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Hi everyone, I’m wondering if someone on here can give me some advice regards inheriting a timeshare.
My wife’s grandfather purchased one of these when my wife was about 17 so we are talking around 1995ish during a holiday in Spain. The complex he bought into is in Gran Canaria. My wife was his favourite granddaughter and we think he purchased it with her in mind as her 18th birthday present. Unfortunately he never consulted the family regards this idea and just went ahead with the purchase no doubt believing the timeshare maxim that “The deal is only good for today.”
When he returned back to England my in laws pointed out that my wife intended to become a primary school teacher so she would only be able to use it during the school holidays when it is high season and air fares are astronomical so it made any break at that particular resort excessively expensive. Although it was a lovely thought, which was appreciated it was in effect useless to her. My father in law looked over the paperwork and realised that his father could rescind but he needed to act fast as the cooling off period was coming to a close.
My father in law and his father had, had a strained relationship prior to the birth of my wife and whether it was pride or sheer stubbornness on my wife’s grandfathers part he refused to rescind stating that he and his wife would then use it instead. Needless to say they never did but continued to pay maintenance fees on the property, which rose every year.
My wife’s grandfather passed away in 2001 leaving his wife who was beginning to show the symptoms of Alzheimer’s disease which meant she eventually moved into my in laws home as the disease progressed so that they could take care of her and my father in law became power of attorney over her financial affairs.
According to my father in law Spanish law or at least the agreement made with this timeshare company does not accept a widow capable of looking after her own affairs under any circumstances and it is expected that the eldest son will look after her financial affairs for her. In this case mainly due to the Alzheimer’s this is my father in law who is the middle son of three. I find this law preposterous if it exists, as we are now in the 21st century and what if she had beared no sons at all?
However my main concern is eventually and I’m sorry if this sounds cold, my wife’s grandmother who is now well into her 80’s will pass away leaving her estate to go to probate as she steadfastly refused to draw up a will and expected her sons to ‘do the right thing’ when she and her husband died by splitting up any money or property equally three ways. So this financial millstone that has been requiring maintenance fees all these years is going to end up on the table as part of her estate.
What happens if all three sons refuse to touch it with a bargepole? (Which my father in law intends to do) she hasn’t or never expressed any desire for any particular son to inherit it upon her death and I’m afraid my father in law will get suckered into accepting it along with it’s liabilities which will mean on the death of my in laws my wife and I could end up with the bloody thing as she’s an only child and knows she will inherit her parents estate upon the death of her remaining parent.
In the 6 years that I have known my wife we have never shown any interest or desire to visit the property due to her being a primary school teacher and the added expense that would be involved travelling during the school holidays. We have however had the opportunity to do so as my father in law and his brothers have decided to give their children the chance of using it on a yearly rotational basis until the death of their mother to try to salvage something from what has to be said was a rash financial decision made in the heat of the moment by their father.
Sorry I’ve had to write an essay but it’s better to give readers the facts as I have them rather than release information slowly like a dripping tap.
My wife’s grandfather purchased one of these when my wife was about 17 so we are talking around 1995ish during a holiday in Spain. The complex he bought into is in Gran Canaria. My wife was his favourite granddaughter and we think he purchased it with her in mind as her 18th birthday present. Unfortunately he never consulted the family regards this idea and just went ahead with the purchase no doubt believing the timeshare maxim that “The deal is only good for today.”
When he returned back to England my in laws pointed out that my wife intended to become a primary school teacher so she would only be able to use it during the school holidays when it is high season and air fares are astronomical so it made any break at that particular resort excessively expensive. Although it was a lovely thought, which was appreciated it was in effect useless to her. My father in law looked over the paperwork and realised that his father could rescind but he needed to act fast as the cooling off period was coming to a close.
My father in law and his father had, had a strained relationship prior to the birth of my wife and whether it was pride or sheer stubbornness on my wife’s grandfathers part he refused to rescind stating that he and his wife would then use it instead. Needless to say they never did but continued to pay maintenance fees on the property, which rose every year.
My wife’s grandfather passed away in 2001 leaving his wife who was beginning to show the symptoms of Alzheimer’s disease which meant she eventually moved into my in laws home as the disease progressed so that they could take care of her and my father in law became power of attorney over her financial affairs.
According to my father in law Spanish law or at least the agreement made with this timeshare company does not accept a widow capable of looking after her own affairs under any circumstances and it is expected that the eldest son will look after her financial affairs for her. In this case mainly due to the Alzheimer’s this is my father in law who is the middle son of three. I find this law preposterous if it exists, as we are now in the 21st century and what if she had beared no sons at all?
However my main concern is eventually and I’m sorry if this sounds cold, my wife’s grandmother who is now well into her 80’s will pass away leaving her estate to go to probate as she steadfastly refused to draw up a will and expected her sons to ‘do the right thing’ when she and her husband died by splitting up any money or property equally three ways. So this financial millstone that has been requiring maintenance fees all these years is going to end up on the table as part of her estate.
What happens if all three sons refuse to touch it with a bargepole? (Which my father in law intends to do) she hasn’t or never expressed any desire for any particular son to inherit it upon her death and I’m afraid my father in law will get suckered into accepting it along with it’s liabilities which will mean on the death of my in laws my wife and I could end up with the bloody thing as she’s an only child and knows she will inherit her parents estate upon the death of her remaining parent.
In the 6 years that I have known my wife we have never shown any interest or desire to visit the property due to her being a primary school teacher and the added expense that would be involved travelling during the school holidays. We have however had the opportunity to do so as my father in law and his brothers have decided to give their children the chance of using it on a yearly rotational basis until the death of their mother to try to salvage something from what has to be said was a rash financial decision made in the heat of the moment by their father.
Sorry I’ve had to write an essay but it’s better to give readers the facts as I have them rather than release information slowly like a dripping tap.
, so, without reading it, I will just say that you do not have to accept an inheritance that you do not want, if that is the case. When it comes to a timeshare, it would be with me.
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