Adding Family Member to Deed

[BWV Dreamin]

If I add a family member to a DVC deed, are the closing costs any cheaper? Right now I think it costs $450 to re-title a deed. When one member is deceased, the deed will pass on, but does it have to get re-titled again after a member's death?

Doing some estate planning. Trying to decide if this is a better route rather than re-titling a deed into a revocable trust.

 

[Dean]

If I add a family member to a DVC deed, are the closing costs any cheaper? Right now I think it costs $450 to re-title a deed. When one member is deceased, the deed will pass on, but does it have to get re-titled again after a member's death?

Doing some estate planning. Trying to decide if this is a better route rather than re-titling a deed into a revocable trust.

No, it's no different. It can be done easily though, for about $50-60 if you do it all yourself and use a quit claim deed. It's very easy to do. You should realize that this would legally become the property of anyone you add including for creditors, financial aid, etc.

 

[BWV Dreamin]

No, it's no different. It can be done easily though, for about $50-60 if you do it all yourself and use a quit claim deed. It's very easy to do. You should realize that this would legally become the property of anyone you add including for creditors, financial aid, etc.

Yes, I realise this. One of the factors against doing it. That's why I'm leaning towards the revocable trust.

 

[Cruelladeville]

If you want to retain ownership yourself, don't add anyone else to your membership, put it in trust instead. If you added someone to your membership, and that person declared bankrupsy or got divorced, your ownership is GONE. It would have to be sold because the ownership belongs to the person you added, and would be divided with the spouse or to resolving the bankrupsy. It becomes part of that person's assets., too.

I speak from experience, my daughter's divorce. Fortunately, her ex signed off on dd's contract, but only because they owed on the contract. If it had been paid for, the judge would require the contract be sold. So I paid it off and had the contract changed to my name. After several years, I gave it back to her, and wouldn't you know, dh #2 wants 1/2 if she goes thru with #2 divorce. She has an unfortunate attraction to men who never grow up