{"id":591,"date":"2019-02-25T08:23:44","date_gmt":"2019-02-25T13:23:44","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=591"},"modified":"2024-04-25T23:21:06","modified_gmt":"2024-04-26T03:21:06","slug":"disclaiming-an-interest-in-an-inherited-timeshare","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/disclaiming-an-interest-in-an-inherited-timeshare\/","title":{"rendered":"Disclaiming an Interest in an Inherited Timeshare"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Through a\ntimeshare, multiple people can share the use of property\u2014typically a hotel\nsuite or a resort condo.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The concept\nis to enable everyone in a group to (collectively, but at different times)\nenjoy a property for an annual getaway\u2014without having to buy real estate at a\nplace&nbsp;they only plan to visit now and then.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Participants\npurchase their specific annual time periods, and share ongoing expenses for the\nproperty. These expenses include property management, landscaping and\nmaintenance costs, and various&nbsp;taxes and fees.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Some\nTimeshares Are Inheritable, But Unwanted<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The\ntimeshare may be structured as a shared lease, a \u201cright to use\u201d for a certain\nperiod of years, or a deeded ownership.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A leased or\n\u201cright to use\u201d timeshare does not outlive its owners. A deed does. Deeded\nownership in a timeshare is transferable, and the interest is usually owned in\nperpetuity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To be part\nof a shared, deeded ownership means having a part of real property itself\u2014an\ninterest in the unit and some of its common areas. Other deed owners will also\nown an interest in the same property.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although\ndeeds can be inherited, not everyone wants to inherit a timeshare. This is\nbecause:<\/p>\n\n\n\n<!--more-->\n\n\n\n<ul class=\"wp-block-list\"><li>The timeshare\u2019s structure limits its value as investment real estate;<\/li><li>Responsibilities can include heavy financial burdens: annual upkeep costs, taxes, and fees;<\/li><li>The fees may escalate annually;<\/li><li>Many timeshares depreciate over time. <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Therefore,\na&nbsp;timeshare deed holder, when writing a will, may instruct the executor\nnot to make any payments or otherwise deal with the timeshare. In a best-case\nscenario, the timeshare corporation will accept the deed back.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The trouble\ncomes when a person unexpectedly receives a timeshare through someone\u2019s last\nwill, or as a designated beneficiary. Or perhaps the timeshare agreement\nprovides&nbsp;that the interests will pass to each purchaser&#8217;s children. Or the\nstate\u2019s marital property rules provide that the timeshare interest passes to\nthe spouse. In each case, someone is entitled to the timeshare. Yet none of\nthese provisions <em>force <\/em>the\nbeneficiary to accept the timeshare. It would be a legal absurdity to force a\nperson to take on burdens (along with benefits) that they never agreed to\naccept. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Disclaimer\nof Interest in a Timeshare Inheritance<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For a person\nnot named on the deed of the timeshare, who does not wish to inherit the\ninterest, a&nbsp;legal mechanism exists by which the&nbsp;person can reject\nthis or any&nbsp;inheritance. This occurs through the Disclaimer of Interest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The\nDisclaimer of Interest:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Names the deceased person.<\/li><li>Describes the interest.<\/li><li>Declares the intent to disclaim the interest.<\/li><li>Is signed and notarized with a notary public.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Deeds.com<\/em> supplies the\nrelevant part of the&nbsp;state probate code indicating where to submit the\nDisclaimer of Interest form.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While some\njurisdictions require that the form be delivered to the&nbsp;personal\nrepresentative in the county where the estate&nbsp;is being administered,\nfiling with the county court may also be necessary.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A copy of\nthe disclaimer should also go to the timeshare property and the lending bank,\naccompanied by the death certificate of the deceased person.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Note that a\nresort company, whether unaware or aware of the death of a timeshare owner, can\nbring a foreclosure suit for lack of payments.&nbsp;The executor might be able\nto sell a resort timeshare in a prime location. If the timeshare can be\nsold\u2014even at a loss\u2014the executor&nbsp;will notify the resort and lender of the\ncurrent status,&nbsp;to prevent foreclosure&nbsp;and resale of&nbsp;the\nproperty&nbsp;interest by the timeshare\ncorporation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, for\na deed in real property, keep the title free from ambiguities by having a copy\nof the disclaimer recorded in&nbsp;the county where the property is.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tips\nand Cautions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Act wisely,\nby considering the following recommendations:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Act within the time allowed under state law.<\/strong> Usually there is a 9-month window after the death occurs to submit the disclaimer.<\/li><li><strong>Filing a Disclaimer of Interest is irrevocable.<\/strong> You won&#8217;t get another opportunity to take the timeshare after you&#8217;ve disclaimed it.<\/li><li><strong>If you intend to disclaim it, you may not use it. <\/strong>For example, the <a href=\"https:\/\/www.deeds.com\/forms\/colorado\/disclaimer-of-interest\/\">statute in Colorado on a Disclaimer of Interest<\/a> (Col. Rev. Stat. 15-11-1213) states that \u201cthe option to disclaim is only available to beneficiaries who have not acted in any way to indicate acceptance or ownership of the interest.\u201d In plain terms: don&#8217;t use it if you want to      lose it.<\/li><li><strong>Be sure that the timeshare corporation accepts the deed back.<\/strong> If no one accepts the deed, it is still in the estate. Meanwhile, the burden of taxes and fees continue. An executor might have no choice but to pay them out of the estate.<\/li><li><strong>Tell other heirs to the estate what you intend to do.<\/strong> If you decide to renounce an inheritance, another heir will be called upon to accept it. They might wish to be prepared for this, and ready to file a Disclaimer of Interest as well.<\/li><li><strong>Obtain legal advice.<\/strong> It is always wise to consult with an attorney on the consequences (to you, and to the estate) of disclaiming your inheritance.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Precision\nand Reliability<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">At <em>Deeds.com<\/em>, you can download a Disclaimer of Interest involving a real estate deed and be confident that it meets state probate law requirements. Our formats are precisely tailored to each jurisdiction\u2019s rules, and include any supplemental forms that the state or county recorder requires.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Deeds.com<\/em> documents are continually updated in compliance with current law. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Through a timeshare, multiple people can share the use of property\u2014typically a hotel suite or a resort condo. The concept is to enable everyone in a group to (collectively, but at different times) enjoy a property for an annual getaway\u2014without having to buy real estate at a place&nbsp;they only plan to visit now and then. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[89,88],"tags":[],"class_list":["post-591","post","type-post","status-publish","format-standard","hentry","category-disclaimer-of-interest","category-timeshare"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Disclaiming an Interest in an Inherited Timeshare - Deeds.com<\/title>\n<meta name=\"description\" content=\"For a person not named on the deed of the timeshare, who does not wish to inherit the interest, a legal mechanism exists by which the person can reject this or any inheritance. 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