Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't get how timeshares work

If you inherit it, you are responsible for the annual fees (usually thousands) even if you don't use it.

But a timeshare is just you buy a week at a place right? How is this any different that just renting a vacation rental for a week? I don't get it.

You are a co owner of the property, responsible for maintenance fees. But, typically you have no say in the maintenance decisions and are not entitled to a specific unit. Sometimes you are entitled to be there for a specific week but most places have converted to a points system where you have to book way in advance.

There are people who fully own a specific unit year round and can update and furnish it themselves, that seems OK. But usually when people say timeshare that's not what they mean.

I don't hear any benefits here. What's the point?

There arent any and they should be illegal.

+1 They should absolutely be illegal. Giant scam.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't get how timeshares work

If you inherit it, you are responsible for the annual fees (usually thousands) even if you don't use it.

But a timeshare is just you buy a week at a place right? How is this any different that just renting a vacation rental for a week? I don't get it.

You are a co owner of the property, responsible for maintenance fees. But, typically you have no say in the maintenance decisions and are not entitled to a specific unit. Sometimes you are entitled to be there for a specific week but most places have converted to a points system where you have to book way in advance.

There are people who fully own a specific unit year round and can update and furnish it themselves, that seems OK. But usually when people say timeshare that's not what they mean.

I don't hear any benefits here. What's the point?

There arent any and they should be illegal.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't get how timeshares work

If you inherit it, you are responsible for the annual fees (usually thousands) even if you don't use it.

But a timeshare is just you buy a week at a place right? How is this any different that just renting a vacation rental for a week? I don't get it.

You are a co owner of the property, responsible for maintenance fees. But, typically you have no say in the maintenance decisions and are not entitled to a specific unit. Sometimes you are entitled to be there for a specific week but most places have converted to a points system where you have to book way in advance.

There are people who fully own a specific unit year round and can update and furnish it themselves, that seems OK. But usually when people say timeshare that's not what they mean.

I don't hear any benefits here. What's the point?

I grew up vacationing in timeshares. It was an economical way for a family to stay somewhere - 2+ bedrooms, kitchen for meals, amenities like pool, art classes, fitness classes. All "free" in the sense it was a sunk cost once you bought in. You could swap around to different properties, unlike a family vacation home. And rental houses were not as much of a thing back then.

Now I'm an adult with one kid and we can sometimes manage to use my parents' timeshare exchange but you have to book a year or more ahead and often the properties are not right where I want to be (typically outside major cities). VRBO is almost always a better fit for us.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't get how timeshares work

If you inherit it, you are responsible for the annual fees (usually thousands) even if you don't use it.

But a timeshare is just you buy a week at a place right? How is this any different that just renting a vacation rental for a week? I don't get it.

You are a co owner of the property, responsible for maintenance fees. But, typically you have no say in the maintenance decisions and are not entitled to a specific unit. Sometimes you are entitled to be there for a specific week but most places have converted to a points system where you have to book way in advance.

There are people who fully own a specific unit year round and can update and furnish it themselves, that seems OK. But usually when people say timeshare that's not what they mean.

I don't hear any benefits here. What's the point?

My in laws bought one because they basically wanted to commit themselves to a week at Disney every year. They did this when the grandkids were little. Now the kids don't want to go with them anymore. (Not our kids - my BIL's kids.)

They got it cheap but it's not SO cheap to actually use. They tried to give it to us to use once but all the properties we could spend their "points" at were going to cost enough money that we felt like the juice was not worth the squeeze.

TL;DR: I think people like the idea of being committed to a week of vacation somewhere warm and it seems like a bargain. Then it's not such a bargain and you don't want to go there anymore anyway. But you're stuck.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You should start a thread on the Money forum (or at Bogleheads.org) and ask/search How to get rid of a timeshare.

I’m Not asking HOW!! This is a PSA to everyone with adult children to get the hell rid of their timeshares now! Their children do not want them.

The child does not have to accept the timeshare in an inheritance. Nobody can force you to accept a gift or inheritance.

Oh, but they sure try to convince heirs that they can't. Heirs can file a disclaimer in probate court. Unfortunately, the timeshare is still part of that owner's estate, so the obligations attached to it are passed onto the estate and thus dilute it for the heirs. You often need to hire a specialist to negotiate a deed in lieu to get the estate out of it.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't get how timeshares work

If you inherit it, you are responsible for the annual fees (usually thousands) even if you don't use it.

But a timeshare is just you buy a week at a place right? How is this any different that just renting a vacation rental for a week? I don't get it.

You are a co owner of the property, responsible for maintenance fees. But, typically you have no say in the maintenance decisions and are not entitled to a specific unit. Sometimes you are entitled to be there for a specific week but most places have converted to a points system where you have to book way in advance.

There are people who fully own a specific unit year round and can update and furnish it themselves, that seems OK. But usually when people say timeshare that's not what they mean.

I don't hear any benefits here. What's the point?

People are complicating their life unnecessarily buying. Time shares are the worst, but we also had hard time with HYSA and life insurance that was left to a minor.
There is nothing easy about closing an estate. Even finding a lawyer was hard.

The John Oliver episode on timeshares was eye-opening. My in-laws have bought into these and expect to pass it on even though we have no interest. My husband does not have the heart (balls) to tell them he doesn’t want it. I think they are too old/stubborn to figure out how to get out of it themselves.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't get how timeshares work

If you inherit it, you are responsible for the annual fees (usually thousands) even if you don't use it.

But a timeshare is just you buy a week at a place right? How is this any different that just renting a vacation rental for a week? I don't get it.

You are a co owner of the property, responsible for maintenance fees. But, typically you have no say in the maintenance decisions and are not entitled to a specific unit. Sometimes you are entitled to be there for a specific week but most places have converted to a points system where you have to book way in advance.

There are people who fully own a specific unit year round and can update and furnish it themselves, that seems OK. But usually when people say timeshare that's not what they mean.

Anonymous wrote:

Anonymous wrote:I don't get how timeshares work

If you inherit it, you are responsible for the annual fees (usually thousands) even if you don't use it.

But a timeshare is just you buy a week at a place right? How is this any different that just renting a vacation rental for a week? I don't get it.

Anonymous wrote:

Anonymous wrote:And PSA to adult children:You don’t have to accept this “gift” if it’s willed to you. Do not get saddled with your parents’ foolish financial decisions.

Not totally true, each heir has to file a “disclaimer of interest” with the probate court to refuse the timeshare.

Is there a deadline?

Timeshares are a no.

Anonymous wrote:

Anonymous wrote:You should start a thread on the Money forum (or at Bogleheads.org) and ask/search How to get rid of a timeshare.

I’m Not asking HOW!! This is a PSA to everyone with adult children to get the hell rid of their timeshares now! Their children do not want them.

The child does not have to accept the timeshare in an inheritance. Nobody can force you to accept a gift or inheritance.

What a mess. Sorry for those who need to deal with this.

Anonymous wrote:It’s harder for your parents to sell it than it is for you to decline it.

People are selling them for $1 on ebay to suckers.