One of the questions we are frequently asked at the Timeshare Help Centre is: Do my kids have to inherit my timeshare when I die? Unfortunately the answer to that question is invariably: yes. Of course with many assets – property, savings, and investments – the opportunity to pass them down to future generations is a good thing, giving children and grandchildren a boost on their journey through life. Timeshare on the other hand can seem like a financial burden with its yearly maintenance fees that inevitably get higher and higher as the years go by with no chance of selling the product or exiting the system.
Worry And Distress
For many timeshare owners who are reaching retirement, this burden can be a cause for much concern and even distress for those who are living on a small pension and struggle to meet the annual payments let alone purchase flights and visit their apartment. Very often this worry is multiplied by the fact that once they die their children will be forced to take on the timeshare and all its related financial obligations. Even owners who have had no financial worries and have enjoyed many wonderful holidays using their timeshare are aware that their children would not take on the commitment if they had the choice.
If these situations sound familiar to you then you are probably looking for a genuine way to relinquish your timeshare once and for all. The first step is to establish whether your contract with the timeshare company contains a perpetuity clause which will force your children to take on the responsibility after you die. This clause means that the contract goes on forever and was placed in most international timeshare contracts over the last several decades. However, the Spanish Supreme Court recently ruled this clause to be illegal and that no contract could last for more than 50 years. This ruling has given many trapped owners the basis for an unequivocal relinquishment and in some cases a case for a financial compensation claim.
In most instances, when these type of cases have been brought before a court of law, the owners have not only been awarded compensation but have had their contracts annulled, have been refunded their initial outlay and have had all legal fees covered by the defendant.
Get Expert Assistance
In order to avoid your timeshare being passed on and becoming a burden for future family generations it is vital to seek expert assistance rather than trying to negotiate what is a complex and complicated process yourself. If you get in contact with your timeshare company you will almost certainly find that they will try a whole range of underhand tactics to try and discourage you from pursuing a path to getting rid of your timeshare. Their business model relies on owners paying the yearly maintenance fees, so they will use any means at hand to put you off your objective including using intimidation and lies.
A legal professional with experience in the realm of international timeshare contract law will understand these tactics and will not be put off in the pursuit of justice. After analysing your paperwork they will be able to identify whether you are able to relinquish your ownership or indeed, whether you have the basis to make a claim for compensation. An expert will become your advocate with your best interests at heart.
Help For The Family
For those with a family member who was a timeshare owner but has now passed away help is also on hand. Similarly, if you are caring for a sick or elderly parent who still owns timeshare a legal expert will be able to help you put an end to this ongoing financial burden. They can advise you on the correct process if your name is not on the deeds and can assist with matters such as power of attorney should this be necessary.
Although the legalities surrounding foreign timeshare contracts can seem daunting to navigate, with the right professional help you can soon reach a successful resolution. It is important to engage a company with experience in the field of international timeshare contract law rather than say a family solicitor who may not have dealt with this complex and nuanced area of the law.
If you are worried about your children being burdened with your timeshare when you die then speak to the Timeshare Help Centre for free impartial advice. We will study your situation and create a strategy to get you out of your timeshare once and for all. Get in touch today and begin your journey to freedom.