What If you Don't Want an Inheritance?

[GrimJack]

"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". I am not too good at quotes but... There are companies that will come into the deceased's home and make an offer on all the stuff in it; they will haul it out,

[myrdale]

I've got a basic problem with the suggestion that someone was "left a time share" in a will. I think it would be better to say, they took ownership of it. That is to say, if they took the time share, that person is going to have to sign a contract. Another person can not arbitrarily say you are responsible for their contract. If we were talking about an apartment, you'd have to sign a new lease. I don't see how a time share is different.

For some property, be that a house, boat, or a business, the will gives you the authority to claim it as your own. Alternatively you could just walk away from it.

And by no means do you ever inherit debt. All debt dies with the owner. Now the lender could issue a lean against the estate of that deceased. The estate has to pay the lean holder first. I have a cousin who inherited a farm from a great aunt. He had to pay $16,000 to the nursing home, but he made this money back three times over when he cut the timber the first time.

[disneysteve]

I've got a basic problem with the suggestion that someone was "left a time share" in a will. I think it would be better to say, they took ownership of it. That is to say, if they took the time share, that person is going to have to sign a contract. Another person can not arbitrarily say you are responsible for their contract. If we were talking about an apartment, you'd have to sign a new lease. I don't see how a time share is different.

You don't own an apartment. You do own a timeshare. I don't think that analogy works.

[myrdale]

You don't own an apartment. You do own a timeshare. I don't think that analogy works.

Do you really "own" it? Even that I find questionable.

The time share company owns the property. You just have a contract saying when you may use the property and how much you must pay.

The rental company owns the apartment. You just have a contract saying when you may use the property and how much you must pay.

County property tax on a home is a whole other argument.

[disneysteve]

Do you really "own" it? Even that I find questionable.

The time share company owns the property. You just have a contract saying when you may use the property and how much you must pay.

The rental company owns the apartment. You just have a contract saying when you may use the property and how much you must pay.

I don't know how every time share works but Disney's DVC is deeded ownership that can be passed to your heirs upon your death. That's not true of an apartment lease.

[Like2Plan]

Do you really "own" it? Even that I find questionable.

The time share company owns the property. You just have a contract saying when you may use the property and how much you must pay.

The rental company owns the apartment. You just have a contract saying when you may use the property and how much you must pay.

County property tax on a home is a whole other argument.

There are different arrangements for different timeshares. But, in the case of DVC it is a deeded as an undivided interest in a particular unit within the DVC Resort. The deed is recorded with the county.

DVC is a little different from most timeshares in that it is a leasehold condominium. In other words, ownership reverts back to Disney after a period of time. Being a real Disney fan, I couldn't decide if this was good or bad. As time goes on, I think it is a good thing because there is a set end date. It doesn't go on forever. The first DVC properties are set to expire in 2042. What they have been doing lately is setting the expiration date 50 years from when the new resort opens. But, with any property you have upkeep and property taxes. And, there are property taxes and maintenance fees to pay with DVC.

https://disneyvacationclub.disney.go.com/media/dvc/en/_global/footer/Standard-Information-form-for-timeshare-contracts103119.pdf

https://www.hawaiilife.com/blog/oahu-leasehold-vs-fee-simple/

If you inherit DVC, you enjoy all the perks the original owner did (though--so far that is not a huge deal). I think if you had little interest in visiting Disney, it would be a hassle to own DVC. There is a strong rental market, but you would still have work to do in managing it. And, you still have to pay those pesky fees. The rental market is about 100% mark-up from what your fees are. You could potentially sell DVC for more than what was paid for it originally. (But, really that is probably of no consequence to the heir--does it matter what the original basis was?) I think selling DVC is probably easier than selling a residence.