Timeshare Inheritance: What You Need to Know
March 31st 2022 Posted by: SellMyTimeshareNow SMTN Category: For Owners

Timeshare Inheritance: What You Need to Know

If you are a timeshare owner, you most likely understand that you will be passing your vacation ownership onto your family when you can no longer travel or upon your passing. While this may sound grim, it doesn’t have to be. A timeshare can be an incredible gift of a lifetime of vacation memories made with family. Prepare your loved ones for inheriting a timeshare early on so that you can make a plan and ensure that your family knows their options.

The majority of timeshare properties are deeded for life, so it’s important to have a plan of who will inherit your timeshare after you’re gone.

Not only that, but it is important to educate your family on the many perks of timeshare ownership that they may be unaware of. The vacation ownership model has changed so much in the past few decades, and timeshares have become more flexible for the modern vacationer.

Learn About Inheriting a Timeshare

It’s important for your family to understand how timeshares work and all the in’s and out’s of ownership, especially with your specific timeshare.

Ownership Perks

Those inheriting a timeshare may have no idea what perks come with ownership. The younger generations often think of timeshares in terms of traditional ownership wherein you have a set week at the same resort every year.

But ownership has evolved. Timeshares are more flexible than ever and offer a unique way to travel annually. While every ownership is different, be sure to inform your family of key benefits and how to use your individual timeshare. Be sure to cover basic ownership information such as:

  • Is your timeshare deeded or Right To Use? A deeded timeshare you own for life, whereas a Right To Use (RTU) timeshare is for a set number of years. If it is RTU, make sure your loved ones understand when that contract is up and what the options are from there.
  • Do you have a points-based ownership? Explain how points can be used like currency to book shorter or longer stays are resorts in your network.
  • Do you have a week-based ownership? Show how weeks can be booked in various ownership seasons or exchange for different destinations
  • Is your timeshare part of a vacation club? Ensure the person inheriting a timeshare knows the perks that come with this such as exchange opportunities, extra vacations, travel discounts, and more.
  • Is your timeshare affiliated with RCI or Interval International? Maintaining a membership with these prestigious external exchange companies gives you thousands of additional travel opportunities worldwide.

Timeshare Expenses

Timeshares offer a more affordable way to travel annually, but it’s important to let the family member inheriting a timeshare know what they will need to pay for their vacation ownership property.

  • Is your timeshare completely paid off? If not, make sure they understand that they will need to continue to make payments on the ownership.
  • What are the maintenance fees and when are they due? These payments are made once or more every year and cover taxes, resort upkeep, and other ownership fees.
  • Are there any additional membership fees? This could include an external exchange membership fee or vacation club dues.

Your Options When Inheriting a Timeshare

One important thing that those who inherit a timeshare should know is that they do have options! If they want to keep the timeshare and use it, then no further actions need to be taken. Just be sure that the deed is all up to date before visiting the property.

However, maybe they are not interested in timeshare ownership or are unable to afford it. You can choose to rent out your timeshare to make money on unused weeks if you aren’t sure you want to permanently get rid of the property.

If you’re sure you don’t want your timeshare, can you sell on the secondary market. We’ve helped thousands of owners sell their unwanted or unused timeshares in a manner that is simple and stress-free. You don’t have to worry about inheriting a timeshare you don’t want, we can help.

If you are looking ahead to timeshare inheritance, visit our resources page for more helpful information regarding ownership to help give your loved ones all they need to know.

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