Giving DVC as a Wedding Present

[spruce]

My Wife and I are considering giving one of our BWV contracts (64 points) to our son and soon to be daughter in law as a wedding gift. They are 22 and love BWV.
Our only restraint is that we want this to be a gift for them and their future family to use as we did with our membership with him, not an asset that they would sell.
We know, a gift is a gift but if they don't use it for the intended purpose then we'd rather give cash, keep our points and share them with shared vacations as we always have although with this option, they would not control solo trips since we don't give points for solo trips.
Anyone have any thoughts here?

 

[kid-at-heart]

I am not sure how it works but could you possibly add them as associate members and give them control over those points? Someone please correct my if I am wrong, but I think they then would be able to make their own reservations but not be able to sell the points. The points would still belong to you.

 

[Dean]

You could add their names to the deeds so they'd get member perks. It'd become a totally separate contract so they could manage it on their own but since you're name is on it you could check in to make sure they're not mismanaging and they couldn't sell without your agreement. You could add their name on the deed for under $50 if you wanted. You could also just add them as associates and give them use of the points or offer to make them available but you would do the booking and management. Lots of choices, lost of ways for it to become a wedge between you.

 

[arthur06]

Is there a certain age that they have to be to be added to the deed? 18? 21?

 

[Dean]

is there a certain age that they have to be to be added to the deed? 18? 21?

18.

 

[twinklebug]

Question: At 22, their entire lives are still ahead of them and anything can happen. If their names are on the deed, what happens if the economy tanks in their direction and (god I hope not) bankruptcy is on their doorstep. Or worse... divorce. Have to plan for these things.

I'd go with the associate membership option if possible, or cash (loved by all )

 

[arthur06]

You know your kids better than anyone! The fact that you even asked us, makes me ! At the end of the day though, you love your kids no matter what! Simply giving them the DVC is a truly supportive gesture to be your son and DIL. Prefacing a DVC gift with an associate membership "in case the two of you wind up divorced" isn't exactly the blessing that I would want to hear on my wedding day!

I say give the DVC. When my DW and I got married we got the choice from DW's Grandmother of a Big Screen TV or cash. We took the TV. To this day we still use it everyday. IF we had the cash, who knows where that goes!

 

[Sandisw]

My vote would be to talk to your son and future DIL about it. Tell them you thoughts and see what they feel about it. I know it might take the surprise out of it, but I personally would not give a DVC contract as a gift unless I was sure that the person receiving it as a gift thought it was a good idea. Once it is theirs, they may feel obligated to go and use the points every year and begin to see it as an obligation and not the gift you intended.

Based on your OP, it seems that you would feel slightly disappointed if you give it and they decide to sell. If you are already feeling that way, then I would go a different route, whether its as an associate member or just telling them they have the use of the points each year if they want them.

Good luck!! And congratulations!

 

[DisneyWalker44]

I wouldn't want to give a gift with strings, certainly not one with both restrictions on how they can use it, and an obligation to pay maintenance fees.

Nice idea, but I'd highly recommend going a different direction.

 

[spruce]

Thanks, you've all touched on the different thoughts we had. Strings, no strings, creating a rift, dues, associate member, added to deed etc.
We know the kids and they have often talked about buying, we think they'll use it. We also think they'd do an add-on at some point, a small contract allows them to do that without the initial minimum point contract from Disney.
We like the choice option and that's what we think we'll do, two envolopes, one with the transfer documents ready for signature, the other with a cash gift, realizing that once it's gifted, it's theirs.

 

[mvc1997]

You could add their names to the deeds so they'd get member perks. It'd become a totally separate contract so they could manage it on their own but since you're name is on it you could check in to make sure they're not mismanaging and they couldn't sell without your agreement. You could add their name on the deed for under $50 if you wanted. You could also just add them as associates and give them use of the points or offer to make them available but you would do the booking and management. Lots of choices, lost of ways for it to become a wedge between you.

Very interesting!!
How can you add their names on the deed for under $50.00?? I would like to be able to do this!
Thanks for the info!

 

[Dean]

Very interesting!!
How can you add their names on the deed for under $50.00?? I would like to be able to do this!
Thanks for the info!

Contact DVC for the info. They have instructions and forms. They will give you an automatic ROFR in this situation. Then all you need is a deed, a quit claim deed will work fine in this circumstance as long as you follow the FL rules which are not difficult and you can find on the Orange Co website. We used a Word Template for a quit claim deed. total cost to change 4 deeds (4*25) was about $60. One caveat is to make sure each signature has two witnesses and that while the notary can also serve as a witness, the act of notarizing it does not count as being a witness so they have to sign multiple times. A couple of cautions. The contracts must be paid in full or have the permission of the currently owner of the mortgage. The other is that a quit claim deed may make title insurance impossible for future resales of that ownership. Even if you wanted to do a new Warranty deed, you can get FL legal forms and do it yourself if you want, not that much more difficult than the quit claim.

 

[mvc1997]

Contact DVC for the info. They have instructions and forms. They will give you an automatic ROFR in this situation. Then all you need is a deed, a quit claim deed will work fine in this circumstance as long as you follow the FL rules which are not difficult and you can find on the Orange Co website. We used a Word Template for a quit claim deed. total cost to change 4 deeds (4*25) was about $60. One caveat is to make sure each signature has two witnesses and that while the notary can also serve as a witness, the act of notarizing it does not count as being a witness so they have to sign multiple times. A couple of cautions. The contracts must be paid in full or have the permission of the currently owner of the mortgage. The other is that a quit claim deed may make title insurance impossible for future resales of that ownership. Even if you wanted to do a new Warranty deed, you can get FL legal forms and do it yourself if you want, not that much more difficult than the quit claim.

Thank You!!
I'm going to print this up!!
We really appreciate this, Thanks a Bunch!!

 

[Brian Noble]

Anyone have any thoughts here?

If it were me, I'd either give it to them outright (and accept that, as a gift, they might sell it the next day) or I'd find some other gift. Gifts-with-strings don't seem to fit the occasion here.

If you want to add them to the deed and retain selling control, do so, but do something else for "the wedding gift."

 

[TiaMaria]

Thanks, you've all touched on the different thoughts we had. Strings, no strings, creating a rift, dues, associate member, added to deed etc.
We know the kids and they have often talked about buying, we think they'll use it. We also think they'd do an add-on at some point, a small contract allows them to do that without the initial minimum point contract from Disney.
We like the choice option and that's what we think we'll do, two envolopes, one with the transfer documents ready for signature, the other with a cash gift, realizing that once it's gifted, it's theirs.

Gosh, what a wonderful gift!

Can you adopt me? LOL

 

[Disneypirate85]

What a great gift, I'm sure they will be very happy with it...Congrats to you and your family

 

[DisneyMimi]

Contact DVC for the info. They have instructions and forms. They will give you an automatic ROFR in this situation. Then all you need is a deed, a quit claim deed will work fine in this circumstance as long as you follow the FL rules which are not difficult and you can find on the Orange Co website. We used a Word Template for a quit claim deed. total cost to change 4 deeds (4*25) was about $60. One caveat is to make sure each signature has two witnesses and that while the notary can also serve as a witness, the act of notarizing it does not count as being a witness so they have to sign multiple times. A couple of cautions. The contracts must be paid in full or have the permission of the currently owner of the mortgage. The other is that a quit claim deed may make title insurance impossible for future resales of that ownership. Even if you wanted to do a new Warranty deed, you can get FL legal forms and do it yourself if you want, not that much more difficult than the quit claim.

Automatic ROFR....what does this mean? I want to add my daughter so she can have Owner Privileges and not mess with Wills....

 

[xipetotec]

My Wife and I are considering giving one of our BWV contracts (64 points) to our son and soon to be daughter in law as a wedding gift. They are 22 and love BWV.
Our only restraint is that we want this to be a gift for them and their future family to use as we did with our membership with him, not an asset that they would sell.
We know, a gift is a gift but if they don't use it for the intended purpose then we'd rather give cash, keep our points and share them with shared vacations as we always have although with this option, they would not control solo trips since we don't give points for solo trips.
Anyone have any thoughts here?

Best...Parents...Ever

 

[Dean]

Automatic ROFR....what does this mean? I want to add my daughter so she can have Owner Privileges and not mess with Wills....

To transfer the ownership or change the names you need a Right of First Refusal to record at the same time. DVC gives this automatically if adding or subtracting names or if transferring to an immediate family member without payment. We did this last year adding my daughter to our AKV deeds (4 of them).

 

[DisneyMimi]

To transfer the ownership or change the names you need a Right of First Refusal to record at the same time. DVC gives this automatically if adding or subtracting names or if transferring to an immediate family member without payment. We did this last year adding my daughter to our AKV deeds (4 of them).

Thank you! This is great. We want to add our daughter too. We all go at the same time but currently we cannot get them AP with the DVC discount....plus it's going to be hers one day anyway! Oops one more question....do they reissue DVC membership cards or just send an additional one for her?