I don’t want to inherit this timeshare

[Anonymous]

I wasn’t sure where to post this so if this isn’t the place, I apologize.

My mother, almost 70 and not in the best health, told us that she recently bought a weeklong timeshare, and we (myself and DH) inherit it when she dies.

I don’t want any part of it. The annual dues are about $1400 a year. I’m not sure what other cost is involved, taxes? But we aren’t interested in it, and not even interested in fooling with selling it. When my mom passes, I just want it gone.

I’m assuming if we do nothing it’ll affect our credit somehow. Will it go into foreclosure?

Can I give it away for free? I’m not even interested in recouping money, it was only like $25k to begin with. It’ll just be a monkey on my back with a $1400 annual ticking time bomb that I don’t want. Any advice?

[Anonymous]

Not sure but I’ve heard you can disclaim an inheritance.

[Anonymous]

https://tugbbs.com/forums/forums/buying-selling-renting-timeshares.13/

https://www.redweek.com/rent-or-sell-my-timeshare

[Anonymous]

Anonymous wrote:https://tugbbs.com/forums/forums/buying-selling-renting-timeshares.13/

https://www.redweek.com/rent-or-sell-my-timeshare

Good sites to get more info. You may be able to give it away if you can find someone, but will probably have to cover closing costs.

[Anonymous]

Is she still within the refund/back out time frame? I would encourage her to do that instead and let her know that you absolutely do not want this. And that its a money pit. And a scam.

[Anonymous]

You can make a partial disclaimer of your inheritance when the time comes.

[Anonymous]

Tell her to leave it to someone else or to a charity and let them deal with it. Or disclaim if you can.
If she was not of sound ming try to get out of it.

[Anonymous]

Same boat op.

My mom has actually been trying to sell it. but next to impossible to clean title and get her name complete off (developer implicated). She wants her 3 kids (me + my 2 siblings) to inherit (divided amongst each other). Ugh. Even more complicated.

Following this thread on how my mom can off load the timeshare.

Is it easier to reject the inheritance if it's in a trust (verse a will)?

[Anonymous]

Anonymous wrote:Same boat op.

My mom has actually been trying to sell it. but next to impossible to clean title and get her name complete off (developer implicated). She wants her 3 kids (me + my 2 siblings) to inherit (divided amongst each other). Ugh. Even more complicated.

Following this thread on how my mom can off load the timeshare.

Is it easier to reject the inheritance if it's in a trust (verse a will)?

You can disclaim any gift. Talk to a lawyer about how to do it---it usually involves written notice within a specific time period of the transfer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Same boat op.

My mom has actually been trying to sell it. but next to impossible to clean title and get her name complete off (developer implicated). She wants her 3 kids (me + my 2 siblings) to inherit (divided amongst each other). Ugh. Even more complicated.

Following this thread on how my mom can off load the timeshare.

Is it easier to reject the inheritance if it's in a trust (verse a will)?

You can disclaim any gift. Talk to a lawyer about how to do it---it usually involves written notice within a specific time period of the transfer.

Good discussion in here about disclaiming a timeshare. Doing so will ensure you are not on the hook for the ongoing fees and no credit risk, but the estate likely be, and the property owner may try to claim them through probate.

https://www.reddit.com/r/legaladvice/comments/17m2rev/how_can_my_husband_and_i_protect_ourselves_from/

[Anonymous]

Same boat here as well. Who is the scammer telling these clueless boomers that a TIMESHARE is a valuable investment that their children will be thrilled to inherit?
FIL also bought a lot of unimproved Florida swamp from a Glengarry style salesman. Looking forward to dealing with that too.

[Anonymous]

As others said, you can reject inheriting it. You won’t be on the hook if you do that within the timeframe. Use the links above.

Also some timeshare companies (the more reputable ones, that are usually more expensive to begin with) will take them back for free if they are fully paid off - Marriott Vacation Club is one of those. They have no issue taking it back if it’s fully paid off and all dues payments are up to date.

[Anonymous]

PP here - I know reputable timeshare is an oxymoron but alas

[Anonymous]

Anonymous wrote:Same boat here as well. Who is the scammer telling these clueless boomers that a TIMESHARE is a valuable investment that their children will be thrilled to inherit?
FIL also bought a lot of unimproved Florida swamp from a Glengarry style salesman. Looking forward to dealing with that too.

Well I had some unimproved Florida land (no utilities, no water no power) that eventually became developed 50 years later. The way florida is growing you may have hope!