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 know 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 to 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 of 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 under the name of one person only, the property will enter into 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 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.
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