Timeshare is also referred to as vacation ownership with equal rights to different individuals. When you get a timeshare property through inheritance, it can be a blessing or a curse for you. Some people have beautiful childhood memories in their timeshare property which they want to cherish forever. Still, some people think that timeshare is a burden and refuse to inherit the property.
Timeshare property comes with several financial problems, and when you have no interest in using the property, it feels like an unwanted burden. If you don’t want the timeshare, you can refuse to accept the inheritance, and it is known as “renunciation of the property.”
But you can refuse to accept the timeshare and move on. There is a legal process to move further, which you have to follow that requires expert legal guidance. Many timeshare cancellation companies will help you get out of the timeshare.
Go through the following steps that need to follow in refusing your inheritance legally –
- File your disclaimer on time: If you inherit a timeshare or other property that you don’t want, then you must act fast. Laws vary in different countries, but usually, if you are under 21, you only have nine months from when you inherit a property to refuse it, and the clock starts when you turn 21. It is necessary to understand that you should not use the timeshare during these nine months or receive any type of compensation from it. Because if you do so, you will lose the right to refuse the timeshare property.
- Draw up a document to declare rejection of timeshare: If you are confirmed that you want to refuse the inheritance, then you must need to draw up a document that includes:
- A description of the property which you can get from the executor of the estate.
- A statement that declares the rejection of your timeshare forever.
- Your name and your signature for proof.
- Inform your family: Once you refuse the timeshare, it will automatically go to the next person who is in line to inherit. If that person doesn’t want the property, he/she also has to file their disclaimer. Many companies can help you get rid of this situation, like timeshare freedom groups, which help you find the best options for getting out of your timeshare.
- Send copies of the documents via authorized mail to interested parties: After all the procedures, you have to make several copies of your renunciation. Send one copy to the executor of the estate and one to the timeshare company via authorized mail. Don’t forget to keep one copy for yourself.
Refusing a timeshare inheritance is not a big task. All you have to do is complete your process at the right time, so you don’t have to face any kind of hassle. If you don’t want to get into such trouble, it’s better to tell your parents or relatives that you have no interest in timeshare property so that they can give them to someone else.