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What happens to a timeshare when the owner dies? Many believe that the contract gets cancelled, but that is not often the case
We have learned that timeshares are not a purchase that anyone can handle.
Many defrauded timeshare owners try to get rid of their properties by listing their units on several websites for a dollar, without having any success.
However, what happens to your timeshare when you die? Does the property get transferred to your family? Find out the answer to this question by reading this article.
Timeshare contract: The key to knowing what happens to your timeshare when you die
Because your timeshare contract will certainly establish what happens to your timeshare when you die in one of its clauses, we highly recommend you read the timeshare agreement cautiously.
Some timeshares can be inherited, while others can be owned by more than one person, however, whatever the contract says, the truth is that all the clauses will always benefit the resort.
Also, ask as many questions as possible during the presentation if you are seriously considering acquiring a fractional ownership.
What happens to your timeshare when you die?
This will depend on several factors:
- Joint ownership: This is when more than one party owns the timeshare. In this case, if one dies, the other gains full ownership of the property.
- Inheritance: Some timeshares can be inherited. In this case, when the owner dies, the successors of the timeshare will have to take care of the future payments.
- Probate: When the timeshare contract is in the name of one person only, the property will enter probate when this person dies.
This means that the timeshare will be handed down to another person, according to the deceased's will. - The resort takes it back: Some resorts take the property back once the owner dies; however, this is not a common scenario.
Is there any way to get out?
There are many ways to get out of a timeshare legally, but the best one is timeshare cancellation.
If you have already purchased a timeshare that was sold under fraudulent premises and have not been able to get in touch with anyone at the timeshare resort, contact us today.
At Mexican Timeshare Solutions, we would be happy to work on your behalf to ensure that negotiations are swift and successful.
To receive more information about what happens to your timeshare when you die and how to cancel a timeshare, send a WhatsApp to +52 333 239 6589, fill in the form in the contact section, or call us at +1 714 277 3662.
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Seniors suffer over timeshare scams
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My father owned one of the points-based timeshares and had a bunch of the family to Disney World one year as his guests. It was a lovely resort with every imaginable amenity, so when I saw a sign to see a salesperson about the timeshare, I checked it out. It was purely out of curiosity and I thought the conversation would a casual back-and-forth. Well, let me tell you the sales pitch was more like walking into a torture chamber where they hooked me up to the rack until I agreed to open my checkbook and sign up. I did not, barely escaping with my dignity.
The whole experience was low, cheap and underhanded, leaving me with an awful taste for all timeshare situations. And years later when my dad wanted unload the thing, he ended up paying them to take it back!
I did a quick financial calculation, based on what he paid for the timeshare, how and where he used it, and came up with a number that verified to me he could have taken luxury vacations each year in any manner he chose by making the reservations on his own — and still not spent as much as he did with the rip-off time share deal.
I think time shares are awful.
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