Deed and willing to family

[karebear06]

My parents have found a Saratoga springs resale contract that they want to make an offer on. Saratoga springs ends in 2057 and they are in their late 60's right now, so they will eventually want to give it to my husband and I. How will that work? Do they have to put it on the deed? Associate member?

 

[Disneypubgal]

They don't have to put you on the deed unless they want to.. They can will DVC to you...

 

[DenLo]

We were told by our attorney here in Texas that if we will our DVC timeshare to someone then he recommends upon our death(s) the will go through probate both in Texas and Florida. That way there is no doubt of the transfer of ownership. Don't know how it works with other states. Your parents could ask their attorney.

 

[karebear06]

What if they only want to keep it for 10-15 years. Could they transfer membership?

 

[YourEveryDayAdam]

What if they only want to keep it for 10-15 years. Could they transfer membership?

Yes. DVC works the same as most deeded property in the event of a death, sale, etc.

In the event of a death it can be willed to someone, or it would go to the estate to be determined who gets it, or if it's sold and cash distributed. Just make sure you have an attorney, and going through probate in both Florida and the state of the deceased sounds like an excellent idea.

In the event of a sale, it works just like any other real estate transaction, with the exception of Disney's Right of First Refusal (ROFR).

In the event of a gifting, I think you just pay some document recording fees to the state of Florida. You also have to submit it to Disney for ROFR, but any type of gifting situation is automatically waved for ROFR and is just a formality. Also check with an attorney for any kind of tax implications.

 

[Dean]

My parents have found a Saratoga springs resale contract that they want to make an offer on. Saratoga springs ends in 2057 and they are in their late 60's right now, so they will eventually want to give it to my husband and I. How will that work? Do they have to put it on the deed? Associate member?

It might not matter in this case but I believe it's 2054 not 2057 for SSR.

 

[dbs1228]

Would they consider putting you on the ownership now? If so you would avoid the whole probate/ inheritance tax if any.

 

[CarolMN]

We were told by our attorney here in Texas that if we will our DVC timeshare to someone then he recommends upon our death(s) the will go through probate both in Texas and Florida. That way there is no doubt of the transfer of ownership. Don't know how it works with other states. Your parents could ask their attorney.

Our attorney told us the same thing - we are in Minnesota.

One way around probate is to establish a living trust and put the DVC contract into it. You still have all the benefits of ownership (including the ability to sell), but the provisions of the trust determines what happens when you die.

It won't be necessary to go through probate if you have a properly established trust. Trusts are usually more expensive to establish than a Will - you'd need to consult an attorney to see if one is a good idea for your situation. I am not an attorney.