One of the benefits touted by timeshare salespeople is the generational ownership aspect of timeshares:
“You can will it to your children so they can continue to make fond memories at your favorite vacation spot.”
Go ahead and pass on the timeshare. It’s a keepsake. Your children can say “it’s been in our family for years” like an heirloom or beloved pet.
What’s not said…
- The maintenance fees will increase – Your children will be paying a significantly higher MF than you ever did.
- The resort will decline in quality – You may have enjoyed the resort in its heyday, but your children will probably see it during its decay.
- Your children will inherit a contract that will require that they pay the maintenance fees regardless of whether they want the timeshare or not. You will be passing on a financial burden.
The best gift will be to be rid of the timeshare and allow your children to make their own financial and vacationing decisions.