Not many people know that when they’re left with an inheritance, they have the right to accept or refuse it. Basically, if a parent bequeaths a timeshare property to you, you have all the right to disclaim or refuse it. In regars to a timeshare property, this is an ideal alternative to receiving something that you don’t really want.
How to Refuse a Timeshare Inheritance
You need to satisfy a couple of qualifications if you choose not to accept your timeshare inheritance. The first thing you need to do is file what’s called a Disclaimer of Interest. You need to write this disclaimer and clearly state that you’re refusing to accept what was bequeathed to you. When refusing a timeshare inheritance, you need to refuse the entire package irrevocably, meaning you can’t choose to accept some part of the timeshare arrangement, like maybe using it for a month and then disclaiming it.
For example, you can’t have already used the timeshare even for a day after the death of the owner, and then choose to disclaim it later on. You also can’t change your decision once you have filed the disclaimer. Do note as well that you need to file your disclaimer within a specific period for it to be considered legally binding.
You also need to know that the lender and/or the timeshare company would continue to expect timely payments if the property is under a mortgage. That said, you need to ensure that the estate’s executor sends them a copy of the estate owner’s death certificate, or else risk the timeshare going into foreclosure, warns an experienced timeshare lawyer. Ensure that the executor sends the property managers copy of the death certificate as well to avoid accumulating unnecessary maintenance fees.
When inheriting any type of property, it’s important that you check and understand all options available to you. Prior to just accepting, research what’s involved in owning a timeshare so that you could make a more informed decision. When in doubt, consult a lawyer with ample experience in timeshare issues.