What does “perpetuity” mean? According to OxfordLanguages
, the word “perpetuity” has at least two meanings: “a bond or other security with no fixed maturity date”, and “a restriction making an estate inalienable perpetually or for a period beyond certain limits fixed by law.”
Timeshare agreements contain a “perpetuity clause”, which means forever. You may think that this perpetuity clause ends when you die, but this is actually not the case. Timeshare perpetuity not only requires you to pay the costs of owning the timeshare for the rest of your life, but also after you pass away.
In other words, the timeshare liability becomes part of your estate and the obligation is inherited by your next-of-kin. That is correct, your children will inherit this liability from you and depending on their ability to keep up with the fees, the timeshare may very well become an unintended financial black hole for them.
If you as a timeshare owner cannot find a new owner for the timeshare prior to your death, your children will be forced into a timeshare inheritance. It may not be until after you are gone that your children will come to understand the true pitfalls of your decision to have entered into a timeshare contract to begin with.
In case after case, the children of timeshare owners are unintended victims when these financial obligations are forced upon them at the death of their parents. If the above scenario is one you are looking to avoid, there are in fact ways out of this timeshare inheritance mess.
Legal Rights and Options
If you don’t want to pass the timeshare financial burden to your heirs, you have the option to get rid of it while the timeshare contract is still in your name. Even though timeshare agreements are designed to last for perpetuity, you do have legal options available to you.
The smartest step to take is to seek out an attorney who understands and is able to help navigate the nuances of timeshare ownership, ownership rights, developer rights, HOA rights, and a host of other rules and regulations governing the timeshare industry.
There are indeed attorneys that specialize in timeshare law that can help you cancel your timeshare contract; forever relieving you and your heirs from the financial obligations associated with owning the timeshare.
If you would like to speak with an adviser about cancelling your timeshare contract once and for all, call the Timeshare Freedom Group at (866) 668-6872.