When you sign a timeshare contract, you may assume that it isn’t something that will be tied to you forever. In some cases, such as right-to-use timeshares that have an expiration date, this is absolutely true. But for many other timeshares they are something that will be with you for life, and something you have to take into consideration when you are gone.
Finding an Heir
Deeded timeshares are legal pieces of real estate even though you don’t own the entire property. And like other pieces of property, like houses, someone needs to take responsibility of it when the owner passes away. This may be a very morbid thought, but as a timeshare owner, no matter how old you are or what condition your health is in, it is a very real one you have to take into consideration.
When thinking of an heir for your timeshare there are a few things you need to keep in mind. Can the person you are willing your timeshare to afford to keep the property? Timeshares often tend to get more expensive to keep the longer you have them, so in order to avoid financial trouble that may lead to foreclosure on the property it is important to give it to someone who can afford to keep it. Also think about whether or not it is important to keep it in the family and if the person or family you are giving it to will even be able to use it.
What You Can Do
As you can see, being a timeshare owner is far more complicated than just enjoying a week away every year. Who would have thought when they purchased the property that they would need to think about all these things? However, there are ways to get out of your timeshare contract and not even have to worry about this. If you no longer want your timeshare or don’t want to deal with the stresses that come with owning these properties, you just have to get rid of it.
Easier said than done, since getting rid of a timeshare can be notoriously complicated for an inexperienced owner. But there are people out there who can help. Reputable timeshare resale companies (and even free timeshare consulting services) can help you figure out your options, such as selling, donating, or maybe even returning the timeshare to the developer, and determine the best way to get rid of your timeshare once and for all well before you even have to worry about finding an heir for your property.