QUESTION
Can the timeshare company go after my heirs if they do not want the timeshare and the maintenance fees that goes with it?
Asked on Nov 06th, 2013 on Estate Planning - Nebraska
More details to this question:
I have a time-share and am getting old and I will have heirs when I die. Can the timeshare company go after my heirs if they do not want the timeshare and the maintenance fees that goes with it? Is there anything I can do to not burden my family?
14 ANSWERS
2 Awards
Sell the timeshare if you want to release them of the burden. That said, your estate is liable for the debt not the heirs, so if they don't want it they will not be responsible for the debt. That said the timeshare company can go after your estate if they so choose. They typically don't, but can.
Answered on Nov 07th, 2013 at 11:09 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Generally, the answer would be no. But they could go after your "estate," if you leave one. Everything depends on how you have your estate plan set up. Your best bet is to meet with an estate planning lawyer to get this straightened out.
Answered on Nov 07th, 2013 at 6:14 PM
Edwin K. Niles
Someone would have to review the contract to answer this question.
Answered on Nov 07th, 2013 at 6:14 PM
No, they will not have a claim against your heirs.
Answered on Nov 07th, 2013 at 6:14 PM
Thomas Edward Gates
You can direct that, in your will, the timeshare be sold, rather than given to anyone.
Answered on Nov 07th, 2013 at 6:13 PM
3 Awards
Consider leaving it to charity who can then sell it or they can disclaim it.
Answered on Nov 07th, 2013 at 6:13 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Sell the timeshare now. I know, you'll take a loss on it, but that solves your problem. Otherwise, your heirs (why don't you have a will?) will have to sell it, or give it back to the timeshare company, in order to avoid the maintenance fees. They can't continue to be owners and not pay the maintenance charges.
Answered on Nov 07th, 2013 at 6:13 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Yes the time share company will try to and sue the estate, for a breach of the contract; you should let the timeshare company foreclose the property or give them a deed I lue of foreclosure; obtain the services of a probate or real estate attorney to assist you.
Answered on Nov 07th, 2013 at 6:12 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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See an estate planning attorney with the details. The contract is paramount. Generally hiers have a right to deny a bequest.
Answered on Nov 07th, 2013 at 6:12 PM
Generally, only if your heirs are listed on the title or are otherwise contractually obligated to the timeshare company can the timeshare company pursue your heirs. If your estate fails to pay any of the required obligations to the timeshare company then the obligations become a debt of the estate and the timeshare company will only be paid if there are sufficient assets of your estate. Any obligation may be secured by your interest in the timeshare property and may become a lien on that interest. When the timeshare interest is sold, any lien would be deducted from the sale price. You should also ensure that you do not name any heir to inherit your timeshare interest if you do not want it to pass to an heir.
Answered on Nov 07th, 2013 at 6:11 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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Explain the situation to the management of the timeshare. They will usually just let you give up the timeshare ownership, so it won't be a problem for your heirs.
Answered on Nov 07th, 2013 at 6:11 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Sell the timeshare for what you can get for it and put that money into the estate.
Answered on Nov 07th, 2013 at 6:11 PM
Assuming you do not want to sell the timeshare prior to you death, include a clause in your will directing that the timeshare be sold and any income from the sale distributed among your heirs. If you die without a will, your heirs can refuse to inherit the property and the executor will have to sell it.
Answered on Nov 07th, 2013 at 6:10 PM
You have options. You can sell your timeshare now or ask in your will to sell it after you die. In the event an heir inherits the timeshare, they can either sell it themselves or refuse to accept the gift if they do not want it and the estate will do what it needs to with the timeshare.
Answered on Nov 07th, 2013 at 6:10 PM