DVC Singles-Deed question or anyone with any knowledge

[GrumpyBa*D]

Not looking for legal advice just a semantics question I think. I am adding on at BLT and I have to slect how I want the deed. I am single and am listed as the only owner. Anyone know how I need the deed so it is left to my estate which will left to my son?

Joint tenants with rights of survivorship ( not subject to probate) states it automatically vests in the surviving owner --- Title to the deceased owners interest does not vest in the estate, heirs, or benefi of the deceased owner and is not subject to probate

Tenants in common ( this is subject to probate) upon death of an owner, the interest of the deceased owner vests in the estate, heirs, or beneficiaries of the deceased owner and is subject to probate. Title to the DO interest does not automatically vest in surviving owners.

SO any ideas.
It's all mine, I'm the sole owner so their is no surviving owner...
I would think right of survivorship?
anyone????

 

[Hazzard101]

Let me guess, you called the number and they said they weren't legally allowed to give you any advice. We had a question when we were signing our paperwork and was not able to get an answer. Good luck with that. It is the one thing that we had problems with during the process.

 

[Disney_Villain]

Not looking for legal advice just a semantics question I think. I am adding on at BLT and I have to slect how I want the deed. I am single and am listed as the only owner. Anyone know how I need the deed so it is left to my estate which will left to my son?

Joint tenants with rights of survivorship ( not subject to probate) states it automatically vests in the surviving owner --- Title to the deceased owners interest does not vest in the estate, heirs, or benefi of the deceased owner and is not subject to probate

Tenants in common ( this is subject to probate) upon death of an owner, the interest of the deceased owner vests in the estate, heirs, or beneficiaries of the deceased owner and is subject to probate. Title to the DO interest does not automatically vest in surviving owners.

SO any ideas.
It's all mine, I'm the sole owner so their is no surviving owner...
I would think right of survivorship?
anyone????

If your son is going to be an "additional purchaser" (you both own this deed jointly), then JOINT TENANTS W. RIGHT OF SURVIVORSHIP is the way to go to ensure he automatically inherits your deed.

If your son is not going to be jointly owning this deed, then your will and probate are the way for him to go inherit your deed - and you will not be putting his name down on your deed as an additional purchaser. Instead, you can later opt to have him listed as an "associate member" which gives him the ability to make and cancel reservations - but to add-on to or sell the deed he will have to clear up ownership with DVC.

Hope that helps!

 

[drusba]

One thing you need to check with Disney is whether you can even have a difference with an add-on. Usually for an add-on, the purchaser has to be exactly the same as the orginal owner, meaning if it is in your name before, it needs to be in your name now without addition of others.

As to your estate planning and how to make the deed conform with it, my best advice is that you see a lawyer who does estate planning. Right now you are trying to guess what is right and all too often people guess wrong. Here are some of the possibilities:

1. If deed is in your name, the property upon your death will go through probate and then be distributed as designated by you in your will. If your desire is to avoid probate (including in Florida for the particular property), then one possibility is for you to set up a living trust with the trust owning the property and with distribution upon death to be defined by the terms of the trust. For that you should see a lawyer.

2. If deed is in your son's and your name with joint tenancy with right of survivorship, the property is owned by both (regardless of who paid for it) and will be deemed that of the survivor if one of you dies. Also, while you are both living, you will both have an interest in the property. If your son runs into financial difficulty, a creditor will be able to attach a lien on the property for his debts and force a sale of the property. Also, you cannot sell the property without his consent and joining in it.

3. If deed were put in your son's and your name as tenants in common, that would mean if either died, the property would go through the probate process of the decedent and likely lead to a sale with the survivor getting half the sale proceeds. Moreover, one tenant could transfer his interest in the property to third person without the other owner's consent. Many lawyers have a saying, "No good has ever come of a tenancy in common."

 

[GrumpyBa*D]

I forgot to mention that my son is 3 so he cannot be on the deed.


So I'm the only one on all the deeds

 

[drusba]

Just to clarify then: if yours is the only name that is going to be on the deed, then you cannot choose joint tenancy or tenancy in common -- those can exist only if at least two people are named on the deed.

 

[GrumpyBa*D]

Well, that leaves me with no option. The third option states must be husband and wife (Tenants by entirety)


Maybe, I just don't choose one since It is only me on the title?

 

[toocherie]

Well, how do your other assets get to your son in the event of your death? Do you have a will? DVC would be no different from transferring your house, car, personal effects, etc. If you did not have a trust and he was not on title as a survivor, it would need to go through probate.

If he is too young to be 'ON' the deed, then you should probably set up a trust as that would be the easiest way to affect transfer of all of your assets.

 

[drusba]

Well, that leaves me with no option. The third option states must be husband and wife (Tenants by entirety)


Maybe, I just don't choose one since It is only me on the title?

If you are talking about the options on the form for the deed that you fill out for the add-on, then yes, you provide no answer to that question if is to be issued to an individual who is not married.

 

[GrumpyBa*D]

If you are talking about the options on the form for the deed that you fill out for the add-on, then yes, you provide no answer to that question if is to be issued to an individual who is not married.

Yes I am talking about the options on the form. I am currently looking for an attorney to set up a trust and my will now...

SO I don't have to choose since it is a single owner on the deed?

 

[drusba]

Yes I am talking about the options on the form. I am currently looking for an attorney to set up a trust and my will now...

SO I don't have to choose since it is a single owner on the deed?

If the only choices offered are joint tenancy, tenant in common or tenancy in the entirety, then you do not check any of them and your deed should come with just your name as the owner without any of those three notations which can apply only if there is more than one owner on the deed.

 

[Dean]

Yes I am talking about the options on the form. I am currently looking for an attorney to set up a trust and my will now...

SO I don't have to choose since it is a single owner on the deed?

If you wait on the add on, convert your current ownership to the trust THEN add on, you'll only have to change one deed and not both.