When the owner of a timeshare passes away, determining what happens to the timeshare of the deceased depends on a number of factors. This article will guide you step by step to assist you in determining what happens to a deeded timeshare in the event of death.
Is there a will?
The first way to determine to whom a timeshare property will be transferred after death is to refer to the will.
If there is a will – All property owned by the decedent (deceased person) will be dispersed according to the terms set forth in the will. If there is a will, but there is nothing specific in the will regarding the timeshare property, it will be up to the executor of the estate to decide what happens with the timeshare.
If there is not a will – The executor of the estate (as determined by state law, usually defined as the closest next of kin the absence of a will) will determine to whom/if the timeshare is transferred.
What happens if a timeshare is set to be transferred to me after a family member dies and I don’t want it?
No one wants to inherit a timeshare they truly do not want or have any use for. Many “get out of timeshare” presentations will lead you to believe that your heirs will automatically be stuck with your timeshare if you pass away. Many people choose to use the services of these often dishonest companies because they genuinely fear their friends/family being burdened by maintenance fees, special assessments and taxes after they die. The truth is, the heirs can file an Affidavit of Disclaimer if they do not want the timeshare, in effect refusing acceptance of the timeshare deed.
By completing the Affidavit of Disclaimer the person(s) entitled to the timeshare are refusing to take the title. When this happens the timeshare will remain in the estate of the deceased person until it is either:
- Given to another heir
- Or distributed by any other means legally available
If you have a timeshare and have concerns about the status of your timeshare after you die, plan ahead. You always have the option to turn ownership of the timeshare to a living trust, allowing anyone you name to have rights to use the timeshare. This way the heirs are made aware of the existence of the timeshare and can take care of maintenance fees and special assessments as they arise.
While in Possession of the Executor/Estate What Happens to the Timeshare?
The executor of the estate will be responsible for making sure all payments are completed on time for the timeshare property while in possession of the estate. They will also decide who uses the timeshare during this time, and they retain the ability to decide to rent out the unit if they wish.