Based on my family's usage, I've found that renting timeshares is cheaper than owning them -- even when you can buy one for $1. Remember, as an owner you are committing to a lifetime of maintenance and other fees.
Owning a TS has given us access to deals we wouldn't have been able to use otherwise, so I don't think it's
always true that renting is cheaper than owning. I suspect it's generally true, though.
Owning is more convenient and carries a different kind of risk. The main risk with owning is being unable to get rid of the ownership when or if you can't use it; the risks with renting are that the unit isn't what you expected in an ugly way, or the owner didn't make the reservation properly, or otherwise a problem on vacation.
Plus owning forces you to take vacations or waste your maintenance fees, and some of need that boot to get vacations on the schedule.
My Father In Law owns Wyndham points. I'm curious as to what happens when he dies. Does his estate owe anything in regards to maintenance fees? Does his contract with them just end? He isn't sure how that works, so I told him I'd ask here.
His estate will be responsible for the maintenance fees, and a good estate lawyer will do his level best to move that TS right out of there.
When there's no real estate to pay the money out, and no one in the family wants the TS, some people just walk away from it and hope the TS developer/points company will reclaim the thing.
I would ask on TUG or Timeshare Forums for people's experience with Wyndham, but the general rule is that the estate is supposed to take up that responsibility. Some Timeshares do have an end point (DVC contracts do), and a lot of particular resorts have a contract somewhere that has the owners vote to continue on a particular date (and if they vote to continue, the bills will keep coming in whether than was how you voted or not). But generally, timeshares aren't for life; they're for eternity!