Real Answers for Life’s Money Challenges

My husband and I purchased several timeshares over the years.

(Apparently, I cant say no.)

My husband has now died, and I am 72.

A man looks stressed out with bills all over his coffee table.

Here arethe biggest money secretsthat can help you stop wasting precious funds and get your finances back on track.

Supposedly, one of the benefits of a timeshare is that your children can inherit it.

Instead, they turn out to be a financial albatross for countless buyers.

But its fairly easy to say no to inheriting a timeshare in most situations.

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In most cases, a timeshare will become part of your estate when you die.

That would probably be your son, assuming hes your only child.

Basically, hed be rejecting the inheritance.

The disclaimer would apply specifically to the timeshares.

As always, its important to consult with an attorney whenever youre drafting a legal document.

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If all your potential heirs reject the timeshare, the timeshare company will probably foreclose on it.

Your estate may be responsible for fees, which could eat into any other inheritance your son would receive.

But your son wouldnt personally be on the hook for any timeshare-related costs.

Your son and any other heirs should avoid using these timeshares after you die.

Whenever you reject an inheritance, you cant derive any benefit from the property youre disclaiming.

By staying for even one night at one of your timeshares, hed risk violating this rule.

The advice Ive given up to this point has been for your son.

Timeshare companies frequently push buyers to put their childrens names on the deed, saying its more convenient.

But this will make disclaiming the inheritance more complicated for your son.

Theyll often agree if theres no loan attached.

Did you know?

Unfortunately, this is much easier said than done hence all those $1 timeshare listings.

Some companies may agree to take back the timeshare if you dont have a loan.

Just be aware of the many unscrupulous players involved.

Youve probably learned the hard way that timeshares are typically a terrible deal.

Otherwise, the salespeople wouldnt have to lure you into presentations with free hotel stays and theme park tickets.

Theyd have a willing pool of buyers.

Fortunately, though, its a lot easier to say no to inheriting a timeshare.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.

Send your tricky money questions to[email protected].

(Can you sense my millennial sarcasm there?)

You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…