The Unfortunate Truth about Timeshare Inheritance
Timeshares have quickly become one of the biggest and most profitable sellers in the hospitality and travel industry. They reached such high sales numbers because the sales agents make them sound like they are too good of a deal to pass up. Most people who are caught up in these catchy presentations eventually sign up for a lifelong timeshare contract that cant be voluntarily stopped at any time for any reason.
Timeshare Inheritance – Are Your Children Responsible?
If the owners of the timeshare can not find a new owner, the children can be forced to receive the estate and inherit timeshare assets upon the death of the owners. It may not be until after the timeshare owner passes away that the children understand the pitfalls of their parents entering into these timeshare contracts. Many children are saddened to learn these financial obligations are being forced upon them at the death of their parents, resulting in a troublesome timeshare inheritance.
In reality, buying a timeshare is a commitment for the rest of your life and it will take professional assistance for you to get out of it. What is even worse is that your children will be forced into a timeshare inheritance and all of the responsibilities and expenses of the timeshare you purchased after you are gone. They will be paying for your timeshare mistake for the rest of their lives, unless you can liquidate, sell, or transfer it to someone else before you pass away.
Why a Timeshare Sounds Like a Great Idea
The basic theory of a timeshare is pretty simple, which is why so many people buy into the concept. You pay a one-time purchase fee that will entitle you to a weeklong vacation every year at a specific vacation resort. Instead of renting rooms or rental properties whenever you decide to take a vacation, you will now own vacationing rights to a single location for one week each year (or every other year, in some cases). Although the rental charges for the property itself are covered, there are still other hidden costs involved every time you use your timeshare. Many times, the ones burdened by the timeshare inheritance are never aware of these hidden costs until they receive their surprise timeshare inheritance.
Do Timeshares Really Save You Money?
Because of the upfront costs associated with buying a timeshare property, there is actually a very narrow margin in which your timeshare can actually save you money. That cost savings can only be realized when you have used the property for a significant number of vacations year after year, and those savings will only continue if you regularly use it throughout the entire course of your life. There are some people who use their timeshares enough to make it worth the costs involved, but most normal travelers never end up recouping their initial investment. Their timeshare ends up costing them more than they bargained for.
Millions of people “own” a timeshare somewhere in the world, but very few can actually afford to keep up with all of the fees and taxes that are barely mentioned during the initial sales pitch. Creative marketing campaigns and eager commission-driven salespeople will convince travellers that timeshares are the most cost-effective way to see the world, but over time the costs involved in maintaining a timeshare will be valued at significantly more than what the average family is able to spend on a yearly vacation. Inheriting timeshare without understanding the possible savings and costs leaves those with the timeshare inheritance both frustrated and confused.
Inheriting Timeshare Doesn’t Mean You Physically Own Anything
Although timeshare owners receive a legal deed to the vacation property, they don’t actually own a particular suite or room. They only own vacationing privileges at a specific resort, rental home, or possibly a condo for a predetermined period of time (generally in perpetuity, or forever). If you buy into a timeshare, this doesn’t mean you actually own any physical property, however you are committed to paying fees and taxes for the use of that property for as long as the timeshare exists.
When a person buys a timeshare, they automatically become responsible for all future fees associated with the purchase. If the property is still in the development process, these maintenance fees can end up costing way more than a typical vacation. The resort can also choose to increase maintenance fees or levy special assessments at any time for any reason and the “property owner” has little or no recourse.
When a timeshare owner eventually passes on from this life, that timeshare will also pass on . . . to their children – a mandatory timeshare inheritance. Their costly vacation property will inevitably become the responsibility of their kids. These expensive and practically permanent timeshares, which most people regret investing in, are passed on from generation to generation until one generation decides to liquidate the burdensome timeshare property.
In most cases, the successors or heirs inherit the timeshare and all of the financial obligations that come with ownership regardless of whether they have any interest in using it. Most timeshare contracts include a never-ending perpetuity (eternity) clause that makes the property more than just a lifelong commitment for you; it is also a lifelong commitment for your children. The resort doesn’t care who pays the fees, only that they are paid. The resorts do not care if you are deceased, they demand payment and as such have aggressive policies mandating timeshare inheritance.
Can your children afford all of the fees associated with inheriting timeshare?
Unfortunately, our economy is struggling. Most families already have difficulties covering their daily expenses, and the additional expenses of an unnecessary timeshare could easily become more than they can manage with their current income. Although people think they are purchasing a timeshare to save money, in reality it is a luxury expense that will end up costing you.
A middle-class family in modern-day America does not have the budget for lavish, yearly vacations. In fact, they often don’t have any extra money to spare at all, and a timeshare could easily be too big of a debt for them to handle. If they cannot keep up with the timeshare fees, they will be liable for it.
Will your timeshare inheritance be the reason your children go bankrupt?
Unfortunately, there is a real possibility that your children could go bankrupt from inheriting your timeshare. If they are not able to keep up with all of the fees, the debt will be sent to a collection agency. A timeshare follows the same rules and regulations as a homeowner’s deed and can be foreclosed on if your child stops making payments, which can make you question towards whether or not its a good investment.
After the first missed payment, your child will start receiving calls and letters from the resort’s collection company threatening to report the delinquency to the IRS. The harassment will continue for anywhere from 6 to 24 months (depending on the timeshare’s policy) before beginning the foreclosure proceedings.
If your timeshare forecloses, it will become part of a trustee’s sale or public sheriff’s auction. The auction is public record and the transaction can be reported to the IRS and/or credit bureaus, which can ruin your child’s credit rating for the next 7 years. This will make it difficult for them to finance a car, obtain a loan, or purchase a home. Since timeshares rarely sell at auction for the amount still owing on the deed, the resort company has the option to take legal action and sue your child for the remaining balance. If your child cannot pay the remainder, they may need to file for bankruptcy. Many people have no clue that a toxic timeshare inheritance can cause so much damage to their children’s life!
What happens to a timeshare when the owner dies?
You may have the means to continue paying maintenance fees, taxes, and utilities for your vacation property, but that burden will be left with your children when they inherit your timeshare. Most parents worry about leaving their children with the significant expenses involved with a funeral and burial service, but they don’t realize that their commitment to a timeshare will also affect their children’s financial future. Stop the timeshare inheritance cycle today – and liquidate your timeshare while you still can.
A Timeshare Costs Hundreds or Thousands of Dollars Each Year
A timeshare’s maintenance fees can add up to hundreds of dollars each year, whether or not anyone actually uses it. If you choose an especially beautiful or popular destination, these fees can quickly turn into thousands of dollars every year. This financial commitment will affect you as you get older, and then become your children’s responsibility once you are gone. As you age, you may not have the time or ability to make the most out of your timeshare vacation destination and these fees become an unnecessarily wasted expense. Many seniors will travel frequently from the age of 60 to 70, and then significantly decrease the number of vacations they take once their bodies start to show physical signs of aging. If the timeshare is not being used regularly, the money you are spending on it could be put to much better use. Many people would rather leave money or other real assets to their children instead of the liabilities associated with inheriting a timeshare.
A Timeshare is Not a Free Vacation
If your children do use your time share, they will be charged a timeshare tax for every night they stay, utility expenses for the period they use it, additional trading fees if they opt for a different location, plus the cost of travelling to and from the location of the resort or rental property. They may not have to pay for the room rental, but it still won’t be a free vacation.
Can your children afford to make use of your timeshare?
Your timeshare is a binding contract. It is an obligation that you made for your own personal enjoyment. Unfortunately, it also has a clause in it forcing your family to continue paying year after year, even after you have passed on or you are no longer physically able to enjoy your timeshare property.
Some people like using timeshares and some don’t find them appealing at all. Which one are your children? Timeshare ownership is not a decision that should be made on behalf of someone else. By not liquidating your timeshare before you pass on, that is exactly the decision that you are making for your children! They have no desire to own your timeshare; steps should to be taken to ensure that they do not automatically inherit that unnecessary responsibility. Burdening your children with this timeshare inheritance is not the lasting memory you want to leave your kids. You are not stuck with your timeshare, and your children should not be either. Timeshares can be liquidated through Redemption and Release, LLC!
Don’t leave your children with the burden of a vacation property that they will not (or cannot) use. You know that your children do not want your timeshare, and that they probably can’t afford to maintain it. You need to transfer, sell, or liquate the timeshare before it is too late. Unless you do something in advance of your passing, your kids will inherit your timeshare and be forced to either keep up will all of the costs involved or pay for a liquidation service themselves.
Selling a Timeshare Is Almost Impossible.
Finding a timeshare is easy, but selling one is almost impossible, especially if you are hoping to recoup any of your initial investment. The upfront costs and regular fees that you paid might make you want to ask top dollar for it, but unfortunately the resale value will be significantly lower than what you originally paid. Timeshares regularly sell for less than a dollar. If you looked, you could probably find a timeshare at your home resort on an auction or listing site selling for pennies. These hundreds of thousands of timeshare owners who are not able to sell their timeshare will unfortunately have leave their children the timeshare as an inheritance.
That doesn’t mean you should hold onto it and force the commitment onto your children. Instead of thinking about how much money you have lost, focus on the amount of money you are saving your children if you liquidate your timeshare today. You will be saving them a lifetime of maintenance fees, special assessments, and property taxes. Your children should not be forced to spend money on your timeshare mistake. The sooner you liquidate your timeshare, the sooner you can stop paying all of those fees and assessments yourself. Preventing the timeshare inheritance trap is a specialty of the services provided by Redemption and Release, LLC.
Liquidating is the Best Way to Relieve Yourself of a Timeshare
The easiest and safest way to ensure that your children do not inherit your timeshare is to liquidate it as soon as you decide that you will no longer be able to get enough use out of it. There are experienced, accredited liquidation companies that have spent decades in the timeshare industry. These industry experts know the ins and outs of the timeshare industry better than even the resorts themselves. Redemption and Release reviews every property with tough scrutiny to ensure it is a viable asset in their portfolio. If your property qualifies, these experts in the liquidation industry can stop your timeshare woes at their root cause: your timeshare deed.
Why Redemption and Release is the best company to stop your children from inheriting your timeshare nightmare.
Look for a legitimate timeshare liquidation company to alleviate your timeshare inheritance concerns that that will guarantee their services is hard to find if you don’t know about our services. We have the ability to remove your name from the timeshare deed permanently, so your children are not forced to inherit. Our liquidation method guarantees that no one is stuck managing your responsibility after you pass away.
Timeshare ownership has a bad reputation for costing people more than they bargained to pay. If you are locked into a timeshare contract that you really don’t want, do something about it before that debt is passed on to your children. If you don’t act soon then your children will inherit your crushing timeshare fees and misfortune and the last memory of you may just be this troublesome timeshare inheritance.