Can DVC be willed to family members?

[gmboy95]

having had this happen to me this year (my mom passed in october)....she shared a contract with my sister. my mom owned 150 ponts while my sister owned 200....my wife and i have a completely seperate 300 points....due to no part of the will addressing this, the points reverted immediately to my sister.....we worked out an agreement, and I paid half of my mothers portion and my ister will transfer 75 points to me on year by year basis....of course this works only when your relationships with your siblings are solid....I would advise adding to the contract all of your children or whomever you attend on leaving the points to....it avoids having one child transfering points every year...Luckily in me and my ssisters case we have a very good relationship and there was no issue

 

[NancyDVC]

I have seen suggestions that if you have children you should have the same number of contracts as you have children. For example 2 kids = 2 contracts; 3 kids=3 contracts. That way each of the children will inherit one contract and that should solve your problem.
But of course you have to mention that in your will. As in most states when property is held in a joint ownership it reverts to the surviving owner when one of them dies.
Of course that is not a problem for me. 1) I have no children just 2 nieces and 1 nephew and 2) I plan to survivie until my contract runs out in 2042! I will be 92 years old and need a wheelchair pusher to get me aound the parks (I may be too feeble to use a scooter any longer!)

Of course one of my nieces used some of my points this past May and wants to know 'whose' points (of her brother and sister) haven't been used. She seems to be under the impression that I have allocated some points to each of them and since she 'used hers' she can get in on using those of her siblings. May be they will all be nice to me when I am old and feeble so they can use my DVC points.

 

[Cruelladeville]

You need to remember that it's a long time to 2042, and things happen. If you can get 75 pts from your sister every year, Great! But, what will happen if next year you have an argument, and she decides to keep the 75 pts? You are "up the creek without a paddle", because you have no legal rights to those pts. Unfortuneately, your sister's DH does, and if he leaves her next year for that floozie down the street, your pts are community property, and must be sold as an asset to divide among DS and DH--you get nothing. This is why you NEVER put all your points in one basket, and you never have two separate families on one contract. As I said, it's a long time until 2042, and a lot can happen between now and then.

 

[gmboy95]

I thank you for your sympathy for my loss, and will only say that I trust my sister implicitly as she was raised by the woman whom we lost in October. With that i trust her husband as much....I hope that one day you can find a more postive view of the world.

 

[mnasf]

We hold our DVC membership through a trust. Should something happen to both my wife an I before the end or our SSR contract (2054), the trust will continue to hold the membership and each child will have an equal 1/3 interest in the membership.

It cost a few extra $ of legal fees each time we buy more points, but in the future the kids will only have limited paperwork to do. The trust will also have the funds to pay any future dues so the kids will not have to worry about them.

 

[Disney Doll]

Yes it is willable and can be used by the heir for the life of the contract.

So, if, God forbid, you die tomorrow and you own at OKW, whomever you will your DVC to will have those OKW points until 2042, unless they choose to sell them prior to that.

 

[Ali and boyz]

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.

I didn't know this , thanks.

what do you actually have to do we add them on when they are 18 ?

 

[Dean]

I didn't know this , thanks.

what do you actually have to do we add them on when they are 18 ?

You have to change the deed legally. Cost about $50 if you do it all yourself and several hundred per deed if you have it done by a lawyer. You can add them as associates when they are 18.

 

[sigillaria]

I am at this time updating my will and this issue came up.
I have 2 daughters-the lawyer recommended leaving all to 1 daughter-and she would be responsible for sharing with her sister.
They would have to work out the maintenance fees also.
(My contracts are not equal)
OKW 240
OKW 25
HH 100
HH 65

 

[Sammie]

I thank you for your sympathy for my loss, and will only say that I trust my sister implicitly as she was raised by the woman whom we lost in October. With that i trust her husband as much....I hope that one day you can find a more postive view of the world.

I share my condolences also. I don't think Cruelladeville has a negative view of the world, but a realistic one. Many siblings are close for years then something happens and they never speak to each other again for life. Believe me I have seen it happen more often than the reverse. I truly hope that is not the case for you, but I think her concern was genuine.

 

[Disney Doll]

Yes, it can be willed, and your heir will own it for the life of the contract.

For example, if you own 200 points at OKW, and you die in the year 2022, you heir will inherit and own that contract until the year 2042 when it expires. If DVC were to offer some sort of "deal" in the year 2041(to renew the contract or something along those lines) to those folks who own expiring contracts, your heir would be able to take advantage of that deal, should they so desire.

 

[rigsby25]

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.

Have you done this? How do you go about doing this?

 

[Dean]

Have you done this? How do you go about doing this?

You can do it yourself for the recording fees, about $50 or less per deed. If you get a lawyer to do it for you, you're likely looking at $250-450 per contract, maybe less for several contracts if one can structure a package deal.

 

[dvc at last !]

Yes - till the contract expires.

Or just put your children's names on the deed as owners.

 

[rigsby25]

You can do it yourself for the recording fees, about $50 or less per deed. If you get a lawyer to do it for you, you're likely looking at $250-450 per contract, maybe less for several contracts if one can structure a package deal.

I am looking for how to do this. How can I do it myself?

 

[Dean]

I am looking for how to do this. How can I do it myself?

It's not that difficult assuming there is no loan on it. All you really need to do in this situation is contact DVC member admin and tell them what you want to do. They will tell you how to get a Waiver of ROFR as it's "automatic" in this type of situation. Then prepare a deed which can easily be done by yourself with deed's you get off the internet or at places like Office Depot. Just take your old deed for the same property for the legal description. The Orange County website has a calculator for the recording fees and other requirements of what has to be present and how the paper must be arranged. There was a time when DVC would do it for you for $100 but I'm pretty sure they won't anymore still, it never hurts to ask.

 

[Patty3]

Ok guys, I really need your advice. Right now, we are in the process of purchasing 400 points at Hilton Head through the secondary market. I spoke with the title company about an email they sent us. I inquired as to whether or not I should put the childrens names on the contract/title. I was told that even if I willed the contract to them, the will does not follow in South Carolina and that it would have to go to probate. I was told that this could cost the children thousands. We also own two contracts, one at BC and the other at BW. I was told that this was the same in Florida. Is this all true? My children are in their late twenties and early thirties. I was also told that Disney maybe only will let you have up to 4 names on each contract, is this true? I called MS and could not get a person only recording.

 

[Dean]

Ok guys, I really need your advice. Right now, we are in the process of purchasing 400 points at Hilton Head through the secondary market. I spoke with the title company about an email they sent us. I inquired as to whether or not I should put the childrens names on the contract/title. I was told that even if I willed the contract to them, the will does not follow in South Carolina and that it would have to go to probate. I was told that this could cost the children thousands. We also own two contracts, one at BC and the other at BW. I was told that this was the same in Florida. Is this all true? My children are in their late twenties and early thirties. I was also told that Disney maybe only will let you have up to 4 names on each contract, is this true? I called MS and could not get a person only recording.

It depends on the kids. If you put them on the deed it is theirs. If they have financial trouble, it could get sold out from under you. OTOH, if they are on the deed, they get the member perks and all who qualify in their household as well. Only you know your kids. Is it 400 pts all in one contract?

 

[Patty3]

It depends on the kids. If you put them on the deed it is theirs. If they have financial trouble, it could get sold out from under you. OTOH, if they are on the deed, they get the member perks and all who qualify in their household as well. Only you know your kids. Is it 400 pts all in one contract?

400 points is all in one contract. DH thought that if it was left to them in our will, it was taken care of. Does anyone know if they will still have to go through probate? I was told by the title company that the only way for the Hilton Head contract to not go into probate after our death was to have them as members. They are both pretty responsible, but you never know what can happen.

 

[Dean]

400 points is all in one contract. DH thought that if it was left to them in our will, it was taken care of. Does anyone know if they will still have to go through probate? I was told by the title company that the only way for the Hilton Head contract to not go into probate after our death was to have them as members. They are both pretty responsible, but you never know what can happen.

I can't answer your question as to SC law and probate, only a SC lawyer who is familiar with these issues can likely answer that question. But I still believe that the risk of putting it in their names is worse than the worst case scenario for the probate.