Fish66
newbie
So my parents purchased three timeshares. Mom just passed away and me and my siblings are stuck with these timeshares none of us want or really can afford. Can we just bury them with mom? We didn't sign up for them at all.
So there's no fee for quit-claim?
So there's no fee for quit-claim?
there's a will but it's not specifically referred to in the will. Lawyer is a good thing....this time
For those of us with timeshares, would it work to put them in the will and make the bequest back to the resort?
You can refuse the inheritance of the timeshare, but the estate still owns it and the estate (not the heirs) is liable for ongoing maintenance fees until it gets rid of it. The estate cannot simply distribute its assets and stiff its creditors. So don't expect to get a full payout of the other assets in the estate while the estate still has liabilities from the timeshare.
This has been discussed before, and attorneys experienced with TS's have opined that the estate only has to pay the CURRENT maintenance fee bill(s) to meet the letter of the law, and then the estate can be distributed to the heirs - they are not obligated to pay the MF for all eternity.
We began going to Wyndham "owner updates" on our visits to see if we could get some assistance with the issue. Wyndham uses the "in perpetuity" to sell their times shares. But they never explain exactly how it works and no one asks, because after all, you are not exactly on your death beds when you make a purchase. My father-in-law passed away two years ago and my mother-in-law can no longer travel.
Presenters at these updates - aka sales meetings - would avoid those questions and quite often chastise us for even making an attempt to learn how "ownership in perpetuity" works. Finally at last, one of the sale persons followed us out the door and, making sure he was not observed, informed us that heirs would have to make a purchase to be eligible to inherit their parents' time shares. We asked what purchase would be required - without knowing specifically the details of my in-laws ownership - he quoted to us "95,000 to 125,000 additional points." We were floored! We then attended another "owner update" and when the "perpetuity" benefit was presented we inquired if the information we had been given about a point purchase requirement to inherit we were escorted out of the meeting.
BTW - this is not the same as a foreclosure, or the Viking Ship method, because it would be an orderly and legal transfer of the timeshare deed from the Estate to the HOA - not abandonment.