Can DVC be willed to family members?

[Mich Mouse]

My sister owns a Marriot time share and it is in the contract that the timeshare may be willed. Can family members inherit DVC? Sis told me "No"

Is DVC ownership forever?

 

[paults]

but someone else will have to explain it.

Dvc ownership is for the contract life.

SSR is good till 2054

ALL others till 2042

 

[Laurajean1014]

Yes, simple process.

Also, when your children are 18, you can add them to the ownership list with DVC. It's easier and less costly (tax wise) to do so.

 

[Chuck S]

DVC ownership is not forever, ownership ends in January 2042 for all resorts except SSR, SSR ends in 2054. It can be willed to anyone you wish up until the end dates of your ownership.

However, on a forever type timeshare...what will it be worth to your heirs? If they choose to sell it, it won't be worth much. Since the DVC resort contracts last an average of 45 years from when the resorts opens, don't you think that is probably the actual useful life of any resort? Won't other timeshares require major renovations or perhaps even demolition and rebuilding by then, another cost that would be passed on to your heirs. And you are assuming your heirs will have the same taste in vacation destinations that you do.

 

[momof2minnies]

I thought in 1991 when OKW opened that the contract was for 99 yrs or something like that?

 

[Chuck S]

No, OKW ends in 2042.

 

[OKW Lover]

Your DVC ownership can indeed be willed to family members. It doesn't matter that its not forever - it can, and should, be included in your will.

 

[momof2minnies]

So does that mean all those owners need to rebuy if they want OKW- is it first come first serve? How does that work?

 

[Dean]

It can be sold or willed, it's treated like any other leasehold property which is common in the New England area and HI that I know of. The expiration will affect value. If you can tell me what she own and what season/time of the year and I'll give you a comparison that's more detailed.

 

[Dean]

So does that mean all those owners need to rebuy if they want OKW- is it first come first serve? How does that work?

No one knows and DVC has not given any indications. I doubt they know themselves but it will be theirs to do with what they want. I sincerely doubt they will sell it again. We have discussed the possibility of an extension for current members which I think is extremely unlikely to happen, which represents a change from thoughts I had several years ago. But we shall see.

 

[Chuck S]

So does that mean all those owners need to rebuy if they want OKW- is it first come first serve? How does that work?

No one knows. In 2042 the resorts revert back to WDW andthe DVC leasehold ends. Disney can do anything they like with the resorts at that time, operate them as Disey resorts, sell them to an outside company, demolish them and rebuild, simply abondon them completely. Whatever they chose to do.

 

[JerJan]

Our DVC is in our "TRUST" everything in our trust, should both my DH and I die at the same time goes to our 2 DD's as part of that "TRUST".

 

[Disney Doll]

It can be willled, but the contract still ends when the contract ends.

For example, if you die in 2022 (God forbid!!) and your contract ends in 2042, whomever you willed your DVC contract to would enjoy it for those remaining 20 years. They would be the owners, and would have the rights and benefits of ownership. If DVC is going to make some special offer to owners in 2042, they would have the right to entertain that same offer.

 

[DVC Grandpa]

If you have a will and it says that everything is to be split equally between your kids, what happens when the contract(s)/points are not divisible by the numbers of kids? Will Disney allow reallocation of points on the contract(s)?

 

[Deb & Bill]

If you have a will and it says that everything is to be split equally between your kids, what happens when the contract(s)/points are not divisible by the numbers of kids? Will Disney allow reallocation of points on the contract(s)?

Nope, they will have to work it out among themselves. Unless you have multiple contracts which are similar in size.

 

[DVC Grandpa]

Nope, they will have to work it out among themselves. Unless you have multiple contracts which are similar in size.

I have four kids and four contracts but that is as close as it gets. The contracts range from 50 points to 300...all BCV and all February.

 

[Cruelladeville]

Hi, Joe!

Just remember that when you will DVC to your heirs, you also will them the responsibility of the dues. If they can't afford the dues, make sure you try to figure something out ahead of time so that they don't have extra things to deal with besides their grief at your death, and your burial. They may not be as happy to receive DVC as you would want them to be.

 

[BCVOwner2002]

Yes, simple process.

Also, when your children are 18, you can add them to the ownership list with DVC. It's easier and less costly (tax wise) to do so.

If I did this, would DS have his own membership card too? Just curious.

 

[Chuck S]

If I did this, would DS have his own membership card too? Just curious.

Yes, if you re-register the deed, it will cost a few hundred $$ to do so, DVC charges a fee for updating their owners of record, and the county office where the deeds are held charges a fee. Also be aware that if you register the deed, if your son should need to declare bankruptcy or has credit problems in the future, your DVC membership would be part of that bankruptcy, and could fall under control of the courts

An alternative, if you simply want him to be able to make ressies, bank points, etc is to add him as an "associate member", but he will not have a membership card and will not be listed on the deed. I think you can do that with a simply phone call to Member Services.

 

[n2mm]

When we bought last year we added one of our kids to the contract and it shows all three of us as owners. We have, however, 3 kids. We choose the one that is the most responsible, and the only one who enjoys Disney. We know she will do the right thing when she becomes the sole owner. If she wants to dole out points to the others that is totally her decision, or rent to cover the expense of the dues. She is an honest and fair person and we were competely comfortable in our decision. Also, by her being an owner, she and her family get all of the perks that come with DVC (AP discounts). Of course with ownership for her, becomes the responsibility of paying dues.