I cannot recommend against this strongly enough. Do not do this!
Most Timeshares have expensive yearly dues which must be paid. There's often no easy way to get out of these. Because timeshares are real estate, they pass to your estate when you die.
As a practical example: when my mother died, I inherited two timeshares from her estate. I was unable to reject these. In one case, the timeshare company was "nice enough" to take the timeshare back for free, so I avoided having to pay any maintenance fees on it. The other timeshare had a $2,500 in annual dues which I could not avoid and was forced to pay out of pocket, even though I did not utilize the property. The Timeshare company (Mariott) would not buy back the property from me, not even take it back for free. They wanted me to keep paying those sweet, sweet annual dues.
In my case I was lucky enough to find another sucker — achem, person — to sell that timeshare to. I managed to not lose too much money, but this timeshare that I never wanted did end up netting me a loss. My brother was not as lucky and, as far as I last heard, is still paying $2500 annually for a timeshare he does not use.
Timeshares for $1 are not a free vacation. They are being sold at $1 because someone wants to get out of their annual dues, and you and your children may be stuck with them.