# Getting rid of a week so this 'asset' is not forced on my kids.



## BrettA (Nov 3, 2013)

Hello:  I bought a timeshare week (15) at Panorama Resort in BC 25 years ago which I gather is effectively worth nothing (people can't sell for $1 because the high maintenance fees).

If I can't get rid of it, can I ensure it doesn't go to either of my 2 children when I die?  Can they simply refuse it.  Can I give it to the owing company or the timeshare owners' user group, for example.  Or can I declare bankruptcy even while owning this 'asset' as my only asset (at a future time).

Thanks, Brett (Newb)


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## DeniseM (Nov 3, 2013)

Your heirs are not required to accept any inheritance that they don't want - however, they will have to jump through the hoops to legally refuse it.



> Can I give it to the owing company [Mortgage company?]



1.  Is it paid off?

2.  Have you tried contacting management about giving it back to them?  (This will take some persistence and getting past the lower lever drones.)

3.  Have you tried giving it away?

How to give your timeshare away on TUG:  http://www.tugbbs.com/forums/showthread.php?t=132509


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## Passepartout (Nov 3, 2013)

Check with an estate planning attorney in Canada- preferably in your province. In USA, an heir can refuse any inheritance. Your Personal Representative (Executor) informs the resort in this case that no one wants the timeshare. It may take them filing for foreclosure on it, and wrecking the credit of the decedent (you)- but it's doubtful you're in a position to care. The vast majority, when presented with a death certificate, and a letter that there is no heir, will simply accept the deed back without question or hoops to jump through. 

The important thing is that your potential heirs are not on the deed nor do they  'accidentally' pay a maintenance bill. That might cause the resort to say that simply paying the bill, is de-facto accepting the property.

If you are finished using the week, there is a chance the resort would take a deed-back anyway. You would have to contact the HOA to do that, and it might take paying a couple years' MF, but if told you have no intention of paying any more, it has a way of getting them off the dime.

Bankruptcy works, but is a pretty extreme way of dumping a timeshare.

Jim


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## BrettA (Nov 3, 2013)

DeniseM said:


> Your heirs are not required to accept any inheritance that they don't want - however, they will have to jump through the hoops to legally refuse it.



Well that's promising at least - thx !  

1. Paid off but behind in fees (rectifiable).  

2. I gather they didn't consider that… thx again and I'll start trying.

3. I'll look at your link, too (Panorama is rather out of the way - I doubt many would want it).  Again, thx Denise).


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## csxjohn (Nov 4, 2013)

Check these out then check to be sure it applies in Canada.

http://en.allexperts.com/q/Time-Shares-1843/2011/2/Timeshare-deed-perpetuity.htm

http://www.timesharetrap.com/how-to-refuse-a-timeshare-inheritance.html

http://www.tugbbs.com/forums/showthread.php?t=184162&highlight=refuse+timeshare

http://www.tugbbs.com/forums/showthread.php?p=1527637#post1527637


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## SMHarman (Nov 4, 2013)

That's barely a ski week, though that far North it should still qualify as one.

Three and half hour drive from the nearest airport does make it less appealing as a ski destination for many, that's after the cross country or head north flight.

If you have little future need for credit at this time then you can choose to damage your credit and them foreclose on you, likely more effective than bankrupting yourself out of it.  It costs money to file for bankruptcy!  

If you stop paying the MF then they can take various legal steps to obtain that money but realistically (seek local legal advice) they will be fairly fruitless.  At that point you can be telling them you want to deedback and they are not seeing another penny.  A sensible (when are they) HOA will accept the deed rather than leave the place without MF for two years, they can then put it up for sale or up for rent to help cover the running costs and reduce the impact on other owners.


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## BrettA (Nov 4, 2013)

SMHarman said:


> That's barely a ski week, though that far North it should still qualify as one.


Yeah, it's a ski week about every 3 years; but I got it at a -hehe- deal at a $12K.

Thx re: you can choose to damage your credit and them foreclose on you… and: A sensible (when are they) HOA will accept the deed rather than leave the place without MF for two years...

…but ISTM they're going for the "get it from the estate" (or kids) route.  It's probably been 8-9 years with no MF.  ITSM they want to get it from the estate rather or (kids) then foreclose or accept deed (just my thoughts).


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## BrettA (Nov 4, 2013)

csxjohn said:


> Check these out...


 Gracias.  And will do.


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## BrettA (Nov 4, 2013)

Passepartout said:


> Check with an estate planning attorney in Canada- preferably in your province.


Thanks.  This is hopeful: "The vast majority, when presented with a death certificate, and a letter that there is no heir, will simply accept the deed back…"  

My wife already  'accidentally' paid maintenance bills, FYI. 

I've now contacted the HOA to do that - we'll see.

Re: "Bankruptcy works, but is a pretty extreme way", it's only extreme if nothing else works.  Having my kids pay a useless fee is more extreme, IMO.  Or their kids…


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## THE AVENGER (Dec 6, 2013)

Will your week of ownership to the timeshare company, then it becomes theirs when you die!


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## theo (Dec 7, 2013)

*Nope...*



THE AVENGER said:


> Will your week of ownership to the timeshare company, then it becomes theirs when you die!



Utter nonsense, with all due respect. Unless things are very different in Canada (...which I seriously doubt), as a matter of law *no* entity is ever required to just unilaterally accept an unwanted, unwelcome inheritance --- including the "timeshare company" to which you make casual reference.


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