Part of the Estate

• When you die, all of your property becomes part of your estate. The executor of the estate has the job of distributing your estate to your heirs. He does this by paying off the bills, selling assets to do this if necessary, and then passing on all of the remaining property to the appropriate people. If you have a will, the process is straightforward. If you do not have a will, the process becomes more complicated, with courts having to decide the distribution of your property. Your time share is part of this estate.
  
  

Mortgage on the Time Share

• If you have a clear title to the time share, which means that you do not owe money on a mortgage secured by the property, the time share can potentially pass more easily to your heirs because the mortgage does not have to be paid off first. If the time share has a mortgage on it, the mortgage will need to be paid off before the transfer. If your heir wants to take over the payments on the time share, your heir may decide to continue paying the mortgage and refinance the loan into her own name to clear the mortgage from the estate.
  
  

Other Debts

• If you have other debts, these will need to be settled before any of the property of your estate will be distributed. Even if the loans are not secured by the time share, the executor of the estate must pay off all of the loans and any other claims against the estate. What you own must stand good for what you owe. If the debts of the estate exceed the assets that the estate owns, all of the property of the estate will need to be sold, including the time share, to settle the debts of the estate.
  
  

Type of Ownership

• Even if the estate has no debts, a time share may not convey to your heirs, depending on the type of ownership. Most time shares are owned fee-simple, which is a form of ownership that lasts forever. You can transfer this ownership to your successors and assignees, which means heirs and anyone that you sell or give it to. Some time shares are based on a lease of a certain time frame, such as 20 to 25 years. If this lease is assignable, your heirs can keep it for the remaining term of the lease. If the lease is not assignable, the time share would revert back to the person who leased it to you.