Cost to add children's name to a deed?

[hcortesis]

Anyone have any experience with adding one of our children's names to one of our deeds. Costs, time involved, etc?

We have three children and would like to add one child to one contract each.

Thanks

 

[Deb & Bill]

Are they three different contracts (XXXXX.0 and YYYYY.0) or supplemental contracts (XXXXX.0, XXXXX.1, XXXXX.2)? That could make a difference because if they are one contract with different purchases, all members on the contract would have to be the same. I don't think you can break these up into separate contracts. And you would have to go through Disney to do this. Plus, I think there is a fee to do it.

Finally, how old are your kids? Any chance they might divorce or file bankruptcy? If they did, the DVC would become part of the settlement for their divorce or bankruptcy.

Why not just leave it to the in your will? Or did you want them to have full access to the points?

 

[hcortesis]

Not sure if they are "different" contracts or "supplemental" contracts. We have one original contract and then 6 add ons, all at the BCV.

Not concerned so much about them having easy access to the points as much as I want them to have their own member card for access to annual pass discount and other perks.

Our children are 22,23 and 24.

Yes, good point about the divorce, bankruptcy etc. but I'm willing to take that chance.

I guess I just want them to be treated exactly like we do.

Can it be done?

 

[sjdisneywedding]

sure it can be done. It will cost a fee to do so, possibly for each of the contracts.

I am not sure but those might all be under the same master contract which would mean all 3 children would need to go on all the contracts.

I might think of adding on the smallest contract I could find for a couple K and just have their names on that. That would save all the future potential problems described previously.

 

[Caskbill]

Not sure if they are "different" contracts or "supplemental" contracts. We have one original contract and then 6 add ons, all at the BCV.

Not concerned so much about them having easy access to the points as much as I want them to have their own member card for access to annual pass discount and other perks.

Our children are 22,23 and 24.

Yes, good point about the divorce, bankruptcy etc. but I'm willing to take that chance.

I guess I just want them to be treated exactly like we do.

Can it be done?

If all your add-on contracts were purchased direct from Disney, and none was 150 points or more, then those add-on's are all under the same master contract number and all names must be the same.

If any were purchased resale, they might be separate master contracts. If any are different use year months, then they would definitely be separate contracts.

The easy way to tell is how many different membership numbers do you have? If all the contracts are under the same membership number, (blue membership card), then they are all the same contract number, with different extensions, one for each add-on.

You can also look at your annual dues statement and check the contract numbers there.

 

[Caskbill]

....I might think of adding on the smallest contract I could find for a couple K and just have their names on that. That would save all the future potential problems described previously.

They would have to be resale contracts though, as you cannot change names on an Add-On contract when going through Disney. It would be a supplemental contract as part of your master contract and the names would have to be the same as your current master contract.

If you purchase resale, then you can have different names on the contract and it would be a totally different contract and totally different membership number. It would be managed completely separately from your existing membership, meaning you cannot combine points between the two to make reservations, for example, and banking percentages would apply spearately to the contracts and not combined.

 

[sjdisneywedding]

They would have to be resale contracts though, as you cannot change names on an Add-On contract when going through Disney. It would be a supplemental contract as part of your master contract and the names would have to be the same as your current master contract.

If you purchase resale, then you can have different names on the contract and it would be a totally different contract and totally different membership number. It would be managed completely separately from your existing membership, meaning you cannot combine points between the two to make reservations, for example, and banking percentages would apply spearately to the contracts and not combined.

yep yep, great point about it needing to be resale.

For me, if the only reason to add their names was for them to get their own membership cards and the associated perks, I would really consider this.

Otherwise, as earlier noted, you are potentially opening up a whole can of worms. Nevermind the divorce and survivorship issues,

I can just see the possible posts now about how someones son or daughter booked a vacation with their friends and the parents didnt know until they called to make their own ressies only to find out all the points had been used

 

[DisDaydreamer]

Something else to consider. When you leave real property to your heirs, they are free from estate or inheritance taxes up to $1mil.

However, if you put someone else on your deed, you pass away, and they decide to sell the property, then they will have to pay capital gains taxes on the difference between your purchase price and their sell price.

Just food for thought.