Do your kids have to inhert your TS?

[CarlMD]

My wife and I just bought an Endless Access Platinum account for $3900 primarily as an exit strategy for our kids should they not want to take over our Wyndham contracts when we die. Part of the deal is that they will take over one of our Wyndham contracts now and take over any or all of the other ones for a $1200 fee apiece whenever we or the kids want to get rid of them.
Another part of the deal is that Endless Access is like RCI Extra Vacations where a lot of timeshare inventory is listed for bargain rental prices. We'll see!
Anybody have any experience with Endless Access??

From others I have spoken with the Children DO inherit the timeshares, I met a couple who said they were stuck with their Wyndham as well after inheriting it, and they did not even realize her parents owned the timeshare. You may want to contact an attorney or speak directly with Wyndham or both, I would not risk my families future livlihood and holdings based on a blogger. I am doing the same and will post back as well.

 

[DeniseM]

Carl - You have been duped. No one is ever forced to accept an unwanted inheritance of any kind.

Look at it this way - Let's say I have a trashed condo that has been condemned by the fire marshal, it's an abandoned building in a slum, and I'm 18 mos. behind on my mortgage. The bank won't even foreclose. I leave it to you in my will - do you REALLY think you have to accept it???

There is a legal process in place in which the heirs can file documents with the court and refuse the inheritance. This is common knowledge.

 

[55plus]

The estate, if there is any value to it, is responsible for the debts, which can include maintenance I believe. This may vary from state to state. Once the estate is settles it's over and maintenance fees can terminate.

Wyndham points have value, not what the sales weasels sold them for, but you can get anywhere from pennies to dimes on the dollars.

 

[jaygould]

From others I have spoken with the Children DO inherit the timeshares, I met a couple who said they were stuck with their Wyndham as well after inheriting it, and they did not even realize her parents owned the timeshare. You may want to contact an attorney or speak directly with Wyndham or both, I would not risk my families future livlihood and holdings based on a blogger. I am doing the same and will post back as well.

Carl-
Any Wyndham owner who feels they are "stuck" with their timeshare should read this thread http://www.tugbbs.com/forums/showthread.php?t=221045

 

[55plus]

Limted Edition v. Pathways

I don't find the 'Limited Edition' program mentioned in the Wyndham Member's Directory. Not that I want to get rid of my timeshares or buy into a program to get rid of them. But if the program is as what is being posted then why would an owner want to pay Wyndham (buy points) to be in the Pathways program? There has to be more to it. The only thing I can think of why Wyndham would do this is to acquire more points to put into CWA trust program - more points for the sales weasels to sell.

 

[Rent_Share]

From others I have spoken with the Children DO inherit the timeshares, I met a couple who said they were stuck with their Wyndham as well after inheriting it, and they did not even realize her parents owned the timeshare. You may want to contact an attorney or speak directly with Wyndham or both, I would not risk my families future livlihood and holdings based on a blogger. I am doing the same and will post back as well.

They must take affirmative action to refuse the inheritance, whomever handed the estate or trust blinding transferred them without, knowing they were worthless. Chances are the "kids" did it to themselves. Once it's recorded the opportunity to refuse is gone.


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

(Ignore the ad's the site referenced has no filters)

BTW a "Blogger" is one man's opinion, trying to monetize his expertise, this volunteer" message board" represents 100's to 1,000's of knowledgeable users volunteering their experience and knowledge.

 

[ronparise]

The fact that you have to pay money for the Wyndham timeshares on Ebay should tell you something (and your wife). Wyndham timeshares now have value, They can be sold,,,, Perhaps not for as much money as you would like, but your estate can sell them

If however you want to just get rid of what you have now, post it on the bargain deals forum. There are a number us here that are buyers.

 

[Bigrob]

Any recent updates on this program? Anyone gotten through the process yet?

 

[CarlMD]

Is that why they are on Ebay for a $1

 

[CarlMD]

Sell on Ebay?

I have listed mine twice there, and no luck. Just because you see them on there does not mean they sell. Sounds like a resale company pitch, we have been through that before and yet we are still paying these ridiculous maintenance fees. Thanks anyways for the input, we may try to put them on this site, since it is the only place where people live in a fantasy world that thinks timeshares have value. :hysterical:

 

[CarlMD]

You must work for Wyndham...

 

[DeniseM]

Thanks anyways for the input, we may try to put them on this site, since it is the only place where people live in a fantasy world that thinks timeshares have value. :hysterical:

Do you always make fun of people who have gone to great lengths to try to help you?

 

[PeakRunner]

Denise is very helpful

Just a note to say that postings by Denise are very helpful, and are much appreciated!

 

[Bill4728]

RentShare posted a link to this but I thought I'd quote q paragraph or two

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

When you choose to refuse an inheritance there are several qualifications that have to be met. First, you must file a Disclaimer of Interest. The disclaimer must be a written refusal to accept the what was supposed to be inherited. You can't accept part of the timeshare, such as using it for one week and then not afterward. You have to irrevocably refuse the whole package. A qualified estate attorney can help you with documentation.

You have to file your Disclaimer of Interest within a certain time period, usually nine months from the date of the death of person you inherited the property from; unless you are under the age of twenty-one, then the time period begins when you turn twenty-one.

The resort or the bank will likely continue to expect payments if the unit has a mortgage. Make sure that the executor of the estate sends them a copy of the death certificate to prevent the property from going into foreclosure. A death certificate should also be sent to the property management company to prevent the continued dunning of maintenance fees.

 

[Bill4728]

The estate, if there is any value to it, is responsible for the debts, which can include maintenance I believe. This may vary from state to state. Once the estate is settles it's over and maintenance fees can terminate.

While technical true I believe that the estate must pay all current bills ( like current MFs) BUT the estate is not required to pay future MFs if no one want the TS.

 

[TUGBrian]

always saddens me when folks come looking for advice, but only if it reinforces their already established opinion.

 

[spackler]

If you don't want your kids to do through the hassle of filing a disclaimer of interest, sending notices to the TS operator, etc, simply will your timeshare to your favorite Vacation Ownership salesman.

 

[Rent_Share]

If you don't want your kids to do through the hassle of filing a disclaimer of interest, sending notices to the TS operator, etc, simply will your timeshare to your favorite Vacation Ownership salesman.

In all seriousness, he is no more obligated to accept that inheritance than your natural beneficiaries

It is better to deal with them while you are still alive, but there are firms making a living spreading the false rumor that, unless one engages them there is no alternative but to burden your dependents.

 

[bogey21]

Almost 15 years ago when I was 65 I decided to give all my assets to my kids and ex-wife and live off my very nice pension and social security. The idea was not to have an estate and the issues that go with one when I died.

I had 6 TS Weeks at the time. My Son wanted one of them which is now in his name. I methodically divested myself of the other 5. IMO leaving TS Weeks to your kids without them having a total understanding the implications of TS ownership is foolish.

If you decide not to divest your TS Weeks at least make sure your heirs understand the legal mechanics of refusing an inheritance.

George

 

[Talent312]

For anyone who is given a TS (or owns other R/E), I suggest that they themselves have a will which deals with it. Otherwise, state law decides who inherits (subject to disclaimers). This could have some weird consequences such as... Children (minor or adult) co-owning with grandchildren of a deceased sibling and recently married step-mothers, and the executor may need to spend time+money to find them all.

 

[persia]

You must refuse the inheritance, any competent lawyer can tell how to do this in your state/country. The estate must pay CURRENT debts, ie maintenance fees for current year. You do not have to pay future debts (next year's maintenance fees).

The primary way people get stuck with inherited timeshares is that they are usually grieving and don't think about what they are doing or don't realise that the timeshare is worthless. You get one opportunity to refuse. If you accept the inheritance it's yours and you can't change your mind.

 

[Jason245]

I have listed mine twice there, and no luck. Just because you see them on there does not mean they sell. Sounds like a resale company pitch, we have been through that before and yet we are still paying these ridiculous maintenance fees. Thanks anyways for the input, we may try to put them on this site, since it is the only place where people live in a fantasy world that thinks timeshares have value. :hysterical:

If I tell you that I will let you rent my 1 BR condo on the beach in miami for $200 a night or you can rent a studio next door at a hotel for $500 a night, which would you chose?

That savings is the value of a timeshare.

Your inability to maximize on that savings is probably inline with the effort you spent to ask the attorney settling the estate if you needed to accept everything in the inheritance.

 

[persia]

If people could be forced to accept inheritances there would be massive "revenge willing" to people and organizations. I could just will my timeshares to somebody I didn't like and saddle them with debt.

 

[CarlMD]

Thank you...

 

[LisaH]

If people could be forced to accept inheritances there would be massive "revenge willing" to people and organizations. I could just will my timeshares to somebody I didn't like and saddle them with debt.

LOL. What a concept...!