Adding children on deed

[Dopey Sharon]

My DH and I bought into DVC a couple years ago, at BCV. We never thought about putting our two kids on the contract when we bought. Now, I'm wondering if we should add them, if we even can.

They are 24 & 22 years old. DH and I will be in our 80s when our contract expires, if we live that long. (You never know)

Has anyone done this? Do I just call Member Services?

TIA

 

[spiceycat]

yes you call member services.

but expect to pay and I mean pay.

you can add them as your associate members without extra charges.

the problem would be when you die - then DVC says they will do what your will says. (I don't know how much they will charge then - if they do charge in cases of dead of the owner)

associate members can make reservations and cancel them. they don't get the annual discount nor the room rate discount.

 

[DisFlan]

It'll cost a bit, but I'm not sure how much. This is why we added our son and his wife as owners to our contract when we bought. Didn't cost anything extra.

DisFlan

 

[First Wave]

My DH and I bought into DVC a couple years ago, at BCV. We never thought about putting our two kids on the contract when we bought. Now, I'm wondering if we should add them, if we even can.

They are 24 & 22 years old. DH and I will be in our 80s when our contract expires, if we live that long. (You never know)

Has anyone done this? Do I just call Member Services?

TIA

As long as your children are over 21, I believe that if you name them in your will to receive your membership, you can avoid Florida probate (but I'm not positive.) That may be cheaper than asking DVC to add them to the deed at this point.

Also, you might want to ask Timeshare Closing Services. I think they handle those type of things. I'm sorry, but I don't know the phone number. Their website is www.timeshareclosingservices.com. The number is probably on their home page.

Good luck.

 

[Dean]

The cost to do so should be minimal if you're willing to do a little work yourself. All it requires is a quit claim deed and a ROFR which DVC will give automatically then you just have to pay to have it recorded. Total cost could be as little as $50 or so. But if you add them this becomes their property also and is attached to their credit ad assets.

 

[Dopey Sharon]

Thanks for the replies.

Should I even be worried about adding them now or just put it in our wills?

 

[lizziepooh]

There have been some previous posts regarding this same issue. (Sorry, I don't know how to link them). You might want to think twice about adding them now since they are still fairly young. If they were to have financial problems in the future or get a divorce, their share of the DVC is treated as an asset. My daughter is going thru some financial stuff right now and I am SO glad her name is not on our DVC.

 

[Dopey Sharon]

lizziepooh...thanks, I didn't know that! Good luck to your daughter.

I'll keep it the way it is and worry about it later.

 

[Cruelladeville]

I have posted before on this issue, to let members know that it's a really BAD idea to put their children on their memberships. You are being "penny wise and dollar foolish." If your adult child is married, and divorces, it becomes community property, and they will probably lose it. My DD owned her contract in her own name-- it became community property, and had to be sold to cover HIS debts(incurred before their marriage--marry the person, you legally assume his debts). Perhaps your kid is just dumb, and overspends on one credit card while in college. If you don't cover the debt yourself, DVC will have to be sold to pay the debt, because it belongs to your child, even with your name on it. By the way, this is also put on your credit report that property was seized to pay off a debt, without mentioning whose debt it was, it suggests it was your's, and your credit rating declines. You would be far smarter to will it to your children, or create a living trust for DVC.

 

[Dopey Sharon]

Thanks for the info. I'm going to leave it the way it is.