Are Your Beneficiaries Liable for an Inherited Timeshare?
Timeshares can be great, but what if someone leaves you a timeshare in their will? Are you liable for an inherited timeshare and all the dues and fees that go along with it?
Estate planning attorney Bill Henry discusses whether beneficiaries are liable for an inherited timeshare in this article.
Questions About an Inherited Timeshare?
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Are You Liable for an Inherited Timeshare?
Will my beneficiaries, my children, whoever I give my timeshare – are they liable for that debt?
It’s Your Choice
Well they don’t have to be. They don’t have to accept the time, sure. They don’t have to accept the financial responsibility for the timeshare like the HOA dues or even the mortgage, for that matter. They can just say no I’m not interested in it, and I don’t want it.
So despite what the timeshare company says they are not liable for that debt.
Having said that, they may say no, I do want that timeshare. It’s in Hawaii; it’d be great. I want it.
Well then at that point the company, the hotel, or the resort can say you must become liable. You, the beneficiary, must become liable on an ongoing basis for the HOA dues or whatever the other dues are, and they at that point can choose to become liable.
But they’re not automatically liable just because you died and they inherit a timeshare.
Connect with Bill
Questions about timeshares or other estate planning issues? Set up a case assessment at 303-688-0944, or email Bill at email@example.com.