If a loved one left you a timeshare, you probably have a mix of emotions – curiosity, confusion, maybe even a bit of dread. You might wonder whether you can keep it, sell it, or just get rid of it without losing money. This guide breaks down the basics so you can make a clear decision without getting tangled in legal jargon.
First thing: find the original contract. The deed, the maintenance fee schedule and any correspondence from the resort are essential. If you can’t locate them, contact the management company and ask for a copy. They usually have a record linked to the owner’s name and unit number.
Next, check the probate court paperwork. In most cases, an inherited timeshare must be listed as an asset in the estate. The executor will need to sign off on the transfer. If you’re the executor, make sure the court order includes a clause that allows the timeshare to pass to the heir.
Don’t forget tax forms. In the UK, an inherited timeshare is treated like any other property for inheritance tax purposes. You’ll need to report its market value at the date of death. A quick valuation from a reputable agency can save you from future disputes.
Finally, verify the ownership status. Some resorts have strict rules about who can hold a timeshare – you might need to meet age or residency requirements. Call the resort’s ownership department and ask if an heir can be added directly or if a transfer fee applies.
Keeping the timeshare makes sense if you love the resort and can afford the annual fees. Look at the calendar: does the unit line up with your vacation plans? If the dates are flexible, you might be able to rent it out when you’re not using it. This can offset maintenance costs and even bring in a small profit.
Selling is another route, but the market for timeshares is tricky. Prices are usually far below what the original buyer paid. To get the best deal, list the unit on a reputable resale platform, mention any upgrades, and be transparent about the fees. Some buyers look for “points‑based” vacation ownership, so stress any points or bonus nights you inherit.
If you want out altogether, explore exit programs. Many companies specialize in helping owners terminate their contracts, but watch out for scams – only work with firms that have a proven track record and clear upfront fees. Sometimes the resort itself offers a deed‑back or trade‑in option, especially if the property is over‑booked.
Consider renting as a short‑term fix. You can list the unit on holiday rental sites, set a competitive nightly rate, and use the income to cover fees while you decide on a long‑term plan.
Before you choose, run the numbers. Add up annual maintenance, tax, and any transfer fees. Compare that to the potential rental income or resale price. If the costs outweigh the benefits, an exit might be the smartest move.
One more tip: talk to a financial adviser. They can help you understand how the timeshare fits into your overall portfolio and whether it affects your eligibility for other loans or benefits.
In short, an inherited timeshare doesn’t have to be a burden. With the right paperwork, a clear view of your options, and a bit of research, you can either keep a vacation spot you love, turn it into cash, or walk away without regret.
