Inheriting a Timeshare: What to Do?
When you sign a timeshare contract, it could have a perpetuity clause that you may or may not be aware of. This means that even after death, your family or your estate is responsible for paying the timeshare fees. If your children are the beneficiaries and decide to inherit the timeshare, it will be passed onto them after your death. Learn more about perpetuity clauses here and how you need to make sure you are clear on how long your contract lasts before signing anything.
Before purchasing a timeshare, you need to consider who will be able to take over the financial burden after you. If there has been a death in the family and you are facing the possibility of inheriting a timeshare and don’t know what to do, then please keep reading.
You need to be aware of the financial costs associated with timeshares and the burden you could be taking on if you agree to inherit it. While you don’t want your parent’s estate – including their property and valuables – to be taken to pay for the timeshare property, you don’t want to drain your bank dry trying to pay the fees either.
The first thing you need to do if you are facing the possibility of inheriting a timeshare contract is to get it in front of a lawyer. A law firm, like Athena Law who are specialist timeshare lawyers, can take a look and find the clause which is binding your family or estate to this timeshare.
When your parents originally signed the contract, they may not have even been made aware of this clause within the agreement. Some timeshare companies like to try and hide the fact they are tying you into paying for this timeshare forever until the time comes when you try to exit it, or you pass away.
The question of the enforceability of perpetuity contracts have been looked at by the UK Government and the EC and the objective view is that such clauses may not be enforceable. In Spain specific legislation effectively banned perpetuity contracts and hundreds of contracts have been held null and void by the Courts. With an expert timeshare lawyer like Athena Law, you can be one of these claimants with legal fees covered as well as potentially see compensation awarded, a return of all paid sums and the annulment of the timeshare contract. The team is headed by Stephen Boyd who has been battling timeshare developers for a decade and challenging the enforceability of these contracts by reference to Statute, Regulations and Case Law. The arguments, as you can imagine, have been refined over the years through painstaking research and a collaborative working relationship with Senior Counsel and lawyers from other jurisdictions.
What Should I Do?
You might be considering taking on the timeshare contract because you’ve always wanted one yourself or you like the location. Or maybe, you don’t want to see your parent’s estate torn apart to pay the fees. But, you should never take on a timeshare contract without knowing exactly what you are tying yourself into. Timeshare fees rise every year; your parents didn’t pay a one-off payment, they tied themselves into paying maintenance fees annually. And, with Brexit causing some confusion surrounding trade, travel and timeshares, we can’t exactly be sure yet the impact it will have on the cost of owning a timeshare.
If you are reading this and know you want to fight the perpetuity clause and free yourself and the estate of the responsibility of owning a timeshare, then you need to take legal action. Most people think they should try and contact the company first and appeal to them to release the estate from the contract. Instead, you should avoid this as it will inform the company of your intentions and they may begin intimidation tactics to keep you tied to the obligations of the contract. They might start threatening you or lying to you about what can happen if you continue down this path.
Instead, you should contact a firm like Athena Law and get the ball rolling on what you can do to fight the timeshare company. The sooner you take action, the less stress you place on yourself and your family during the grieving process. Our expert teams can take everything off your hands and act as the middleman between you and the timeshare company. With experience fighting timeshare inheritance, we can help you come to a satisfactory conclusion and release you of the financial burden of a timeshare.
Check out our website today to learn more about Athena Law and how we can help you exit an unwanted timeshare contract. Inheriting a timeshare can be confusing and complicated, and if you don’t know exactly what you need to do to avoid your family facing the financial burden of a timeshare, then contact us.
If you have an unwanted timeshare contract or believe you may have been mis-sold a timeshare, then please reach out to us too. Many people buy a timeshare only to arrive and find it sub-par or unlike what was advertised and burdened with a long term liability for rising maintenance fees. We are experienced in tackling several different types of cases and work hard to come to a satisfactory conclusion for all of our clients.