Advantage (or disadvantage) to putting now adult children names on deed

[wilkeliza]

Eh I wouldn't worry so much about divorces guys. Since most of these would be "gifts" from before the marriage it would always be separate property in most jurisdictions. It would only get involved in a divorce if you put your adult married child on it.

 

[disneynutz]

Dean...we have 3 contracts all purchased direct years ago....170 at one resort and 100 and 50 at another.

Our plan was to add my son to one resort and daughter to another...but my son just went through a divorce and his finances are iffy so I don't want to add him just yet. If we add my daughter to a resort will we then not have the ability to book at 7 months combining both resorts points since the 2 resorts will be titled differently ?

Any contract titled differently will be a separate membership. You will need to transfer the points from one membership to the other to use them both. You will need to transfer through MS and most likely MS will have to do the booking for you.

Bill

 

[Dean]

Dean...we have 3 contracts all purchased direct years ago....170 at one resort and 100 and 50 at another.

Our plan was to add my son to one resort and daughter to another...but my son just went through a divorce and his finances are iffy so I don't want to add him just yet. If we add my daughter to a resort will we then not have the ability to book at 7 months combining both resorts points since the 2 resorts will be titled differently ?

They will be separate contracts and treated as such. There are ways to combine the points but it is more complicated.

 

[Dean]

Eh I wouldn't worry so much about divorces guys. Since most of these would be "gifts" from before the marriage it would always be separate property in most jurisdictions. It would only get involved in a divorce if you put your adult married child on it.

It depends on the state, for many it is an issue as I understand it.

 

[wilkeliza]

It depends on the state, for many it is an issue as I understand it.

That is true that it depends on the state but even a basic pre-nup will say anything acquired before the marriage is seperate.

 

[Dean]

That is true that it depends on the state but even a basic pre-nup will say anything acquired before the marriage is seperate.

And is variably enforceable I believe. Realistically most aren't going to do a prenup and most really shouldn't. There are probably other and better ways to do it with the best being not to if you have concerns. It is a timeshare with RTU to the risk is minimal for most contract situations anyway. The one that I think deserves a look, esp in this situation, is Tenancy in Common where the other party has a small %, maybe a low as 1% ownership.

 

[palhockeymomof2]

Any contract titled differently will be a separate membership. You will need to transfer the points from one membership to the other to use them both. You will need to transfer through MS and most likely MS will have to do the booking for you.

Bill

Thanks Bill thanks what I thought but wanted to check with the "experts" here ....will leave them off the contracts

 

[palhockeymomof2]

They will be separate contracts and treated as such. There are ways to combine the points but it is more complicated.

Thanks Dean

 

[Dean]

Thanks Bill thanks what I thought but wanted to check with the "experts" here ....will leave them off the contracts

If the benefits are truly a benefit there are ways to get this done.

 

[palhockeymomof2]

If the benefits are truly a benefit there are ways to get this done.

Thanks Dean.....I don't think the perks are worth adding them on...my son lives in Florida and buys the resident weekday pass, while my daughter and her husband travel with us once a year so no need for the annual pass ....and since we've been members since 2001 we've seen a lot of perks come and go.

 

[Dean]

Thanks Dean.....I don't think the perks are worth adding them on...my son lives in Florida and buys the resident weekday pass, while my daughter and her husband travel with us once a year so no need for the annual pass ....and since we've been members since 2001 we've seen a lot of perks come and go.

We live in FL and added my daughter to our smaller contract but it was already separate anyway because it was a different UY.

 

[Jamie]

I talked to membership services several months back and they recommended us adding our adult children to avoid Florida probate. We are not worried about perks but rather the easiest and most cost effective way to pass it on to them. So if we do not add them to the deed and it's part of a living trust (which we are just getting ready to set up) does that avoid probate? We live in Oregon if that makes a difference.

 

[miTnosnhoJ]

I talked to membership services several months back and they recommended us adding our adult children to avoid Florida probate. We are not worried about perks but rather the easiest and most cost effective way to pass it on to them. So if we do not add them to the deed and it's part of a living trust (which we are just getting ready to set up) does that avoid probate? We live in Oregon if that makes a difference.

YES, in most states, a living trust will avoid probate, but I am not a lawyer. But passing it through the trust avoids many of the pitfalls of adding them to the deed.

 

[sweaters]

I'm not an expert in the field or anything close to it, but if you're just worried about your DVC interest if something happens to you, you could look into moving your DVC interest into a living trust of some sort. It won't give your adult kids ownership, but it helps avoid probate issues. This does sort of segway into a broader estate planning situation. Setting up a living trust is something I keep meaning to look into as my wife and I's family situation is.... complicated and we want specific things to happen if something happens to us that wouldn't probably happen in a probate court.

If you are just concerned about your children getting the points in the event of your death: Could you just sign a quit claim deed with rights of survivorship and keep it in a safe place with whatever Wills or Powers of Attorney you might already have prepared. Don't file it with the Register of Deeds. No need to create a Trust. In the event of your death, they would have access to the Quit Claim Deed which would give them the right to the DVC points without needing to go into Probate Court.

 

[supersnoop]

If you are just concerned about your children getting the points in the event of your death: Could you just sign a quit claim deed with rights of survivorship and keep it in a safe place with whatever Wills or Powers of Attorney you might already have prepared. Don't file it with the Register of Deeds. No need to create a Trust. In the event of your death, they would have access to the Quit Claim Deed which would give them the right to the DVC points without needing to go into Probate Court.

I would recommend running this approach through your estate attorney. I don't think a quit claim would be valid after death.

 

[JsMom2]

I'm not an expert in the field or anything close to it, but if you're just worried about your DVC interest if something happens to you, you could look into moving your DVC interest into a living trust of some sort. It won't give your adult kids ownership, but it helps avoid probate issues. This does sort of segway into a broader estate planning situation. Setting up a living trust is something I keep meaning to look into as my wife and I's family situation is.... complicated and we want specific things to happen if something happens to us that wouldn't probably happen in a probate court.

I've had a Trust for years, and the rest of my real estate and investments are all in the Trust. For some reason DVC doesn't allow you to title the deed in a trust when you make the initial purchase, but you can move it in later. I've been meaning to move it in for years, but now that my daughter is 18 I'd wondered if it made more sense to just add her to the membership. But after reading this thread, I'm thinking that putting it in the Trust makes more sense. You just never know who is going to outlive who, and a Trust allows you to make arrangements for all conditions.

 

[sweaters]

I would recommend running this approach through your estate attorney. I don't think a quit claim would be valid after death.

Rather than a quit claim deed, Florida has a Lady Bird Deed that might do the trick.

 

[dboules]

Looks like a trust is in my future....
I think this thread is very helpful with the pitfalls and positives.
Thanks all -- gets me thinking about this.

 

[sgtdisney]

We just went through this with a trust with my Dad's DVC contracts. He set up a revocable living trust through his attorney to put his real estate assets into, including his DVC contracts. My brother and I were added as co-trustees on the trust. We did some some research here, and other places as well, and found it to be safer than just adding us to the deeds, but allowed us to become co-members on his contracts. The process (after setting up the initial trust) was pretty easy, we worked with the Title company Disney recommended. ROFR was signed off almost immediately after it was filed and we're just waiting for the final papers from Disney. My dad did it for a few reasons, not only the membership, to to avoid probate at some point in the, hopefully long time away, future. It's also a safer way to set things up in the event an adult married child has some difficulties (financial or marital) in the future as the trust is it's own entity.

 

[JsMom2]

We just went through this with a trust with my Dad's DVC contracts. He set up a revocable living trust through his attorney to put his real estate assets into, including his DVC contracts. My brother and I were added as co-trustees on the trust. We did some some research here, and other places as well, and found it to be safer than just adding us to the deeds, but allowed us to become co-members on his contracts. The process (after setting up the initial trust) was pretty easy, we worked with the Title company Disney recommended. ROFR was signed off almost immediately after it was filed and we're just waiting for the final papers from Disney. My dad did it for a few reasons, not only the membership, to to avoid probate at some point in the, hopefully long time away, future. It's also a safer way to set things up in the event an adult married child has some difficulties (financial or marital) in the future as the trust is it's own entity.

So is it only Co-trustees who can become co-members?