Adding names to contracts

[Hersheybar417]

Could someone tell me how to add my children's names to our contracts. We want to make sure they get them if we can no longer use them.
I apologize if this has been discussed previously. If so, please direct me to the correct thread.
Thank you.

Linda

 

[erionm]

First, they have to be at least 18 years of age.

A member that did it themselves posted the steps here: Adding a Name on Existing Contract

 

[Hersheybar417]

Thank you Michael, much appreciated!

 

[supersnoop]

Could someone tell me how to add my children's names to our contracts. We want to make sure they get them if we can no longer use them.
I apologize if this has been discussed previously. If so, please direct me to the correct thread.
Thank you.

Linda

Also, recognize that adding them to the contracts is functionally equivalent to giving them an interest in your house. If they ever have marital or financial problems, the contracts will be included in their available assets.

 

[OKW Lover]

Also, recognize that adding them to the contracts is functionally equivalent to giving them an interest in your house. If they ever have marital or financial problems, the contracts will be included in their available assets.

This is a very important point. Also, if they apply for financial aid at college DVC can be counted as one of their assets.

 

[Dean]

Could someone tell me how to add my children's names to our contracts. We want to make sure they get them if we can no longer use them.
I apologize if this has been discussed previously. If so, please direct me to the correct thread.
Thank you.

Linda

If you set it up in the will, they will get the asset unless they disclaim it. The only reason to do so ahead of time is so they get benefits. All other components are negative as noted by others on this thread. If they have financial issues get divorced, etc; it will affect DVC if in their name. It will be counted for FAFSA if filled out legally though I realize some leave it off either because they don't know it's supposed to be added or they're trying to hide the asset to get more aid. We added our adult daughter to our smaller contract but not our larger one for these reasons but it was a different home resort and UY anyway.

 

[Claudia1]

We are planning to add our adult children's names, too. Since this is not a resale, just adding names to a paid contract, they should still have all of the perks, right? I understand that a resale doesn't get all of the perks and want to avoid a mistake.

 

[Claudia1]

Is there actual property value attached to a DVC deed that would need to be put on financial forms? If so, how do I find out how much?

 

[Dean]

Is there actual property value attached to a DVC deed that would need to be put on financial forms? If so, how do I find out how much?

If you're talking FAFSA, legally as I understand it, one would be required to report it both the parents and the child. But I know many don't. You'd report the actual value, not what's on the deed. Obviously they are counted differently For parents and children.