How to get rid of parents timeshare?, while shiny and new at first, eventually become big time headaches for owners. They come with yearly maintenance fees, incidental costs and interest.
If your parents have a timeshare and will be leaving it to you, you should ask them about putting it in a revocable living trust. This will help keep it out of probate.
Sell it
Many timeshares come with hefty maintenance fees and can be a financial burden to own. Some owners find they are unable to afford the fees and decide to sell or give it away. Inheriting a timeshare can also be a hassle and lead to long-term problems if the contract includes a perpetuity clause that requires inheritors to pay the fees until death.
Luckily, there are several options for people who have inherited a timeshare they don’t want to own. These include selling it, donating it, transferring it to someone else, renting it out, exchanging it, and simply walking away from it. Getting out of a timeshare inherited from parents can be easier than you think, with some help from the professionals at EZ Exit Now.
Donate it
There are a few ways to get rid of an inherited timeshare. You can sell it, donate it or simply walk away from it. Each option has its own pros and cons, and should be carefully considered before making a decision.
Donating a timeshare to charity can be an excellent way to get rid of a timeshare you don’t want. Many charities will accept timeshare donations, and the process is much easier than you might think. Just make sure to do your research and find a reputable charity.
Avoid rushing into a donation that may end up costing you money and time for little benefit in the long run. Instead, consult with a reputable timeshare exit company for a free consultation and case evaluation.
Transfer it
Many timeshare contracts have what’s called a perpetuity clause. This means that the timeshare will pass on to a new owner after death even if the fees are not paid on time. If this happens, the resort will regain ownership of the property and will be able to collect on any outstanding debt. If this happens, it’s a good idea to consult with a lawyer.
A lawyer can help you draft a disclaimer of interest and submit it to the executor of your parents’ estate. This will let them know that you don’t want to inherit the timeshare. They may also be able to assist you in finding a way to sell the property or get rid of it through another means.
Exchange it
Timeshares can provide families with unforgettable family vacations, but the fees associated with these properties can be costly. Many people don’t want to inherit timeshares, especially if they are not planning on using them. Fortunately, there are several ways to get rid of unwanted inheritances and avoid being saddled with these obligations.
The first step is to talk with your parents about their estate plans. You should also ask them about any timeshare contracts they own. In addition, you should read the contract carefully and seek legal advice if necessary. Finally, you should consider using a timeshare exit company to help you get rid of a timeshare that you do not want. These companies can help you find a buyer and use credit blocking services to minimize any negative impact on your credit.
Walk away from it
If you’re still a minor, or your parents didn’t plan to name you as an inheritor, it is possible for you to refuse a timeshare inheritance by filing a disclaimer with the probate court handling their estate. You’ll need to consult your local laws regarding this, and an estate attorney may be able to help.
The first step is to get a copy of the timeshare contract from the executor of your parent’s estate. Look it over and ask questions, especially about any perpetuity clauses.
Next, write a letter stating your desire to decline the inheritance and make copies for yourself, the estate, and the timeshare company. You will also want to contact a timeshare exit company such as EZ Exit Now for assistance.
