It is possible to leave a timeshare for someone in your will. You can outline your intentions for basically any type of property that you own: Stocks, vehicles and even complex real estate interests.
Whether you want to use this strategy would depend on your unique circumstance. Every family is different, so here are some things you might want to consider.
Do your heirs want the property?
As explained on FindLaw, there are multiple things to consider when purchasing a timeshare. Although inheriting is different than purchasing — particularly in the fact that there is no purchase price and there could be a possibility to refuse the property — accepting an inheritance comes with all of the same obligations of ownership as does purchasing.
Do the benefits outweigh the obligations? It would depend on how your family feels, in most cases. Here are some indications that your heirs might want the timeshare:
- They spend a lot of time there
- They go there without you sometimes
- They talk about future plans involving the property
Of course, there is always the option to take a direct approach. If you are willing to have the conversation, you could ask whether they would like to retain ownership.
Is there an alternative to a will?
Assuming that you and your family decide to keep the timeshare, you might want to consider alternatives to putting it in your will. For example, you could place it in trust. A conventional sale may also be a good option, depending on your estate planning goals, tax situations and preferences for ownership.
Your last will and testament basically replaces the official rules for transfer of property after death. These days, it is usually only one part of an estate plan. It acts as a foundational document and a reference for the court to interpret your wishes if there is a dispute.
Estate planning is about legal instruments and technical rules. It is also about family, friends and values. The most successful plans often take both aspects into account, in equal measure.