When someone thinks of an inheritance, most often that inheritance is a car, house, money, or perhaps even antique furniture that’s been passed down through the family. However, in some cases, the death of a loved one may result in the inheritance of a timeshare.
Timeshares can come with a hefty price tag at an average of $20,040. Annual maintenance fees, repairs, and travel expenses can add up and end up costing you thousands of dollars.
But once you’ve inherited a timeshare, how can you get out of one? Consider the following ways how to cancel your timeshare contract if you’ve been the unlucky recipient of this inheritance.
File A Disclaimer Of Interest
Once you’ve inherited a timeshare that you either can’t use or don’t want, it’s important to file what’s called a Disclaimer of Interest. A Disclaimer of Interest is a written refusal that states you refuse to accept the timeshare property.
A timeshare cancellation lawyer can help you through the process of filing this disclaimer. However, it’s important that you pay close attention to the deadline. The deadline to file the disclaimer varies from state to state, although in most states you have up to nine months from the date of your loved one’s death.
You’ll need to contact the executor of your deceased loved one’s estate to have them send a copy of the death certificate to the timeshare’s management company. This will keep them from demanding maintenance fees. The executor will also need to send a copy of the death certificate to the bank or resort to prevent the timeshare from being foreclosed upon.
Let The Family Know
Once you’ve filed a Disclaimer of Interest, it’s impossible for you to claim ownership of that property. However, in most cases, the timeshare will be passed on from you to the next person in line in the family.
That being said, it’s important to inform the rest of the family that you plan to file, or have filed, a Disclaimer of Interest so the next person in line will be prepared. Should that person not want the timeshare, they may also file a Disclaimer of Interest.
Timeshares can be a complicated and messy business. It’s understandable not to want to hold onto one once you’ve inherited the property. For more information on how to get out of timeshare ownership and how to cancel your timeshare contract, contact a timeshare cancellation lawyer today.