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Do your loved ones really want your timeshare property?

On Behalf of | Apr 10, 2022 | Estate Planning |

Timeshare properties are often listed among the worst possible assets a person could inherit. If you’ve got a timeshare property that has brought you years of happy vacation memories, you may find this hard to believe. Who wouldn’t want to inherit a timeshare at a beautiful hotel or resort (or one that gives you a choice of locations for every trip)?

Before you leave that timeshare in your will to your adult child to enjoy with their family, make sure they want it – and can afford it. 

The real cost of a timeshare

When someone inherits a timeshare, they’ll assume the contract and all of the costs that come with it. This can include maintenance fees, special assessment fees (for major repairs and renovations), property taxes and more. Determine what you pay for your timeshare every year, and make sure whomever you plan to leave it to can afford it – or even wants to pay that kind of money. 

Remember that the costs are only going to rise in the future. If your loved one determines after a year or so that they need the money for other things, timeshares can be notoriously difficult to unload – particularly if you want a fair price.

That’s why if none of your family members is interested in your timeshare, you’ll be doing them a favor by considering selling it sooner rather than later. That doesn’t mean you can never see your favorite vacation destinations again. You can use the money from your timeshare sale (and the annual fees) to book a cruise or a room at the resort of your choice whenever you want. If you choose, you can set aside the money for your children or grandchildren. 

Either way, you won’t have to worry that you’re leaving your loved ones to deal with an unwanted inheritance. A timeshare property is just one asset that requires considerable thought and planning before bequeathing it.