Dvc Membership And Your Estate

[KANSAS]

does anyone know, if a transfer on death, can be done, to make a simple, transfer of a DVC membership and your points, to your heirs. If you live in another us state, other than FLorida.

would a full scale probate, be necessary??

 

[sloneta]

Simply put, real estate first passes according to the title. So, if you own jointly with someone and you go first, the property passes according to the title and goes to them. If you own alone, or you are the last surviving owner of a joint property, your interest is part of your estate. If you have a will, the property will pass according to that. If not, it will pass according to the laws of the state where it is located - here FL.

 

[KANSAS]

so no, transfer on death, to conveniently pass on along your timeshare, to someone else, if you are a single individual, that never married in life, or had children??

your estate, would have to be probated, to transfer DVC points to your heirs, or be sold and converted into cash, for estate distribuion purposes??

 

[travelbug]

Just bumping this up. I'm interested in the answer to this too.

 

[floridafam]

From what I understand...You can will your DVC to whomever you choose. If you financed and there is still money due, DVC can demand full payment of the loan upon the person's death.

If the loan is paid in full then you just adjust the deed-I'm sure you would need proof (as in the will).

I don't think probate would need to get involved.

 

[sloneta]

Again, very simply put, if the property cannot pass based on the title, then it goes into your estate just as any other property would. If you have a will that deals with the disposition of your DVC interest, your property will pass according to the terms of the will. If you have no will, your estate will be distributed according to state law. For real property, the laws of the state in which the property is located control. So, Florida law would dictate this interest.

All estates must be administered. If there is no will or if there is a will that does not address the DVC interest, then those assets that do not pass by some automatic vehicle (think joint property and life insurance) go through probate.

I don't know what type of "quick way" you are thinking of by which you could pass the property. If you have a will already, you should talk to your attorney and let him/her know you have a timeshare to make sure that it passes according to your wishes.

 

[floridafam]

Yes, we redid our will to include our DVC interest.

 

[acaplan]

you can create a revocable declaration of trust regardless of where you live. after creation, transfer your dvc property interest into the trust. frankly, i haven't read the fine print to see if disney has any restrictions, but i would be surprised if they would object.

once it's owned by your trust, the successor trustee on your death could deal with the points, again regardless of where you live and no probate would be necessary.

this needs to be run past disney. i'm sure it has come up. many many out of state property owners take fla real estate in this form of title so as to avoid exactly what you are asking about.

 

[ramkam]

Our points are owned in the name of a revocable trust. Disney was ok with this. They will charge a transfer fee to transfer your ownership to a trust.

 

[KANSAS]

in the state of kansas, we can pass on real estate to our heirs, thru a transfer on death form

with a death certificate and $3 fee the County Register of deeds, will transfer all of my real esate to my heirs, in about 3 days

 

[mitros]

Just wondering why you thought you had to bump it up only an hour and 15 minutes after the last post? Usually if no one else posts after a day someone will bump at that point?

 

[Figment2]

I'm single and put my Mom on as a joint tenant. If something happens to me, she has to deal with it. If something happens to her, I'll add someone else.

A co-worker is buying BC and is putting it in the name of her living trust. She did have to provide DVC with a legal opinion (not a problem since we work with a lot of attorneys). Using a trust is great however there needs to be a formal trust agreement in place (appointing a current trustee, naming a successor trustee, who gets the property, gives all the trustees the powers necessary to deal with everything in the trust, etc.).

Florida, like IL has land trusts however I have heard they are a bit more expensive to set up (than here in IL). You may want to explore this possibility. A land trust is exactly what it sounds like. It only holds real estate. You can state who you want to get your property after your death (i.e. John Smith and upon his death then to Liza Smith, his daughter). As long as you name a contingent beneficiary, it bypasses probate.

 

[ditzy]

Originally posted by ramkam
Our points are owned in the name of a revocable trust. Disney was ok with this. They will charge a transfer fee to transfer your ownership to a trust.

About how much is the transfer fee?

 

[sloneta]

Yes, the ownership interest can be held by a trust, but then on your death the property does not really "pass" to anyone because the entity that owns the property still exists. Your trust at that point simply springs into action for the benefit of a different beneficiary. That goes back to the very generally put rule that property first gets distributed according to how it is titled.