Inheriting a Timeshare – Simple Steps to Take
Finding out you’ve inherited a timeshare can feel like a surprise gift you didn’t ask for. It might be a nice getaway spot, or it could turn into a financial headache. Either way, you need to know what to do next, and you don’t have to drown in legal jargon.
Figure Out Who Owns What
The first thing to check is the deed. Does the timeshare belong to a single person, a couple, or a trust? If it’s joint ownership, you’ll need to see how the ownership will be split after the death. Usually the will or the intestacy rules decide that. Ask the executor of the estate for a copy of the title and any maintenance contracts. Knowing exactly what you’re getting helps you decide whether to keep, sell, or give it away.
Understand the Costs
Timeshares come with annual maintenance fees. Those fees keep the property clean, pay utilities, and cover staff. The amount can range from a few hundred to a couple of thousand pounds a year. If you ignore the fees, the resort can place a lien on the property or even take legal action. Before you make any decision, add the yearly fee to your budget and see if it fits.
Don’t forget taxes. In the UK, inheriting a timeshare is usually covered by inheritance tax, but only if the total estate exceeds the tax threshold. You might also owe capital gains tax later if you sell it for more than its market value. A quick chat with a tax adviser can save you from unexpected bills.
Choose What to Do With It
Keep it. If you love the location and can afford the fees, holding onto the timeshare gives you a guaranteed holiday spot each year. Some resorts let you trade weeks with other owners, which can add flexibility.
Rent it out. Many owners rent their weeks to cover fees. Check the contract – some resorts require you to get permission before sub‑letting. Renting can turn a cost into a small income stream.
Sell it. The resale market for timeshares is tricky. Prices are usually lower than the original purchase price. List it on reputable resale platforms, or work with a broker who specializes in timeshares. Make sure you get a written release from the resort so you’re not stuck with hidden obligations.
Give it away. If you have family or friends who would enjoy the vacation spot, gifting the timeshare can be a generous move. The recipient will still be on the hook for fees, so be clear about the costs before you hand it over.
Take Care of the Paperwork
Once you decide, you’ll need to transfer the title. The resort usually has its own forms, and you’ll need a copy of the death certificate and the will. If the timeshare is part of a larger estate, the executor will handle the transfer. Keep copies of everything – a signed transfer, the new deed, and any correspondence about fee payments.
If you’re selling or gifting, ask the resort for a “release of liability.” That document shows you’re no longer responsible for future fees or legal issues. It’s a key piece of protection.
Don’t Forget the Emotional Side
Inheriting any asset can bring up feelings of grief, obligation, or even guilt. It’s okay to take a few days to think it over before making a decision. Talk to family members, friends, or a financial adviser – they can give you a fresh perspective and help you avoid rushed choices.
Bottom line: an inherited timeshare isn’t automatically a problem, but it does need a plan. Check the ownership details, calculate the costs, decide whether to keep, rent, sell, or give it away, and get the paperwork right. With those steps, you’ll turn a surprise inheritance into a clear, manageable situation.