What You Need to Know
Have you ever heard of a timeshare? It’s like owning a piece of a vacation home that you can use for a certain week each year. But when someone dies and leaves you their timeshare, it can turn into a big problem. Many timeshare contracts have a rule called a “perpetuity clause.” That means the ownership—and all the bills—keep going forever and pass to family members.
If you do nothing and just ignore it, you might end up stuck with it. The law can see your silence as saying “yes” to owning it. Even worse, if you use the timeshare for a vacation or rent it out, that’s also seen as accepting it.
The good news is you can say “no thanks” the right way. Here’s what you need to know, explained simply.
Why Timeshares Can Cost Heirs a Lot of Money
Timeshares come with yearly fees (called maintenance fees) that can be $1,000 or more. These fees often go up over time. There might also be extra big bills for repairs, called special assessments. If the original owner still owed money on a loan, you could get stuck paying that too. What seems like a free vacation spot can turn into a money drain you never asked for.
Don’t Ignore It—Take Action Fast
- Doing nothing doesn’t get rid of it.
- Using the timeshare even once (like going on a family trip there) means you accept it. Then it’s too late to say no.
To stay safe, you need to officially refuse it.
How to Say “No” to a Timeshare You Inherit
You do this by filing a paper called a “Disclaimer of Interest” (or sometimes a Renunciation). It’s your way of telling everyone you don’t want the timeshare.
Steps to Follow:
- Hurry up: You usually have only about 9 months after the person dies to file this. (The exact time can be different in each state, so check.) If you were under 18 when they died, your 9 months start on your 21st birthday.
- Make the paper: Write that you refuse the timeshare. Describe it clearly and sign it. Some places need a notary or witnesses.
- Send it to the right people:
- File it with the court handling the estate (if there is one).
- Mail copies to the person in charge of the estate, the timeshare company, and any bank that has a loan on it. Use certified mail so you have proof.
- If it’s a deeded timeshare (like real ownership of property), record it in the county where the vacation spot is.
- Tell other family members: When you refuse it, the timeshare goes to the next person in line (like another heir). They might need to refuse it too if they don’t want it.
Once you file the disclaimer the right way, you’re free. You won’t owe any fees or debts.
Things to Remember
- Rules are a little different in every state. For example, Florida has its own laws.
- If nobody in the family wants it and everyone refuses, the timeshare company might take it back.
- It’s smart to get help from a lawyer who knows about estates or timeshares. They can make sure everything is done correctly.