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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You don't have to accept an inheritance property: you can disclaim it. My parents own multiple timeshares and that's my plan.

That said, they get a lot of use out of their timeshares. It is a great way to travel with kids and family, and they've exchanged their week for locations all over the world. Growing up, we stayed in timeshares at Yellowstone, in Hawaii and England, Arizona, Idaho .... I'd say go with an open mind.[/quote]

Can the estate be settled if the inheritance property isn't accepted by someone?

It seems terrible that these Timeshare dealers might be circling their clients like vultures waiting to swoop in and clean out their estate.  Does that really happen?  That there are lawyers out there that specialize in getting out of these contracts is worrisome![/quote]

Not pp, but I’m going to guess the timeshares will have to be sold by the estate or there is a buy-back/termination clause in the timeshare agreement, which it probably the market value of the timeshare. Either way, you are likely correct, an estate won’t be able to close until the assets are distributed. I’d guess the timeshare company would put a lien on the estate. One way or the other, the estate will have to deal with it. [/quote]

I  posted earlier about this. The deed or whatever on my ILs timeshare specifically named the kids as the "beneficiaries". So it couldn't be disclaimed by the estate because it passed directly to the kids. The estate, such as it was, closed with no problem but they were stuck with the timeshare and the annual fees. They tried to sell it back (no dice) or sell it/give it away on the various time share sites (no takers). This was a pretty low end timeshare for an undesirable week yet had high fees. My ILs were not the savviest people around. I forget the exact amount it cost to get rid of the thing - it was in the $5k-10k range though.[/quote]

I suspect a couple of issues are getting intermixed here.  1. Most people don't pay for the full price of the timeshare upfront, they get a "great" deal and finance it over many years.  [i]IF[/i] the loan has been fully repaid and the maintenance fees are paid up for that year, you should be able to turn back in a timeshare minus some possible bogus fees.  Reputable companies will not give you a problem but there are certainly some out there that aren't.  In the scenario where it's paid off, the "value" of the timeshare is part of the deceased's estate value so if there are estate taxes owed that would be factored into the overall value of the estate.

2.  I suspect this is the more common scenario - Parents, IL's, etc. bought the timeshare and it's still got 10+ years of payments left on the loan so the estate owes that amount and possibly an early loan prepayment fee if they want out.  This could be a substantial amount which would be a debt of the estate just like if the deceased had a car loan.  If with all of the outstanding debts there is not money in the estate to pay, I can't see how the timeshare company could go after the children for that money.  The stories from pp's sound more like they are just annoyed they got $10k less or whatever was owed taken out of "their" inheritance.

As to OP's original post, if they bought with a timeshare on Interval International, there is no shortage of places to trade into.  There are a lot of very nice Marriott, Hyatt's and Sheraton's on II - all over Florida, Phoenix, Sedona, Aspen, Lake Tahoe, Hawaii, Aruba, St. Thomas, St. John, etc.  Don't despair just yet.  Hopefully, they bought a good one and you get to go some nice places!  I'm not saying you need to vacation with them all the time but maybe you will find it's not that bad.  With kids it is really nice having a full kitchen and washer/dryer.[/quote]

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