While timeshares may be attractive to some, future generations may not want to inherit the cost associated with them. However, there are ways that Nevada residents and others can avoid taking them over after a parent or other family member passes on. One option is to create a trust. By putting an asset in a trust, a creditor has limited recourse to go after an individual directly.
It is also possible for someone who inherits a timeshare to simply stop making payments. While timeshare companies or other interested parties may claim to go after any money they are owed, this generally doesn’t happen. To make life easier for future generations, those who own a timeshare may want to sell or give it away before they pass. In some cases, the resort itself will take the timeshare back from someone who isn’t able to use it.
Beneficiaries may be able to renounce any right to the timeshare that they have received. This can be done through a written document stating that they have no interest in the property or disclaim any past interest that they may have had. Parents can also choose to not include their children on the property deed. This would mean that the children would not automatically inherit the timeshare.
By taking the time for will planning, it may be possible to determine what happens to assets such as timeshares. If a child or other family member doesn’t want it, the will may instruct that the asset be sold or given away. An attorney may discuss other ways to stop someone from inheriting it such as disavowing an interest in the asset. An attorney may also be helpful in defending an estate against any legal challenges made to a will or other document.