DVC Membership and Personal Trust

[JsMom2]

I'm contemplating putting my membership into my personal trust. Has anyone done this, or have information on why they didn't, or wish they had?

 

[disneynutz]

Depends on your situation, I see limited benefit.

Bill

 

[JsMom2]

Depends on your situation, I see limited benefit.

Bill

Just browsed this thread: https://www.disboards.com/threads/a...ing-now-adult-children-names-on-deed.3618956/

the posters bring up some interesting points...

 

[mustinjourney]

I haven't done it -- but there are certainly advantages. Particularly if you want people that aren't living at the home address to have member benefits. The other benefit is tied to how title is transferred upon death.

 

[JsMom2]

I haven't done it -- but there are certainly advantages. Particularly if you want people that aren't living at the home address to have member benefits. The other benefit is tied to how title is transferred upon death.

Yes, I've had a personal trust since 2002, and all my assets are sitting in it. I just was wondering about the specific advantages of timeshare transfers, and was wondering if anyone had any experience there.

 

[mustinjourney]

Yes, I've had a personal trust since 2002, and all my assets are sitting in it. I just was wondering about the specific advantages of timeshare transfers, and was wondering if anyone had any experience there.

Not sure what exactly you're asking...but the main advantage of having a trust is that you avoid probate. Since the property is in Florida, then if you die without having the property in the trust, then probate will have to take place in Florida. If you have DVC property owned by the trust, then your survivors can avoid all of that. Also, probate is public record. Trust transfers are not.

If you already have a trust, then you would add your DVC property into the trust for all of the same reasons you had the trust in the first place. If you want anything more specific than that, you should probably talk to your personal attorney and/or financial adviser.

 

[mustinjourney]

https://www.disboards.com/threads/living-trusts-and-dvc.3235899/

 

[JsMom2]

Not sure what exactly you're asking...but the main advantage of having a trust is that you avoid probate. Since the property is in Florida, then if you die without having the property in the trust, then probate will have to take place in Florida. If you have DVC property owned by the trust, then your survivors can avoid all of that. Also, probate is public record. Trust transfers are not.

If you already have a trust, then you would add your DVC property into the trust for all of the same reasons you had the trust in the first place. If you want anything more specific than that, you should probably talk to your personal attorney and/or financial adviser.

Yes I understand the legal aspects, just looking for personal experiences (good/bad) from others who have put their DVC membership into their trust.

 

[wbl2745]

We just transferred our VGC ownership into our family trust (probably the same as the OP's personal trust). The process isn't too hard, just takes time and some money. I called membership services to ask who they would recommend for making the transfer and they recommended First American Title. You'll note that it is in California, which may be because our ownership was at the Grand Californian. (Contact information below.) They might recommend someone else for DVC properties in Florida.

You have to fill out some paperwork that among other things says that you're not receiving any money for the transfer and then Disney still needs to pass ROFR. Over all it took about two months to get all the paperwork back and forth and pass ROFR. The cost was $550.

All of our assets are in the trust for probate purposes.

First American Title Insurance Company
Attn: Transfer Program
277 Rancheros Drive, Suite 180
San Marcos, CA 92069

 

[JsMom2]

Yes after researching, I decided to transfer my deeds into my trust. It looks like any of the trustees would be able to be named as a DVC member. However, you definitely don't need to pay First American Title. They can do the Florida and California deeds, but I saved $2,000 (I have 4 contracts) by typing up and filing the deeds myself!