Timeshares: What They Are and Why They Matter

If you’ve ever heard the term “timeshare” and wondered if it’s a good deal, you’re not alone. A timeshare is basically a contract that lets you use a vacation property for a set period each year, usually a week or two. You don’t own the whole building, just the right to stay at that spot during your chosen time slot. It sounds simple, but the details can get tricky, especially when life changes.

How Ownership Works and What You Pay For

When you buy a timeshare, you typically pay an upfront price plus annual maintenance fees. The upfront cost covers your right to the week, while the maintenance covers cleaning, repairs, and staff salaries. Some contracts let you trade weeks with other owners, which can be handy if you want a different location or season. However, you’re still locked into the annual fees, even if you decide not to use the week.

There are two main ways to own a timeshare: fixed weeks and floating weeks. Fixed weeks mean the same week every year—great if you love a particular holiday tradition. Floating weeks let you pick any week within a season, giving more flexibility but often requiring more coordination with other owners.

What Happens When a Timeshare Owner Dies?

One of the biggest questions owners have is, “What happens to my timeshare when I pass away?” The short answer: it usually becomes part of your estate. If you’ve left a will, the timeshare will go to the person you name. If you die without a will, the courts follow intestacy rules, which can lead to the timeshare being split among multiple heirs.

Heirs inherit both the rights to use the timeshare and the responsibility for ongoing fees. If they don’t want the vacation slot, they can try to sell it, rent it out, or transfer it to another family member. Some timeshare companies offer a “transfer on death” option that lets you name a beneficiary directly, avoiding probate hassles.

Beware of hidden costs. Even if the new owner doesn’t use the property, they still owe maintenance fees. If the fees go unpaid, the timeshare company can place a lien on the property, which could affect the estate’s overall value.

Practical Ways to Transfer, Sell, or Exit a Timeshare

If you’re stuck with a timeshare you no longer need, don’t panic. First, check your contract for a resale clause or a “right of first refusal” that lets the timeshare company buy it back. Many owners successfully sell their timeshares on resale marketplaces, but you’ll need a realistic price—usually well below the original purchase price.

Another option is a “deed-back” program, where the developer takes the timeshare back and releases you from future fees. These programs often have strict eligibility rules, so read the fine print. You can also consider renting out your week each year to cover fees; many owners do this to break even.

If you’re dealing with an inherited timeshare, talk to a solicitor early. They can help you decide whether to keep, sell, or give up the right. Often, the simplest route is to transfer the ownership to a willing family member who wants the vacation slot, saving everyone the headache of selling.

Bottom line: timeshares can be a convenient way to lock in vacation time, but they come with long‑term commitments. Understanding how ownership works, planning for inheritance, and knowing your exit options will protect you from unexpected costs and legal headaches. Keep these tips handy, and you’ll be better equipped to make the most of—or get out of—a timeshare when the time comes.