Timeshare ownership isn't the same as owning real estate. In general, you are buying time at a resort, not the actual resort itself. So no, they can't go after your estate, as long as the beneficiary of the estate declines to accept ownership of the timeshare. It is not required that they accept it. (Tell your heirs that.) The deed then reverts back to the timeshare resort, and it becomes their issue to deal with.
Understand going in, that no matter how much you paid for your timeshare, it is essentially worth nothing on the resale market. There are a few exceptions, but not many.
If you are concerned about getting rid of your timeshare when you no longer want it, you can do what many others have done: Offer it for free, and agree to pay the transfer fees (that's about $150 with one highly-regarded Tug member company.) Many people have found new owners this way, and you can walk away free and clear after the paperwork has processed. If you're especially anxious, sweeten the pot by offering a gift card or something, to entice someone to take it off your hands. It works in most cases.
I personally have bought and sold about a dozen timeshares over the years, all of them resale for $1 or so purchase price. When I was done with owning them, they were offered for free, and I paid transfer/closing costs for the new owner. I've gotten rid of every one within a few weeks after advertising it. The remaining timeshare I own is points-only, with no underlying deed. I bought it on eBay for a pittance, and I know the value of what I have. I fully expect when I'm done with it, I can sell it for what I paid, maybe even more. Win-win.
Dave
