An adding a name to the title question.

[Alice Sr.]

I just added 120 points for SSR. I have paid the deposit but have not sent in the paperwork yet. My DD graduates in June and I just realized this would be a great graduation gift. Has any one added a name to the title and if so does the new member get a Member ID card also? I would like to put that in her card in June.

TIA,
Alice

 

[CarolMN]

AFAIK, the names on the add on contract must be the same as the Master. I could be wrong, though. You need to call your guide.

Best wishes -

P.S. I assume you've thought beyond the gift. For example, if your daughter runs into financial troubles, marries and divorces, etc., you could be forced to sell it, even though she did not pay for it.

 

[Alice Sr.]

Thanks Carol, I will call Celeste tomorrow to find out how this would affect my original and 1st add-on titles. I'm a generous mom but I'm not willing to give her BWV and BCV

 

[Ali and boyz]

Thanks Carol, I will call Celeste tomorrow to find out how this would affect my original and 1st add-on titles. I'm a generous mom but I'm not willing to give her BWV and BCV

Celeste could you let me know how you get on. We bought some points for our son but as it was under his trust (complicated ) the title had to name of the trustees as the purchasers on the title. However, one of the trustees (Lawyer) is retiring and I emailed MS but got this long email back which I can't make head nor tail off and as we are from the UK American law to me anyway is complicated and different.

unsure what to do now .

 

[Alice Sr.]

Celeste could you let me know how you get on. We bought some points for our son but as it was under his trust (complicated ) the title had to name of the trustees as the purchasers on the title. However, one of the trustees (Lawyer) is retiring and I emailed MS but got this long email back which I can't make head nor tail off and as we are from the UK American law to me anyway is complicated and different.

unsure what to do now .

Hi Ali - I believe that you want to change one or both of the trustee's on the trust that your son is the beneficiary of, is that correct? I would think that the lawyer (trustee) that is retiring would take care of this for you, but I'll ask if they have a standard document that can be mailed to the trustee to facilitate the process and e-mail back here to you.

Alice

 

[DukeStreetKing]

I believe the contract needs to be paid in full before a new name can be added. There is then a $400.00- $500.00 closing cost incurred because it would be considered a new contract, if I recall correctly. Your guide will be able to give you all the info.

 

[Ali and boyz]

Hi Ali - I believe that you want to change one or both of the trustee's on the trust that your son is the beneficiary of, is that correct? I would think that the lawyer (trustee) that is retiring would take care of this for you, but I'll ask if they have a standard document that can be mailed to the trustee to facilitate the process and e-mail back here to you.

Alice

Thanks Alice that would be great . Yes we want to change the name or even the address where all the stuff goes to . Seems that our laws here in the UK as so different. I even asked if the lawyer could stop getting the usual standard info / mail that everybody gets as he didn't want it but they said there was no way on the system to stop it. Its a shame because my son would love to get all this stuff himself.

 

[Dean]

We've had a couple of discussions about this issue lately. You could buy 150 instead of 120 and have it be a separate contract with different registration. You could buy 120 points or even two 60's (or variations) and then change the title afterwards to any you wanted. You can easily do it yourself for in the range of $50 with just a little work. You could change your original contract and THEN later add on if you wanted and everyone would own it all. One thing to know is that once you title the contract differently, it will be totally and 100% separate, even if it was originally linked to your master contract. That means you won't be able to use the contracts directly together but could do transfers and have linked reservations if you needed to and you won't have the combined banking totals we discuss here on DIS at times.

It has been reported once that DVC allowed someone to buy two 75 pt contracts together and title them separately from their master contract. They essentially treated it like a new 150 pt contract even though is was not for 150 in one. But still, it would be unlinked to the master at that point.

My wife and I were just discussing this very issue over lunch and on the way home. We have more points than we need plus we would like to add our kids and a couple of immediate family members to allow them access to the perks and discounts. Our two leading options at this point are to sell one contract and keep the other, and add on around 25 points to the one we keep and then re-title it in the additional parties names. We'd end up with a 25 points contract all alone which will have a minor amount of hassle. The other option is to buy separately or add on a smaller contract of say 50-75 or so points and sell all else and title in everyone's name. Since we can easily trade in through II for times and units that we would prefer, the second options may be the better one in the long run. We are still batting it around and likely will until about the time of our Dec large family trip unless I find a small contract to buy privately that just grabs me.

 

[Alice Sr.]

Thanks Dean for the different scenarios, they raise a couple of questions.

You could buy 150 instead of 120 and have it be a separate contract with different registration

This seems like the best option to me but I'm not quite understanding how not being able to have a combined banking total would have an adverse effect.

TIA,
Alice

 

[Alice Sr.]

Thanks Alice that would be great . Yes we want to change the name or even the address where all the stuff goes to . Seems that our laws here in the UK as so different. I even asked if the lawyer could stop getting the usual standard info / mail that everybody gets as he didn't want it but they said there was no way on the system to stop it. Its a shame because my son would love to get all this stuff himself.

I understand that there are different practices but I sure would think that the trustee would be obligated to forward all that info on to your son, especially if you asked them to. That's a shame.

 

[Dean]

This seems like the best option to me but I'm not quite understanding how not being able to have a combined banking total would have an adverse effect.

Lets say for example that you owned 200 SSR points and added 100 BCV points. You used the 100 BCV and 50 SSR points but something happened and you couldn't use the 150 SSR and now you're in your 50% window. You could still bank all the 150 SSR points since it's 50% of the total under that contract. Same scenario but you have changed the title thus making them totally separate. Now you can only bank 100 of the SSR points since that's 50% of the points in THAT contract.

 

[Alice Sr.]

Ahh, I see, thanks for the explanation.

 

[Ali and boyz]

I understand that there are different practices but I sure would think that the trustee would be obligated to forward all that info on to your son, especially if you asked them to. That's a shame.

oh he does Alice but not as exciting as coming direct to the person who indirectly owns if you know what I mean.

we are going out in July so might speak to them then or even try another email

 

[Alice Sr.]

Hi Ali - it is pretty much what we thought. If you are not the trustee or beneficiary there really isn't anything you can do. I believe any changes have to be initiated by the trustee. Sorry I couldn't be more help. Maybe someone else on the board will have some experience in this area and be able to give you more information. Good luck.

Alice

 

[Ali and boyz]

thanks Alice

 

[Dean]

Hi Ali - it is pretty much what we thought. If you are not the trustee or beneficiary there really isn't anything you can do. I believe any changes have to be initiated by the trustee. Sorry I couldn't be more help. Maybe someone else on the board will have some experience in this area and be able to give you more information. Good luck.

Alice

You can't have your cake and eat it too. That reason to have it in the trust is so the person doesn't own it directly. You could always take it out of the trust and put it in the name of anyone 18 or older.

 

[Ali and boyz]

You can't have your cake and eat it too. That reason to have it in the trust is so the person doesn't own it directly. You could always take it out of the trust and put it in the name of anyone 18 or older.

Hi Dean, that wasn't my question. My original questin was that one of the trustees was retiring and he didn't want the stuff and that I had emailed Member Services and got a 4 page answer which was complicated. It had nothing to do with the trust owning the interest. My son broke his neck and therefore can't sign so therefore putting it in his name is not an option as he can't physically do anything for himself all though mentally he can.

All we wanted was for the new trustees name to take over and if possible for my son to receive the quarterly Vacation Magic Publication or similar rather than someone who has now retired.

 

[Dean]

Hi Dean, that wasn't my question. My original questin was that one of the trustees was retiring and he didn't want the stuff and that I had emailed Member Services and got a 4 page answer which was complicated. It had nothing to do with the trust owning the interest. My son broke his neck and therefore can't sign so therefore putting it in his name is not an option as he can't physically do anything for himself all though mentally he can.

All we wanted was for the new trustees name to take over and if possible for my son to receive the quarterly Vacation Magic Publication or similar rather than someone who has now retired.

Sorry,misunderstood when you started talking about excitement associated with getting the paperwork. If the trust is the same and the trust is named on the deed, you'd just need to change the address. If the name of the trustee is on the deed, you may actually have to change the deed itself. Talk to DVC legal department but you may need a real estate and/or trust attorney to deal with this.

 

[Ali and boyz]

thanks Dean

think I will wait and talk to them when we go out. It is the same law firm , but the one that is retiring is at a total different address. so even if it is less complicated to even just change the address will do that.

 

[Ali and boyz]

got to laugh here is me asking how to change the address etc and what comes in today about a month late according to the date on the postage a letter from MS address to us in Sierra Llone instead of Scotland