Timeshares are a bit like taxes. The obligations incurred can last long after you as the owner of the timeshare are dead?
How is this possible? After all, even if you used a timeshare to Hawaii or Lake Tahoe
once every three years, once every other year, or every chance you were allowed by the timeshare agreement after you die you certainly won’t be hitting the beaches of Oahu.
Welcome to the wide-world of timeshares, where for a fair chunk of change, plus outrageous maintenance, utility fees, and taxes, of which the maintenance fees go up every year far beyond the rate of inflation, you are pretty much obligated for life unless you sell your timeshare.
And now, the best part! Hidden among the legalize in most timeshare contracts, (written by $500 an hour lawyers with souls so shaky it will take thousands of lifetimes to work off the bad karma they’ve created) is a little gem of legal hocus pocus called a continuity clause.
Essentially, a continuity clause is the passing on of the obligation to pay these maintenances, utility fees, and taxes to your son, daughter or nieces who inherit the timeshare. Some gifts, right?
What if you failed to mention the timeshare in your will?
Ultimately, after your death, your assets (and the timeshare is considered an asset,), as well as your debts, will go through some kind of probate. And even if the nobody
specifically inherits the timeshare under a will, the timeshare company has the right and generally will make phone calls and letters asserting such rights, to collect against the estate itself.
Do those who inherit a timeshare automatically assume the bills for a timeshare?
Supposing your elderly father owned a timeshare in Honolulu and passed away, He may even have loved his two-week vacation to Hawaii each year, but now you, his daughter inherited it. The problem is, you live in New York and are married, have a husband studying law, and you have twins daughters, 4-years old.
While a Hawaiian vacation may sound great in theory, paying for four airline tickets, traveling 11 hours to on a cramped plane cabin with two toddlers, plus paying up to $1500 a year in overall timeshare fees, makes the idea not so appealing.
But are you stuck? The answer is no. Anyone who legally inherits a timeshare may legally turn it down. How? It depends upon the state you live in, and contacting an attorney such as Resort Legal Team advise you of the appropriate wording for your state, but essentially you send a written letter, usually postal certified, to the timeshare resort company formally declining to accept the “gift” of the timeshare inheritance.
This effectively releases you from any future rights to use the timeshare and also releases you from any obligations to pay for maintenance and other fees in the future.
Be sure and make this written declination as soon as possible in order to:
- Getting a bill in the near future for fees from the resort company (many bill quarterly for example.) and
- Avoid hitting any deadlines for declination. Some states, have language written into their legal statutes that you automatically accept the inheritance and thus are on the hook due to continuation clauses in the timeshare contract if you haven’t formally declined the inheritance of the timeshare within a certain period of time such as six or nine months.
So the onus is on you to decline, and on-time, otherwise the timeshare contract assumes that you have inherited all rights to use the timeshare, and fully agree to all the legal debts such as the maintenance fees.
Is it possible to get out of a timeshare?
The plain fact is that timeshares are big business, generating sales revenues of nearly $10 billion dollars per year. so a contract is a contract — unless of course, the timeshare was sold under heavy-handed pressure not allowed by law.
Timeshare Fraud Specialists cite deceptive practices such as:
- Sales presentations that go on for hours past what you were told it would.
- Being told you must buy today as the price may go up tomorrow
- It was never clear how much debt you were signing on to in the agreement
- Being told that a timeshare is an investment in real estate
- Being given a limited time to sign the contract
The Timeshare Fraud Specialists at Resort Legal Team are experts at sorting out
deceptive sales practices that timeshare companies use to rope people into signing timeshares.
Consult Timeshare Fraud Specialists at Resort Legal Team today to see how they can assist you in legally canceling and get you out from under the timeshare albatross around your neck.