Even if you have the worlds best relationship with your other siblings, don't do it. Let it go.
Eight reasons come to mind for finding another solution:
- Conflict and Disagreements: Whenever multiple individuals co-own property, especially family members, there is a significant potential for disagreements and conflicts over how to use the timeshare, when to use it, and who should be responsible for maintenance, fees, and other expenses. Sibling rivalries or differences in financial means can exacerbate these issues.
- Financial Responsibilities: Timeshares come with various ongoing expenses, such as maintenance fees, property taxes, and repair costs. Then there is the cost of traveling to the destination that may become an issue. Deciding how these expenses will be divided among siblings can be challenging, as one sibling may not be able to contribute as much as the others, leading to resentment or disputes.
- Usage Conflicts: Scheduling time for each sibling to use the timeshare can be a logistical challenge, especially if they have different work schedules, family commitments, or live in different locations. Coordinating vacation times can lead to frustration and disputes.
- Exit Strategy: It can be difficult to sell or exit a timeshare when all co-owners don't agree on whether to keep it or sell it. This can lead to situations where one sibling wants out, but the others want to keep it, causing friction.
- Inheritance and Future Generations: If you think it is hard now, wait till a sibling passes. When siblings own a timeshare together and one of them passes away, determining what happens to their share can be complicated, especially if there is no clear plan in place. This can lead to legal battles or strained relationships among surviving family members.
- Changing Life Circumstances: Over time, siblings may experience significant changes in their lives, such as getting married, having children, or relocating. These changes can affect their ability and desire to use the timeshare, leading to further disputes and complications.
- Maintenance and Upkeep: Ensuring the timeshare property is properly maintained can be a challenge when there are multiple owners. If one sibling neglects their responsibilities, it can affect the overall value and enjoyment of the timeshare for the others.
- Unequal Financial Contributions: If one sibling contributes more to the purchase or ongoing expenses of the timeshare, it can create resentment and friction within the family, potentially leading to strained relationships.
If you decide to share ownership I would highly suggest consulting with legal and financial professionals to draft a formal agreement that addresses these issues. An agreement in writing can help mitigate potential conflicts and ensure a smoother timeshare ownership experience for the 3 of you.
How I look at it, if the thought of getting an agreement in place to cover the issues I mentioned above causes any anxiety then you know for sure that the 3 of you shouldn't own the never ending commitment and financial liability together.
Suggestion: Let the estate sell it and then split up the monies among the 3 siblings. Less stress. Less problems in the future.
