Timeshare Inheritance: What You Need to Know

Imagine you get a letter after a parent passes away that says you now own a week at a beach resort. It feels like a gift, but suddenly you’re staring at maintenance fees, annual dues, and a contract you never signed. That’s a timeshare inheritance, and it can be confusing. Below we break down the basics, what you’re legally required to do, and the practical steps you can take right now.

Do You Have to Accept the Timeshare?

The short answer: no, you can walk away, but there are rules. When a timeshare is part of an estate, the ownership usually transfers to the heir automatically. However, most contracts include a “right of rescission” period – often 30 days – where you can reject the inheritance without penalty. If you miss that window, you become responsible for all future fees.

Before you make a decision, review the original purchase agreement. Look for clauses about transfer, termination fees, and any obligations that survive the original owner’s death. If the paperwork is buried, ask the timeshare company for a copy. Knowing the exact terms saves you from surprise costs later.

How to Keep or Get Rid of the Timeshare

If you love the vacation spot and can afford the yearly dues, keeping it might be worth it. In that case, set up automatic payments to avoid late fees, and consider renting out your week when you can’t use it. Rental income often covers most of the costs and even adds a little profit.

When the fees feel like a burden, you have three main ways out:

• Sell it: Marketplaces and specialized brokers can help, but expect to sell for less than the original price.
• Transfer it: Some resorts allow you to transfer ownership to a friend or family member for a nominal fee.
• Terminate it: This is the toughest route. You’ll likely pay a termination fee that can be several thousand pounds, plus any outstanding dues.

Before you sign anything, get a written estimate of termination costs and compare it to the market value. If the fee is higher than what you could sell for, negotiating a resale might be smarter.

Another option is to hand the timeshare to a resale company that specializes in “exit” services. Be wary of scams – only work with firms that have clear, verifiable reviews and can show a track record of successful exits.

Finally, if you inherit a timeshare that you don’t want and can’t afford to keep, talk to the executor of the estate. Sometimes the estate can negotiate a buy‑back with the resort, especially if the original contract allows it.

Remember, you’re not stuck with the timeshare forever. Understanding your rights, the contract details, and the costs involved gives you the power to decide what’s best for you.

Take action now: locate the original agreement, note any rescission deadlines, and calculate the total yearly cost. Whether you choose to enjoy that beach week, rent it out, or say goodbye, you’ll have a clear plan instead of unexpected bills.