We received the following question from one of our users:
“I have been a happy Wyndham owner for many years. Recently, I bought more points because the salesman told us that upon our death, our children would not have to pay any of the maintenance fees until they wanted to use the resorts. Upon checking with Wyndham, I found this was a lie. Can I cancel this contract and get my money back?”
As with any timeshare contract, there is a rescission period (usually around 5-7 days, but varies by state) which allows you to cancel your contract. If you missed the rescission period, here are the basics of what you need to know about timeshare obligations of your heirs:
-Be aware that if you will your timeshare deed to your children, they have the choice of accepting or not accepting it. If they choose not to accept it, they can file a Disclaimer of Interest so that they will not be responsible for the property or any of its fees. The disclaimer must be in writing, so it may be best to consult an estate attorney to help with documentation.
-In order for a Disclaimer of Interest to be valid, your children are not allowed to first accept the deed or use the timeshare, and then later change their mind. They must refuse the inheritance right away.
-If a Disclaimer of Interest is filed and accepted by the courts, the timeshare will then remain in the estate of the deceased person until something else is done with it. It will be the responsibility of the executor of the estate to make those arrangements.
-It is a good idea to plan ahead. If you don’t want to dump the burdens of a timeshare on your children who might not want it, make the effort to sell, donate, or transfer the timeshare before your death.
For more information on what happens to a timeshare upon the death of an owner, read this article.