Any married DVCers who have their "own" contracts?

pangyal · Jul 30, 2015

So...we have owned, sold, and bought a number of contracts and have settled on a happy mix for the time being.

However, I go with my mum to Vegas every year for a "girls week" at the end of August. It looks like changes are taking place (for example, there is a strong rumour that they are selling our favourite place to stay, the Mirage), and my mum is taking about maybe taking advantage of DVC for that week for a few years to mix it up.

I found an amazing VGF contract today that was priced very competitively. It would get us a week at VGF in a studio every other year if we bank the points. While we use our other pints and contracts for different types of stays that involve the kiddo, I am seriously considering buying this contract and titling it just to myself for the August holidays. I feel weird about it, but hubby says it's my money and my vacation.

Has anyone else done this? I just don't know if I should pursue it. I know that we won't stay at VGF if we don't own there, and it seems like a good grownup vacation resort. However, I don't know if it's worth splitting off of our other memberships just so it can be "mine", though I kind of like that idea...and would there be any downsides to doing this?

supersnoop · Jul 30, 2015

I own three contracts in only my name, but since we live in a community property state, my wife has a legal claim to them anyway. She was frustrated that she didn't get a member ID card and had have me there to get the DVC discount. So, I bought one small contract in her name.

If you two already have have contracts titled together, I wouldn't bother splitting them off. But if it's a different use year, go ahead. It won't matter much.

Dean · Jul 31, 2015

pangyal said:
So...we have owned, sold, and bought a number of contracts and have settled on a happy mix for the time being.

However, I go with my mum to Vegas every year for a "girls week" at the end of August. It looks like changes are taking place (for example, there is a strong rumour that they are selling our favourite place to stay, the Mirage), and my mum is taking about maybe taking advantage of DVC for that week for a few years to mix it up.

I found an amazing VGF contract today that was priced very competitively. It would get us a week at VGF in a studio every other year if we bank the points. While we use our other pints and contracts for different types of stays that involve the kiddo, I am seriously considering buying this contract and titling it just to myself for the August holidays. I feel weird about it, but hubby says it's my money and my vacation.

Has anyone else done this? I just don't know if I should pursue it. I know that we won't stay at VGF if we don't own there, and it seems like a good grownup vacation resort. However, I don't know if it's worth splitting off of our other memberships just so it can be "mine", though I kind of like that idea...and would there be any downsides to doing this?

There really isn't much downside if you already own in both names since you would all have perks if traveling but there isn't really any upside either. The main thing would be if something happened to you, it would make the transition more complicated. The main upside is when you want to have things separate such as a possible divorce or if you sold your other contracts and this were the only one left.

CarolMN · Jul 31, 2015

Sounds like your hubby is a gem. Why can't it be "yours" even though it's titled the same as the other contracts? You still manage it and use it for your girls trips, but if you ever need to use a few points from it for other vacations or to avoid losing them, it would be easy to do. Plus it would be simpler in the event something happens to you.

If the VGF contract isn't the same use year as your other contracts, you'll get a different membership number for it, anyway.

Good luck!

OKW Lover · Jul 31, 2015

I have 6 contracts all solely in my name. I first bought into DVC before we were married and wanted subsequent add on's to be in the same master contract so we never changed it. We've made appropriate arrangements in our wills that if I predecease her the property goes to her.

Dean · Jul 31, 2015

OKW Lover said:
I have 6 contracts all solely in my name. I first bought into DVC before we were married and wanted subsequent add on's to be in the same master contract so we never changed it. We've made appropriate arrangements in our wills that if I predecease her the property goes to her.

The downside here is that the spouse doesn't get the perks specific to ownership which may or may not be important. It mostly hinges on whether the couple would always travel together or the non member spouse would go without the member.

pangyal · Jul 31, 2015

CarolMN said:
Sounds like your hubby is a gem. Why can't it be "yours" even though it's titled the same as the other contracts? You still manage it and use it for your girls trips, but if you ever need to use a few points from it for other vacations or to avoid losing them, it would be easy to do. Plus it would be simpler in the event something happens to you.

If the VGF contract isn't the same use year as your other contracts, you'll get a different membership number for it, anyway.

Good luck!

He is a gem

! Yes, it absolutely could just be "mine" but titled the same as the others...but I handle those anyway and manage everything. I'm an only child and so is our kiddo, and as far as I know hubby isn't keeping a harem, so it wouldn't be too confusing should the earth swallow me whole one day as to where the contracts would all go regardless of title. We don't actually have an April UY yet, so it would be separate anyway.

I know this is a very odd topic, but sometimes it's nice to have a luxury purchase that's just "yours". I am reading the posts and not really seeing any downsides to doing it so far

.

CarolMN · Aug 1, 2015

pangyal said:
.....(snip).........it wouldn't be too confusing should the earth swallow me whole one day as to where the contracts would all go regardless of title. We don't actually have an April UY yet, so it would be separate anyway.........

It's not just about who gets the property when the owner dies.

Consider asking your attorney about this before you decide. Unless you reside in Florida, titling in your name only may cause your DH to have to go through probate in Florida (as well as in the state in which you reside). This can add stress and expense to settling your estate. Jointly titled assets do not usually have to go through probate if the asset will pass to the other owner. Some who own property in more than one state use a trust to avoid going through probate in multiple jurisdictions.

Disclosure: I am not an attorney - just passing on my understanding so you can check with your attorney.

Dean · Aug 1, 2015

CarolMN said:
It's not just about who gets the property when the owner dies.

Consider asking your attorney about this before you decide. Unless you reside in Florida, titling in your name only may cause your DH to have to go through probate in Florida (as well as in the state in which you reside). This can add stress and expense to settling your estate. Jointly titled assets do not usually have to go through probate if the asset will pass to the other owner. Some who own property in more than one state use a trust to avoid going through probate in multiple jurisdictions.

Disclosure: I am not an attorney - just passing on my understanding so you can check with your attorney.

There's really no advantage either, it'd still be a marital asset as I understand it (also not an attorney). Personally I see no real advantage and some relatively minor disadvantages. Namely, this issue that Carol brings up and if one ever wanted to use the points with other points in the account. The main advantages I can think of are for extra transfers and wait lists, things that don't see to fit into the planned usage or home resort.

pangyal · Aug 1, 2015

CarolMN said:
It's not just about who gets the property when the owner dies.

Consider asking your attorney about this before you decide. Unless you reside in Florida, titling in your name only may cause your DH to have to go through probate in Florida (as well as in the state in which you reside). This can add stress and expense to settling your estate. Jointly titled assets do not usually have to go through probate if the asset will pass to the other owner. Some who own property in more than one state use a trust to avoid going through probate in multiple jurisdictions.

Disclosure: I am not an attorney - just passing on my understanding so you can check with your attorney.

We are in Canada, would any of this still apply to us?

CarolMN · Aug 1, 2015

pangyal said:
We are in Canada, would any of this still apply to us?

No idea how Canadian estate laws work.

My GUESS is that since the property is in Florida, you'd still have to go through Florida probate to get the title changed to an heir, no matter where you reside.

pangyal · Aug 1, 2015

CarolMN said:
No idea how Canadian estate laws work.

My GUESS is that since the property is in Florida, you'd still have to go through Florida probate to get the title changed to an heir, no matter where you reside.

Interesting that it wouldn't just automatically pass to hubby or the kid. Definititely food for thought. Thanks

!

CarolMN · Aug 1, 2015

pangyal said:
Interesting that it wouldn't just automatically pass to hubby or the kid. Definititely food for thought. Thanks !

It will go to your heirs according to your Will or the state of Florida laws if you don't have a Will, but only the probate court can change the title to them.

DVCjj · Aug 1, 2015

pangyal said:
He is a gem ! Yes, it absolutely could just be "mine" but titled the same as the others...but I handle those anyway and manage everything. I'm an only child and so is our kiddo, and as far as I know hubby isn't keeping a harem, so it wouldn't be too confusing should the earth swallow me whole one day as to where the contracts would all go regardless of title. We don't actually have an April UY yet, so it would be separate anyway.

I know this is a very odd topic, but sometimes it's nice to have a luxury purchase that's just "yours". I am reading the posts and not really seeing any downsides to doing it so far .

I understand how you feel as I purchased a first contract last year with a small settlement concerning my mother's nursing home issue. Due to the stress toll it took on me, I wanted the money to go somewhere 'special'. DH is a gem also and totally understood. I did put his name as joint to make legal matters easier but I was very adamant about my name being FIRST on everything. I made a big deal about it to anyone involved with the title and did feel kinda childish but it was very important to me.

jessicaanne86 · Aug 5, 2015

I would recommend adding your husband's name to the contract because should anything ever happen to you, it would automatically be his. The Grand Floridian has 50 years left on the contract and it will only more later if you decide to add his name to contract later as new papers will have to be filled out, and then there are legal fees. And Heaven forbid anything happen to you, he wouldn't have to deal with legal fees to inherit the contract should his name already be on it.

Sorry if that sounds a little morbid but I had to consider these things also when purchasing 3 different Disney contracts and there is just a reality to it that you might want to think ahead for. I will be 78 when my DVC contract for Poly and VGF expire so if you plan on keeping it for life, it might be something to think about.

dundey · Aug 6, 2015

My wife and I own 2 contracts that we have separately - each one is co-owned by 1 of our 2 adult daughters. We wanted to make sure they would each have points down the road.

RobbW · Aug 6, 2015

CarolMN said:
My GUESS is that since the property is in Florida, you'd still have to go through Florida probate to get the title changed to an heir, no matter where you reside.

My in-laws had to deal with Florida probate for a condo owned by a relative upon her passing. All I remember was that it was a total PITA and them complaining that the entire affair would have been so much easier if it had not been for the Florida property. Take that for what you will (*pun*). Also not an attorney.

pangyal · Aug 6, 2015

Hmmm. This is all a lot of great information (and bonus puns :cool:

). I did read on another thread that adding another name to the deed could be done for about $175, so I am toying with the idea of titling it to me for now and then adding our son when he turns eighteen in twelve years, if we all still want to own that property. Lots of food for thought, thanks so much everyone!

Dean · Aug 6, 2015

pangyal said:
Hmmm. This is all a lot of great information (and bonus puns ). I did read on another thread that adding another name to the deed could be done for about $175, so I am toying with the idea of titling it to me for now and then adding our son when he turns eighteen in twelve years, if we all still want to own that property. Lots of food for thought, thanks so much everyone!

That route may not be present or viable in 12 yrs.

BlazerFan · Aug 7, 2015

I started out with our contracts in my name (several smaller contracts in case we wanted to sell -- haha!) As we started doing estate planning we transferred them to a trust since we have contracts at VGC and Aulani and don't live in either state. We didn't want our kids to have to go through probate in several states. Of course because of multiple contracts the cost to transfer was more, but I'm glad we have it taken care of now. Waiting for an add on (in a new use year) to be completed and that new contract will also go into the trust.

Any married DVCers who have their "own" contracts?

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