Don’t pass on your timeshare burden to your family.
Passing a timeshare on to your family and loved ones is a difficult situation. It could be that you have enjoyed your timeshare for many years and the location has been perfect for you. You may have had many years of enjoyment out of your chosen timeshare and naming your loved ones as beneficiaries might seem like a wonderful, caring gift to give so that they can also enjoy this holiday for many years to come. However, the reality is that many people who inherit timeshares actually feel trapped and restricted by these types of gifts. They may not have the time or flexibility to enjoy the resort as you once did, or, they may enjoy having more freedom in their holiday destinations. In these situations, inheriting a timeshare can be a devastating financial burden for those left behind as they are left with a timeshare unit they cannot sell, give back or use but are instead left with a substantial financial problem hanging over them. In these circumstances, your loved ones are left to battle with timeshare resorts to try and leave their agreement, and it can be a hugely stressful and frustrating time for them and not at all the gift you imagined it would be. In most cases, those who inherit timeshares see them as much more of a problem than an asset to have, and this is worth bearing in mind.
It may be the case that you havenât actually named anyone as the beneficiary to your timeshare. Perhaps, you have already started to feel trapped in your contract. Your timeshare that once felt like a comfort has eventually begun to feel like a burden; a burden that you are not sure how to deal with and one that is becoming an increasingly heavy weight on your mind. You are not alone in feeling trapped and stuck in a timeshare agreement that you do not want to be in. Like so many others, you may have realised how complicated timeshare companies can make it for you to exit your contract and because of this you may not have yet taken action to leave your agreement. However, we believe it is fundamental for you to do so now and exit your timeshare before the responsibility gets passed on to your loved ones to have to deal with instead. Although it is now deemed illegal to sell a timeshare that has no defined end date or one that extends beyond a 50-year limit, timeshare resorts can still hook you into a long-term agreement. Long-term timeshares, depending on the age you were when you signed up, could well extend beyond your own lifetime. At this point, your timeshare contract doesnât necessarily end, but instead, it can be transferred onto your dependants. Your family and loved ones could be left with the strain of a financial situation they never wanted and the liability to make the payments until the end of the contract term. You may not even be aware of this clause in your contract which is just one of the many reasons we would strongly encourage you to exit your timeshare before itâs too late for your family.
Holidays are a time to make lasting memories and enjoy a well-deserved break. They are incredibly personal for an individual and a holiday that is perfect for you may not be perfect for those that you love. They may feel trapped by being forced to return to the same location year after year, or they may feel worried by the lack of flexibility that timeshare fixed weeks restrict you to. Not to mention, rising maintenance costs that can be a source of anxiety and worry to those inheriting a timeshare contract. Yearly increasing maintenance fees might mean your loved ones are very stretched and may not even be able to cover the costs. They may have been able to find much cheaper, more enjoyable holidays elsewhere and will feel incredibly worried by this new yearly fee they have to pay that they never personally signed up for.
Thatâs where we can help. At Athena Law, we offer professional, friendly advice that you can really trust. Our team of dedicated, expert solicitors will work closely with you to understand your situation and advise you on the next steps you can take if you decide you want to be free of your timeshare. We can help you ensure that your family and loved ones will not have to bear the burden of an unwanted timeshare. We have years of experience in this industry and many success stories for clients who have been in your position, and we may be able to help you too.
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