Adding the kids to our SSR contract

[FLYNZ4]

I read someplace on this forum about having your kids names listed on a contract. Since we are buying 3 contracts now 3 X 150 points... and since we plan to let the kids each have 150 points someday... should we just add their names to the contracts now?

Is there any downside to doing this? Are there any advantages? All 3 kids are adults (over 18).

My wife any I plan to control all 450 points as long as we want to continue using DVC... which is likely to be a long time. I guess the kids could abuse the priviledge... but I do not think they would do that... besides... I could always take them off the rest of my will (just kidding).

Comments please... and as always, thank you in advance.

/Jim

 

[FLYNZ4]

As we think about this... it probably is not a good idea to do. If we ever decide to sell, upgrade, etc our DVC memberships it doesn't make sense to need to get our kids signature to do so. Also, if they have financial problems at any time, we would not want it linked back to us in anyway.

I'm writing this question off as a bad idea They can deal with getting possesion as part of our estate someday.

/Jim

 

[Maistre Gracey]

I agree.

MG

 

[pmcpmc]

references to children as surviving relatives only

 

[Cruelladeville]

I guess I will be the dissenter to the other posts. If your children are adults, seem to be in reasonably good financial condition, and can be trusted, it makes good sense to add them to the contract that you are buying now. They would all have to understand and BE CLEAR that you control the contracts and the points because they would be able to make ressies without your consent and would also be able to call whenever they wanted to, to find out financial details from member accounting. I did this with my daughter, and it worked great. On the down side, if your kids are married, this DVC becomes community property, and will need to be shared with the ex if they divorce. If your kids are single, you would need to engage a lawyer prior to their marriage to arrange paperwork for the spouse to sign. I had my son-in-law sign off his rights to the DVC contract prior to his marriage(OK, I am the mother-in-law from H***)

If you don't put the kids on the contract, they will have to go thru everything that a new buyer goes thru to have it signed over to you, including ROFR, although the last is just a nerve-wracking formality. It takes several months to transfer the contract.