magmue
TUG Member
- Joined
- Nov 26, 2017
- Messages
- 582
- Reaction score
- 430
- Location
- Northwest of Normal
- Resorts Owned
- HGVC: Kingsland
West 57th
Worldmark
Whale Pointe fractional
Point at Poipu (deed)
Lawai Beach Resort
Kauai Beach Villas
My understanding has been No. But so many folks believe it, and I found myself digging in to some of the information out there on the web, not all of it published by TS exit companies.
The Nest (A Modern Lifestyle Resource): "Do Timeshares Get Passed on to Children?" 2019
Nerdwallet: "How Not to Inherit Your Mom's Timeshare 2018
Granted, the Nest article was reviewed by someone from Ramsey, as if that means they know what they're talking about, and the "perpetuity clause" interpretation sounded fishy to me.
This piece sounded somewhat plausible (bolding mine): "Your estate and the heirs are responsible for maintenance fees after your death.... The timeshare company can't go after your beneficiaries if they choose not to pay, but it can go after your estate. When the payments aren't made, the late fees accumulate. The resort will foreclose and take back the timeshare. If the estate has assets at the time of death, the assets must be used to satisfy your debt...... The executor of the estate is responsible for making sure the maintenance fees are paid while the timeshare is in probate."
And (again, bolding mine)"Even though your timeshare may pass on to your children upon your death, they aren't forced to accept it. By completing a written disclaimer document, your children can decline the timeshare. Specific requirements may differ among states, but a letter or statement refusing the timeshare is generally acceptable. Your children only have nine months from the date of your death to submit the disclaimer to the court. "
The Nerdwallet article gives this piece of advice that was new to me "The kids shouldn’t ever pay the maintenance fees directly, even if they’re handling the rest of the parent’s finances. Those fees should always come from the parent’s bank account".
Are these points just more snake oil, sold - however indirectly - by TS scam artists?
The Nest (A Modern Lifestyle Resource): "Do Timeshares Get Passed on to Children?" 2019
Nerdwallet: "How Not to Inherit Your Mom's Timeshare 2018
Granted, the Nest article was reviewed by someone from Ramsey, as if that means they know what they're talking about, and the "perpetuity clause" interpretation sounded fishy to me.
This piece sounded somewhat plausible (bolding mine): "Your estate and the heirs are responsible for maintenance fees after your death.... The timeshare company can't go after your beneficiaries if they choose not to pay, but it can go after your estate. When the payments aren't made, the late fees accumulate. The resort will foreclose and take back the timeshare. If the estate has assets at the time of death, the assets must be used to satisfy your debt...... The executor of the estate is responsible for making sure the maintenance fees are paid while the timeshare is in probate."
And (again, bolding mine)"Even though your timeshare may pass on to your children upon your death, they aren't forced to accept it. By completing a written disclaimer document, your children can decline the timeshare. Specific requirements may differ among states, but a letter or statement refusing the timeshare is generally acceptable. Your children only have nine months from the date of your death to submit the disclaimer to the court. "
The Nerdwallet article gives this piece of advice that was new to me "The kids shouldn’t ever pay the maintenance fees directly, even if they’re handling the rest of the parent’s finances. Those fees should always come from the parent’s bank account".
Are these points just more snake oil, sold - however indirectly - by TS scam artists?
