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SteveS
07-16-2004, 02:19 PM
We are going to be rewritting our wills and I am curious how DVC issues were handled by other members.

We have 180 pts @ BWV. We also have 3 adult kids and families. Each of our kids grew up vacationing at WDW since they were small.

My initial thoughts were to put our DVC interest away so that each of the 3 kids and families could use the 180 pts once every 3 years. We would also set aside ~ $20,000 in an investment account to pay for the maintenance fees. At the end of the DVC ownership the remaining funds would be divided equally.

We could set this up in a Trust to be administered by one of the kids. A Trust might not be the best viehicle. We could title the DVC ownership in one of the kids names and hope that it is shared equally without too much fighting.

Please share your thoughts on this topic. I am open to any suggestions and will listen to the exprience of others.

Thanks

:earsboy: :earsgirl:

SleepyatDVC
07-16-2004, 04:14 PM
We bought 2 separate contracts so that our 2 girls would each have their own (eventually).

Although, they might have to duke it out to see who gets the OKW and who gets the BWV. The maintenance will be their problem. If not, they'll just have to sell it.

If they really want to keep it, they could rent out points, Although, I'm sure they won't have to. My estate should be sufficient for their needs. I'm an only child, so, my girls will eventually get everything that my parents will leave behind.

spiceycat
07-16-2004, 04:24 PM
once I retire - I am going to set up some kind of annuity to be sure that the maintence fees are pay for DVC (if I am live or not)

but I need to get on the ball and fix the rest of my will.

I don't have children so my niece and nephew will get it - she will probably get most of the DVC (OKW and VWL) - he will get the Panama City Beach, South Africia, and probably BWV (if I don't sell it first).

I was going to divide them evenly - but got told that was not necessary - she is the Disney fan - he just goes because the family does.

OKW Lover
07-16-2004, 04:32 PM
We have a son & daughter (both grown with families of their own). In our wills, we left our DVC ownership to the daughter because she already is a DVC owner and therefore knows how to use it all. We also left instructions that they were to share these points with the son's family. That way both families get the benefit while management of the points is assigned to a specific person.

SleepyatDVC
07-16-2004, 04:46 PM
OKW Lover,

Just curious. Obviously you wish the daughter to share points with the son and left instructions regarding this.

But does the son need to share in the maintenance costs? Just wondering...

SteveS
07-16-2004, 05:31 PM
Thanks for the input. However I don't have 3 separate contracts. They will have to share the points on a rotating basis. But this could be a problem. I could be setting them up for conflict, which is the last thing I would want to do. I can't seem to find a good solution to my problem.

lenshanem
07-16-2004, 05:45 PM
I'm not to sure about wills, but we had one drawn up after my first was born. We now have two girls. If I recall, we did a very generalized will that our estate would be passed down to our daughter, plus any future children we had. I'm assuming they'll have to just split every accordingly. Unfortunately, we have two contracts that are not equal - 150 & 50.

I guess my question is do we have to go back and put DVC in writing in our will or will it just be considered part of our estate?

yearlightbuzz
07-16-2004, 06:28 PM
Great question! We are about to do a will as well and would love to hear more opinions. Thanks for all the suggestions.

lightningcoach
07-16-2004, 06:50 PM
We put our DVC deed in the name of our trust. I don't know if there would be any probate taxes with DVC, but we wanted to avoid any confusion when we die.

SleepyatDVC
07-16-2004, 09:05 PM
If all goes well though, we'll still be alive and kicking when DVC1 expires in 2042! Lol!!

MrsToad
07-16-2004, 09:40 PM
SteveS...have you talked with your offspring about your planning? I don't know your relationships and am certainly not trying to intrude...I just know that we had some problems come up when two family members died after sudden illnesses; neither party had talked with family about their wishes ahead of time which left some relatives hurt when things didn't work out as they expected.

Would all three enjoy DVC equally? Maybe you can leave DVC to one and something similarly meaningful to the other two?

kathleena
07-17-2004, 08:29 AM
I agree that deaths can change sibling relationships and cause odd issues to arise.

I have three step-children. Two of them are very irresponsible (right now, we can always hope for miracles) and we rarely see them except when they want something. The third is a good friend and caring individual.

The first two have been written out of the will. BUT for DVC - we have written instructions to the third one to use or sell the DVC as she wants - and if her siblings want to use it - as long as they pay her the maintenance fees for the points they use - accomodate them.

There are other instructions on how we wish her to help her sister and brother, such as using any estate funds for grandchildren's education and helping them if they have a major illness.

We trust her. We know she will do what is right. But frankly - the way we've been treated by the other two, if it doesn't work out that way - oh well.

My advice is to follow your plans - assume they will all still be getting along in the future BUT when you have drawn up the will - sit down with all three of them together - not separately. Tell them what your wishes are for when you are gone. And then put it in writing and give them each a copy. The memory of your wishes will help to bring them through disagreements and areas of questions.

Oh, how I wish my mother had done that. Would have saved a lot of heartache for me and my Dad and my sister.

StormalongKay
07-17-2004, 09:19 AM
Lenshanem,

We boutght DVC after we executed our wills and have not gone back to re-write. I don't know about your state, but in PA our DVC would just be considered like any other asset in our estate when we die. It would be up to our executor to make the decision to hold on to it or to sell it after our deaths (we have 3 children and only 1 contract), but my sister serves in that capacity and she knows how important our DVC is to us. However, you never know what your circumstances will be at the time of your death, so I didn't want to force my estate into holding on to any particular asset (what if a long illness caused a need for money?)

Put a quick phone call in to the atty who wrote your will to ask your question. In most instances, the whole will does not have to be rewritten and a codicil can be done.

Mary Kay

StormalongKay
07-17-2004, 09:28 AM
SteveS,

If you die owning DVC, you'll pay inheritance tax on it in most states (I think). If you title it to one of your children during your lifetime, remember it is the same as owning land - we received a deed at purchase - and legally that one child is the sole owner and has no legally recognizable obligation to share the points with his siblings.

How about transferring it to all 3? If you put all 3 on the one contract, this could be problematic for its use. If you gave each child 60 points, they could either use them for short stays or add on themselves if they are financially able. I just don't know if Disney would agree to do this. It would definitely mean an administrative fee as you would have to prepare and record three new deeds.

Good luck!
Mary Kay

CarolMN
07-17-2004, 09:39 AM
I would strongly advise against setting up a sharing arrangement in whcih all three are owners or expected to share one contract - it just creates numerous ongoing opportunities for conflict/hard feelings between your children.

It also brings a yearly cost (dues, transportation, food, tickets, etc.) - are you 100% sure they will be able to afford that or that it will even be a priority for them given all the other expenses of a growing family?

What if one family can't go the year it is their turn? What if the yearly vacation didn't add up to exactly 180 points?

What if one family wants or needs to sell his/her interest?

What if one child gets a divorce or has to file for bankruptcy?

What process will be used to settle any disputes?

The list of potential issues seems endless!


Instead, you could direct the executor to sell the contract and divide the proceeds - let the children buy their own DVC memberships (or even something else to remember you by).

Another option is to direct the executor to purchase two additional contracts of 180 points so that all three have their own contracts. Any differences between the contracts can be cared for in the division of other assets.

Whatever you do, it's best to discuss it with your three children. Better that they should know now what your intentions are than to believe you didn't "love them equally" after you're gone.

Best wishes -