What If you Don't Want an Inheritance?

[Snicks]

I was just thinking. What if you inherited a Time Share? Or a run-down piece of property or other things you do not want. Can you refuse an inheritance?

[QuarterMillionMan]

Good question. A person I know is leaving a time share to her adult son, that is cruel. I'd like to find out if the son can decline it or he will be stuck with it as well.

[Like2Plan]

Yes, you can disclaim the inheritance. If the will is written that your children will inherit your portion if you disclaim (and assuming they don't want it either), they will also have to disclaim it,too.

[disneysteve]

Yes, as L2P said, you can refuse. I certainly wouldn't accept a time share (with the possible exception of DVC which I shouldn't have any trouble selling).

A run down property I'd probably accept and just sell it for whatever I could get for it, not worrying about how much that is. If the price is low enough, someone will buy it.

[Like2Plan]

I forgot to mention--you must disclaim within 9 months of the person passing away (or nine months after you turn 21, for minors). It is a good idea to consult with an attorney for any state specific rules.

Here is a link to a web site for more details:

https://www.nolo.com/legal-encyclopedia/disclaimers.html

[bjl584]

I'd refuse the time share.
The property I might take. It depends how run down it was.
A friend of mine inherited a fixer upper from an uncle.
It is a lucrative rental for him now.

[TexasHusker]

I don't know that you can pick and choose what assets and liabilities that you inherit - it's not quite that easy. You can file a Disclaimer of Interest. But, that just means that it would go to the next person in the inheritance line. Then they'd have to file a Disclaimer of Interest, etc. That's why that settling an estate can take some time - creditors are afforded the opportunity to file a claim against the estate. This is a question for an estate attorney in your home state.

Timeshare companies represent that they do consider their product to continue on after the current title holder's death, and they intend on pursuing continued fees, but I haven't heard of a timeshare company actually following through with this, personally.

[Snicks]

I think there are situations where you might not want to wade thru a home full of stuff. Not everyone has the time, energy or ability to do that. I mean, even a run down property would probably have value but might involve more work that someone is really able to do.
I just thought of the Time Share because I remember going to one of those pitches and you can "leave" it to your children, etc.

[Like2Plan]

I don't know that you can pick and choose what assets and liabilities that you inherit - it's not quite that easy. You can file a Disclaimer of Interest. But, that just means that it would go to the next person in the inheritance line. Then they'd have to file a Disclaimer of Interest, etc. That's why that settling an estate can take some time - creditors are afforded the opportunity to file a claim against the estate. This is a question for an estate attorney in your home state.

You can disclaim none, some or all of your inheritance. Yes, it would go to the next person who would also have to disclaim. There is a time limit to disclaim. It is good advice to seek advice from an estate attorney

Timeshare companies represent that they do consider their product to continue on after the current title holder's death, and they intend on pursuing continued fees, but I haven't heard of a timeshare company actually following through with this, personally.

The timeshare can still file a claim against the estate if no one wants the timeshare. But, there are time limits for this, too. And, they can't continue to collect fees after the estate is closed. But, again--good advice to get an estate attorney to help with this.

https://www.downslawfirm.com/how-do-...r-passes-away/

I think the timeshare would love for the kids to keep paying in perpetuity and I suspect they use the same high pressure tactics to try to achieve that goal.

Here is a a clip from Westgate "What Happens To Your Timeshare When You Die?"
"However, in the case of an owner’s death, a timeshare becomes part of that owner's estate, and thus, the benefits, investment, and obligations attached to it are passed onto the next-of-kin or the beneficiary of the estate."
https://www.westgateresorts.com/lega...-when-you-die/

Additionally, they recommend, " If you want to keep the timeshare out of probate, consider adding your child or beneficiary to the deed as an owner before your passing..." <<< Don't do this!
I am sure it works great for the timeshare company because the child or beneficiary added onto the deed can't disclaim after parent dies.... (But, I wouldn't recommend taking estate planning advice from a timeshare company.)

[Like2Plan]

I think there are situations where you might not want to wade thru a home full of stuff. Not everyone has the time, energy or ability to do that. I mean, even a run down property would probably have value but might involve more work that someone is really able to do.
I just thought of the Time Share because I remember going to one of those pitches and you can "leave" it to your children, etc.

There are companies that you can hire to get rid of the stuff. If you didn't have any emotional attachment to any of the stuff, it would probably be easier for you to hire a third party to clear it out. I think a lot of folks feel like they have to go through everything to see if there is anything of sentimental value, so it makes it more difficult to hire someone.

[TexasHusker]

What other product do you pay a small fortune to buy, a small fortune to keep, and a small fortune to hopefully get rid of?

[Snicks]

There are companies that you can hire to get rid of the stuff. If you didn't have any emotional attachment to any of the stuff, it would probably be easier for you to hire a third party to clear it out. I think a lot of folks feel like they have to go through everything to see if there is anything of sentimental value, so it makes it more difficult to hire someone.

We did both. We went thru and took out some sentimental things then had an auctioneer come and sell the rest.

[Like2Plan]

What other product do you pay a small fortune to buy, a small fortune to keep, and a small fortune to hopefully get rid of?

I'm suppose there could be unintended consequences to doing this, but I wonder what would happen if a person willed their interest in the timeshare--back to the timeshare company?

[disneysteve]

I'm suppose there could be unintended consequences to doing this, but I wonder what would happen if a person willed their interest in the timeshare--back to the timeshare company?

I love this idea. I wonder if anyone has done that.

[disneysteve]

We did both. We went thru and took out some sentimental things then had an auctioneer come and sell the rest.

When my cousin dies, I'll be cleaning out his house. There will be some sentimental things that we'll keep. There will be some items of moderate value that I'll try to sell either locally on Marketplace or on ebay. The rest will be donated to a local mission thrift place that will come pick everything up - furniture, clothing, small appliances, kitchenware, etc. I'm hoping that a minimal amount will actually come home with me but we shall see.