Author Topic: Timeshare question  (Read 1726 times)

AdventureGirl!

  • 5 O'Clock Shadow
  • *
  • Posts: 7
  • Location: Minnesota
    • LibbyCopa.com
Timeshare question
« on: November 06, 2019, 12:37:49 PM »
So my in-laws have a stupid timeshare. We have no desire to inherit this thing one day and we have told them this, but they don't seem to "hear" us.  My husband is under the impression that if it gets left to us, we'd just not pay for it and "lose" it. But I recently read that sometimes it's not as easy as that. That they can take legal action against you because you now "own" the timeshare.

Does anyone know anything about this?

ToeInTheWater

  • Stubble
  • **
  • Posts: 142
  • Location: Central Indiana
Re: Timeshare question
« Reply #1 on: November 06, 2019, 12:42:25 PM »
Clark Howard (among many others) have written about this:

https://clark.com/travel/refuse-inherited-timeshare/

hope this helps.   seems relatively easy to "not inherit" if you don't want it

b

HBFIRE

  • Handlebar Stache
  • *****
  • Posts: 1311
  • Age: 45
  • Location: Huntington Beach, CA
Re: Timeshare question
« Reply #2 on: November 06, 2019, 12:54:00 PM »
Sell it, I think there's a good market for it.  My mom sold hers off.

Car Jack

  • Handlebar Stache
  • *****
  • Posts: 2145
Re: Timeshare question
« Reply #3 on: November 06, 2019, 01:19:29 PM »
Although the vast majority of time shares are worthless, some do have actual value.  My parents owned a dozen weeks at one resort and when they wanted to either upgrade when a better week or unit became available or they wanted to unload a week, there was an active online board for that resort.  After my dad passed away, my mom started selling the weeks off one by one (both my sister and I said no, we didn't want them).  She actually made money on every single sale.  But that is very unusual in time shares and lots of weeks they purchased were directly from other owners.

trygeek

  • 5 O'Clock Shadow
  • *
  • Posts: 65
Re: Timeshare question
« Reply #4 on: November 09, 2019, 05:45:15 PM »
I recently inherited an IRA and one of the options was to not inherit it. So that could be an option to you in the case of this Timeshare. I don't know why you would do that with an IRA though maybe taxes.