeshare amenities.
During covid, many timeshare owners have considered 'giving up' their timeshare.
Perhaps you have inherited a timeshare, but do not want to take on the annual costs for the maintenance or possible assessments of the timeshare.
This is an issue facing many families who signed on to the timeshare principle.
When you want to be 'released' from the responsibilities of owning a timeshare, the process may not be easy or straightforward.
Timeshare ownership involves contractual obligations. Depending on the contract, those obligations might/could be passed down to beneficiaries of that timeshare contract.
Some articles suggest that simply 'giving back' the timeshare is a solution. Others recommend allowing the timeshare ownership to go into default. Still others write that a beneficiary may renounce the obligation of inheriting.
Whatever the terminology and recommended methodology -(each might have a unique consequence rather than a solution) - some of the methods recommended are:
"cancel" your timeshare; stop paying maintenance fees; renounce the inheritance; seek a "loophole" in the timeshare contract; in perpetuity clauses; "abandonment" of a timeshare; removal of family members on a timeshare deed; disclaimer of interest; giving back the timeshare...
Before you leap into any method -
It is advisable to first review the timeshare contract that was signed; then seek the advice of a professional to determine if you will be able to no longer have the obligation of paying for the timeshare.
I have reviewed many estate plans with timeshares as an "asset" to be inherited.
If you are considering a timeshare, have the timeshare contract and all related documents reviewed by your own legal professional before you sign. Your heirs will thank you.
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