What happens to a timeshare if it's not in a will?

japocopekawegian · 2 October 2008 at 3:56PM

My dear old mum and dad (both nearly 80yo and not very well) are worried about the consequences of passing on a timeshare in their wills. The maintenance costs would not be very nice to pass on as an inheritance but it is nearly impossible to sell (or give away) these things, so its more than likely to need dealing with. Does anyone have experience with this kind of problem or any suggestions to make?

Errata · 2 October 2008 at 5:36PM

Would it be worth trying to sell it on ebay ? You could put a reserve on it and see what happens.

wallbash · 2 October 2008 at 6:08PM

but it is nearly impossible to sell (or give away)

So you are implying that you ( them ) just want to be shot of the time-share?

To be really brutal, if they are dead , How would the service charge be enforced .

moanymoany · 5 October 2008 at 9:57PM

There will be a clause in the will that refers to 'residual estate' and the time share would fall into that.

If someone leaves you something in a will you do not have to accept it. If no-one was willing to accept the timeshare I don't know what would happen to it, but you wouldn't be lumbered.

Payments owed will be taken out of the estate. Not sure about future payments. Go to see a specialist solicitor.

tbw · 6 January 2009 at 11:16PM

If you ant to get rid of a timeshare (and its pretty much impossible to sell them or even give them away) then you should be able to return it to the 'owning company' by telling them you don't want it anymore and that you aren't prepared to pay the continuing maintenance charges. They will want you to sign the deeds back to them and then they can sell it again or do whatever they ant with it.

You could also just stop paying the annual maintenance and, after several increasingly snotty letters to you, they will re-possess it. They would probably not try to charge you anything but, by being up front and actually agreeing to hand it all back to them before it gets to the repossession stage, you might save some aggro.

I have just done this with one of my T/S 's that I really didn't want any more. (Tried selling it but eventually decided to just get rid of it).

What happens to a timeshare if it's not in a will?

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free