As we have mentioned before, there are countless timeshare owning families around the globe who have enjoyed the product for many years and can only heap praise on the concept and the exchange system that drives it. For these people the idea of passing their timeshare on as a gift is a positive move which can guarantee the future generations who are inheriting timeshare a lifetime of holidays of a very high quality.
On the other side of the coin are those who no longer have the need for a long term holiday product. Whether because of changed financial or personal circumstances such as divorce or redundancy, old age, spiralling maintenance fees or simply because they are holidaying in a different way, some owners are keen to give back their timeshare. Regrettably, many are caught out by our old friend the perpetuity clause which effectively ties an owner into the contract for ever – not just their lifetime but for generations to come.
An Ongoing Burden
Unfortunately, those who are unable to secure a relinquishment agreement will find that the perceived financial burden of a timeshare will become the responsibility of their children once they have passed on.
The sad truth is that most people who find themselves inheriting timeshare do indeed view the situation as a monetary millstone – regardless as to whether they received it as a joyful gift or an unwanted perpetuity name change on the deeds. Either way they are looking for a way out and must be extremely careful to avoid the pitfalls that can catch out the legally naïve or inexperienced.
What To Do About Your Unwanted Inherited Timeshare
If you are the position where you have inherited an unwanted timeshare, it is important to get professional help and advice to guide you through the legal maze. Firstly, it is highly advisable that you do not visit the timeshare you have inherited. Of course the temptation to go and have a look round and enjoy a week in the sunshine is very real. However, it is strongly recommended that you avoid the property completely so that the resort will be unable to show that you have indicated a legitimate interest in your inheritance. In short, a visit or use of the timeshare can make a successful relinquishment more difficult to achieve, but if you have already been to the property since you inherited, it is vital that you engage the help of an expert timeshare lawyer in order to avoid being trapped with your unwanted timeshare inheritance.
Unbelievably, many timeshare companies are trying to enforce the continuation of illegal contracts. Before doing anything, read through your paperwork looking for anything connected to the length of the contract. If you find that if has no specified end date, or that it exceeds 50 years, then the contract that you have in your hand is illegal and with the help of a specialist lawyer you will not only be able to terminate the agreement but also have the basis of a claim for compensation.
Disclaiming The Inheritance
You will also need to look into whether the contract contains a clause outlining what happens in the event that the timeshare owner dies. There is unlikely to be a statement covering this eventuality so, again, an experienced timeshare lawyer will be able to help you annul the contract through the process known as “disclaiming”.
This process is the most effective way to achieve a total and unequivocal relinquishment of your timeshare – a complete exit from the product once and for all. Be aware that you are operating within a limited time period once you have inherited – you need to sign a written refusal of the timeshare which is then legally filed within a certain timeframe to ensure its legality.
Expert Help Is On Hand
Once this process has been started your timeshare lawyer will take the necessary actions to finally nullify the contract. It is important to communicate your actions with your family as a written refusal can, in some cases, mean that the inheritance moves on to the next person in line. They will need to be clear on the procedures that they will need to take in order to also be free of the responsibility of the timeshare.
The Timeshare Help Centre understands that dealing with an unwanted inherited timeshare comes at a time when people are dealing with the sadness and grief that the loss of a loved one brings. We also understand that the legal landscape can seem daunting and complex to navigate. If you find yourself in this position then get in touch for friendly, impartial advice on how you can quickly and effectively rid yourself of this financial problem.