One option to avoid this is to add the beneficiaries on the title before death occurs. This solution is almost too simple and of course doesn’t come without problems. When this option is used any time a contract of any kind having to do with the property comes up, all the titled owners must sign off on it. This will lead to hassles of all sorts. Let’s face it simple family feuds can make this a nightmare waiting to happen!

The best option is to have a revocable living trust. This option leaves you in control until the death when the trustees take over. This option avoids the cost and hassle of probate court. A living revocable trust can be complicated though and it is best to consult with your accountant and lawyer regarding the best way to set it up for yourself and trustees financially.

One piece to think about it, talk to your family members and be sure they have a vested interest in the property. You may be leaving them with more responsibility then they can handle. Some families may not have the time or money to spend on a timeshare and it can really cause problems trying to keep up with it in this case. This topic is obviously not as simple as it may seem at first so do your homework. Look into the best options for you and your beneficiaries.

Inheriting a timeshare may be beneficial for some families. In other cases it can be a burden. Some families cannot afford the annual maintenance fee ($815/year average) and possible unexpected special assessment fees. This situation can be a serious problem for some. Proper estate planning should take into account the needs and desires of the inheritors to protect their credit and avoid losing the timeshare completely. Consult with your spouse and/or children to determine if they would welcome the timeshare in their inheritance.

Some of you reading this article may be in a situation where a loved one has willed you a timeshare, but you do not want to accept it. A timeshare inheritance can be refused by filing a Disclaimer of Interest although it may not be possible to disclaim the timeshare without disclaiming the full inheritance. Refusal to accept the timeshare may result in the timeshare company filing a damage claim against the estate for future loss of revenue. If the timeshare is not willed it will become part of the probate estate and when the estate is closed the timeshare ownership may terminate. If you find yourself inheriting an unwanted timeshare, be sure to seek legal advice to avoid damaging your personal credit.

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