What Happens to Timeshare When an Owner Dies?
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.
My sister passed away to my knowledge because of no will i have nothing to do with this timeshare, but im constantly recieving phone calls to sell, conpanies wanting to buy, could i possibly have been left this timeshare without my knowledge and if so how do i attempt to find out. These calls wont stop.
I own, with My x husb, who has now passed away, time share in Florida The beach club in St Augustine, I want to sell it and they are telling me I need to have the exec of his will ( there is no will ) We have one son, who does not want it, added to time share with me?? They have original death certificate but keep insisting they cannot sell it for me without adding my son?? is this BS or what?? I need that answer firstly. I want to be rid of it since no longer using and do not want to continue to make maint payments.
Were you able to sell it back to the company? My parents have a timeshare that none of us children want to inherit. I believe that this is another tactic they use to make sure that they get a check still. Thanks for any help and/or advice.
What happens is the estate refuses to pay the timeshare expenses or has run out of funds. The timeshare company can’t attack/attach any of the people who got assets from the estate, can it?
I have the same question as Mary McNally. If their are no funds left in the estate to pay the maintenance fees then who is responsible?