Estate Planning

[Missus Toad]

How are those of you with multiple children handling your estate planning re: DVC? Hopefully, this won't be an issue for many of us given the relatively short time frame, but has anyone given thought to how they might pass their DVC membership on to their kids? How does DVC handle it if you were to divide it? Can you even do that? Sorry if this is a dumb question or if it's been dealt with repeatedly! TIA!

 

[dianeschlicht]

You can not divide a contract. That is why many here say the best thing to do is to own multiple contracts to make leaving it to the kids easier. In our case, one of our grown children loves Disney and the other doesn't so it probably wouldn't be an issue, but we do have two contracts, although they are not quite eqaul. One is 230 points and one is 150. We have the smaller one written into our will for the one who is not quite as fond of Disney with the larger one going to the Disneyphile.

 

[DVCLiz]

I have two contracts as well, with an equal amount of points, so each of my children will receive one contract. They can fight it out about who gets HH and who gets BCV!!!

I'm thinking, though, that you could leave an entire contract to more than one child or heir, couldn't you? Then the children would all have equal ownership, and they could work out among themselves what the "rules" were. Unless you thought your children wouldn't play fair, I wouldn't worry about it too much!!!

 

[RobDoc]

A single contract can easily be placed in a trust (per direction in a will or other estate plan) and have the children share the administration of that trust. The problem with that is they will need to communicate with each other regarding point usage. I suppose the trust could provide direction about how to use the points (every other year - or third year depending on the number of children sharing ... 50% of the points to each child each year ... etc.) to avoid any conflicts.

 

[DVCconvert]

You can also own a contract with a parent or another person as "joint tenants with rights of survivorship" (or as "husband and wife") and the title to such a contract will pass automatically upon the death of one "owner" to the other(s).