Once you get a timeshare in inheritance, you are probably not interested in dealing with numerous expenses associated with this property. The best timeshare exit company will help you not to inherit timeshare and cope with the long process of refusing the timeshare inheritance. Still, you will have to check up on the appropriate laws in your state, as the legislation can vary from region to region. Now, we will discover how not to inherit timeshare contract, and can you refuse to inherit a timeshare at all?
What to do once you don’t want to inherit timeshare?
Whether you are unwilling to inherit the timeshare property, there is an effective way to avoid it. First, make sure the owners, namely your parents, haven’t mentioned anyone else’s names apart from theirs on the timeshare title. If the owners put their children’s names on the timeshare agreement, it can force them to pay determined fees after the parents’ death.
If a timeshare has already been appointed to a beneficiary but is unwanted, it would be better to write your refusal. The written letter of renunciation should be sent to the timeshare company itself and the estate attorney or executor of the estate.
How to refuse the timeshare inheritance?
You can refuse to accept your timeshare inheritance – this process is called renunciation of property. Depending on the state, renunciation of property may be different, but it is essential to follow the following steps to perform a refusal of inherited timeshare successfully:
1. Decide a refusal quickly
It is vital to act without any doubts when it comes to the refusal of an inherited timeshare. Depending on the state, you have approximately nine months after you inherit property to refuse it. Keep in mind that you should have at least 21 years at the time of refusal and that it is essential not to use timeshare during these months.
2. Write a document related to the renunciation of a timeshare
Your next step is to write an appropriate document. It should include the description of the property, a statement about your renunciation and its extent (make sure you refuse the property forever), and your name and signature.
3. Send your request to a certified mail
Once your document is ready, you have to make some copies to send to interested parties. One copy should go to the estate’s executor, but use only the certified mail for this purpose. Another one should be sent directly to the timeshare company. Keep one copy of the document for yourself.
4. Bring a copy of a request of the Renunciation in Probate Court
The last step is to file a document of timeshare renunciation to a local probate court that will deal with the property you have inherited. This action will be the official record of the timeshare renunciation once it iі questioned.