Estate planning - what to do with planning distribution to heirs.

[JoshF]

Other than providing instructions in your will or estate trust documents, what else do you recommend when planning estate distribution?

Right now, I handle everything with Membership. I pay the dues, I make the reservations, I rent excess points if available. My wife doesn’t want to get involved in the process.

When I kick off, I would like to leave the contracts to my children. My preference would be that they keep the contracts and use them for future vacations as opposed to selling them off, even though I know that won’t be up to me. I’m considering setting up an allocation for dues payments in the estate plan.

Looking to see what steps are recommended in terms of estate planning as well as leaving instructions for my heirs. Would like to know what to think about and incorporate.

 

[jcb]

Josh,

The answer to your question will be state specific. Your profile says you are in California so assuming California law would govern your will, you'll have California's community property issues to resolve and if your DVC points have saleable value when you "kickoff," your wife (assuming you predecease her) may have the ability to (essentially) override the instructions in your will and sell the contracts (not that I am saying she would). If you really want your will or trust set up to do exactly what you want, then it would probably be worth consulting with an attorney who specializes in this area.

 

[CarolynFH]

I agree - I'd consult an estate planning attorney.

Also to know, inheritance of DVC resorts in Florida requires probate in Florida. That's why DH and I added our adult DD to our deed last year - if we pass away before BWV expires in 2042 (a very real possibility), she'll be an owner already and will be able to dispose of the contract (if she doesn't want to use it) without going through probate. I don't know what inheritance of California and Hawaii properties involve.

 

[Judique]

I agree - I'd consult an estate planning attorney.

Also to know, inheritance of DVC resorts in Florida requires probate in Florida. That's why DH and I added our adult DD to our deed last year - if we pass away before BWV expires in 2042 (a very real possibility), she'll be an owner already and will be able to dispose of the contract (if she doesn't want to use it) without going through probate. I don't know what inheritance of California and Hawaii properties involve.

That's how I've set up my contracts, except I did it at buy in. My DD was already 21, almost 22 when I purchased so we listed her as a buyer. Thankfully she loves to travel and loves the resorts and will use the points if I leave before 2042. That said, I intend to stick around and have her chauffeur me to Hilton Head at the end of contract (assuming it's still viable) as there may be more walking than I wish to do at age 88 at Disney. She may actually be retired that year, lol!

I've done all the point juggling and she has a small knowledge, but will get up to speed quickly if necessary.

Edit: my other two children enjoy an occasional trip but neither wants to 'own a timeshare' or to regularly participate. DD is a generous soul and would make it possible for them to come along.

 

[paults]

I may also be ready to add my children to my contracts so they won't need to do probate in Fl.

 

[WannaGoDW]

If you are interested in doing the process yourself, there is a post started in by 2018 by Kaufeegurl :

Step By Step - How to Add Names to an Existing Contract (Gratuitous Transfer)​

That I am looking into also. There is a lot of information, but there seem to be many updates which I find helpful when I start the progress.

 

[CarolynFH]

I've done all the point juggling and she has a small knowledge, but will get up to speed quickly if necessary.

Same for DD, she had to learn quickly how to book - (dare I confess?) she was tasked with keeping our walk going for our GV while I was on a cruise, and she did it!

 

[Judique]

Same for DD, she had to learn quickly how to book - (dare I confess?) she was tasked with keeping our walk going for our GV while I was on a cruise, and she did it!

DD quickly learned about DVC annual passes and had to make her own account a few years back. We had 2 trips inside the year and she bought a park hopper pass. Called to get a price on an AP by upgrade and when she heard $149 or something low like that she jumped on the band wagon. Needless to say that was before the (what feels to me), substantial price increases of the last couple of years. I think it actually covered 3 trips.

There could be implications to adding children. Nothing has affected me and our contracts but she's been through one divorce and remarriage already.