? about new membership, different uy, longer expiry, and probate.

[AdamsMum]

I've been looking for a small contract to add on (up to 50 pts) with April uy - 2042 resort. Seems there are fewer April UY contracts. I've seen some along the way, but didn't have the cash (I lose sleep over debt), now I have cash, and no contracts available. I considered adding on direct, but the price for my home resort BWV is outrageous. I know it's a deterrent price. Here's the issue, I'm 66. In 2042 I'll turn 85. If I add on at a resort with a longer expiry, then I'll expire before it does. I'm Canadian, and I don't want my kids to have to go through probate in Florida after I'm gone.

THE QUESTION: If I were to start a new membership (theres a VGF contract that interests me) and put both their names on the deed with mine, would the ownership just revert to them automatically when I pass? Is this a way to avoid probate? Or would they still have to go through that. They are both grown and independent so it wouldn't affect them for things like student loans etc. Obviously I would only do this with them fully on board, and they do love Disney resorts. I always do split stays, so no issue with transferring points.

There's a good (?) chance I'll outlive my 2042 membership, but hey 2064?

 

[Best Aunt]

Obviously I would only do this with them fully on board, and they do love Disney resorts.

Okay, they love Disney resorts, but are they aware of (a) dues, and (b) how booking DVC works? If you're the only one paying the dues and making the reservations now, they might not be clear on all this. You want to make sure they're aware of it before all of you assume that they would want your contracts.

 

[sethschroeder]

If you do last living survivor thats a way around it I think but they have to be on the deed then which adds possible issues.

 

[CarolynFH]

If I were to start a new membership (theres a VGF contract that interests me) and put both their names on the deed with mine, would the ownership just revert to them automatically when I pass? Is this a way to avoid probate?

Yes. It can be titled in such a way that ownership passes to them seamlessly. And if they decide they don’t want it after you pass, they’ll be full owners and can sell it.

 

[CarolMN]

You could also consider establishing a revocable living trust instead of a Will. (You'll need an attorney to do that). Then you could title BOTH of your memberships into the trust. Any property in this type of trust avoids probate. Many who have property in more than one state use trusts for that purpose.

 

[AdamsMum]

Okay, they love Disney resorts, but are they aware of (a) dues, and (b) how booking DVC works? If you're the only one paying the dues and making the reservations now, they might not be clear on all this. You want to make sure they're aware of it before all of you assume that they would want your contracts.

They are aware of maintenance fees. Won't they be stuck (well my estate will, and they will have to administer my estate) with my contracts, without ownership, anyway when I die? I don't know how probate looks in Florida, but I'm sure it's more difficult if you're a foreigner. They are both doing quite well, and I think they'll be able to afford them, but who knows what the future holds. The question I'm grappling with, is whether to just pay the outrageous direct cost of add on, or whether to start a new membership with them on the deed. I've gone back and forth a few times on this one.

 

[AdamsMum]

You could also consider establishing a revocable living trust instead of a Will. (You'll need an attorney to do that). Then you could title BOTH of your memberships into the trust. Any property in this type of trust avoids probate. Many who have property in more than one state use trusts for that purpose.

Okay, I have an attorney, I recently updated my will. I'll look into that. Thanks.

 

[AdamsMum]

Yes. It can be titled in such a way that ownership passes to them seamlessly. And if they decide they don’t want it after you pass, they’ll be full owners and can sell it.

Okay, that sounds like it would be a good plan. Would the title company be able to arrange that?

 

[RoseGold]

There are a lot of other ways to do this, like your kid buys it and you use it.

I would never title this to three different adults for a lot of reasons. (Random example: https://www.disboards.com/threads/k...-but-ex-is-now-filing-for-bankruptcy.3894488/) I would pick one owner, and that doesn't have to be the person who is actually using it.

I don't see why you would need to buy this direct. It's not like resale is impossible. Just buy when you have worked out the legal part and a contract pops up.

If you want resale BW, just buy resale BW. It will pop up eventually, maybe it's Feb UY, no big deal.

 

[CarolynFH]

Okay, that sounds like it would be a good plan. Would the title company be able to arrange that?

Yes, the title company should know how to title it.

They are aware of maintenance fees. Won't they be stuck (well my estate will, and they will have to administer my estate) with my contracts, without ownership, anyway when I die?

If you're the only owner, they can't be forced to inherit it. They can simply not pay the MFs and let it go into foreclosure, or another way would be for the executor of your estate to notify DVC that you've passed and that no one will take the ownership.

 

[AdamsMum]

or another way would be for the executor of your estate to notify DVC that you've passed and that no one will take the ownership

Okay. I didn't know that was an option.

 

[CarolMN]

Yes, the title company should know how to title it.

If you're the only owner, they can't be forced to inherit it. They can simply not pay the MFs and let it go into foreclosure, or another way would be for the executor of your estate to notify DVC that you've passed and that no one will take the ownership.

Or your Will can direct that the contracts be sold and the proceeds distributed to your heirs.