How easy/hard is it to leave DVC to children

[rigsby25]

Especially because of the extension proposal, I am wondering what is involved after my demise? Is it easy for the children to claim DVC membership or do they have to jump through hoops and pay lawyers, etc.?

 

[CarolMN]

There's going to be a lawyer involved somewhere, someplace - no way to get around that. Probably more than one lawyer since your ownership interest is not located in your state of residence.

It would be the same if you left them a cabin/second home located in Florida and they/you lived elsewhere.

A lot of the "complications" will depend on how you are planning to pass ownership. IMHO, it's best to have the advice of an attorney when you make those decisions. I am not a lawyer.

 

[Chuck S]

The answer will depend upon where you live. In most instances, the attorney that handles your estate can easily handle the DVC transfer. It requires a new deed to be drawn up, contacting Disney for a ROFR waiver, and refiling the deed with the county where your DVC is located. WDW DVCs are in Orange County.

Remember that contracts can not be spilt...if you have a 250 point contract, you can not leave 125 points to one child and 125 points to another...you leave the entire contract to both children to share. Individual add-on contracts can be left to different heirs, just as they can be sold separately from the initial contract.

 

[CarolAnnC]

One should always have a will drawn up so that the estate (including DVC ownership) is left according to the wishes of the individual. Passing away intestate (without a will) will generally mean most assets are left to the surviving spouse (if there is one). As mentioned above, consult your attorney for your state's particular laws.

 

[rigsby25]

Is DVC too new for this to actually have happened? Would my 2 children just have to sell?

 

[Mike©]

Is DVC too new for this to actually have happened? Would my 2 children just have to sell?

Not just with DVC, but with ANY assets you will to leave to anyone.

MAKE A WILL !!!!!!!! All too many people do not have wills. This makes settling a estate a major probate problem. Further protection would be to also setup a trust with the kids as executors to the trust.

 

[lizziepooh]

You are also passing on the obligation of paying maintenance fees yearly which some kids may not want or be able to pay. If your kids are adults now, I would make sure they understand all the financial issues of owning DVC.

 

[GusMan]

Remember that contracts can not be spilt...if you have a 250 point contract, you can not leave 125 points to one child and 125 points to another...you leave the entire contract to both children to share. Individual add-on contracts can be left to different heirs, just as they can be sold separately from the initial contract.

One thing that my guide brought up to us when we went through the tour last month is that if you buy, say, 320 or more points you can split them up via two contracts, therefore being able to split the membership if need be later.

Along the same point... every adult with any sort of assets should have a will expressing their wishes as to what to do with the assets, property, etc.

 

[mjy]

You are also passing on the obligation of paying maintenance fees yearly which some kids may not want or be able to pay. If your kids are adults now, I would make sure they understand all the financial issues of owning DVC.

True. But, at the same time, if they do not want the financial obligation of the maintenance fees, any heir could simply turn around and sell his/her ownership interest.

 

[EmyRose]

Many of the complications of the probate process can be diminished if assets are placed in a living trust. Ask your attorney about the wisdom of placing your DVC assets in such a trust.

 

[SamSam]

Many of the complications of the probate process can be diminished if assets are placed in a living trust. Ask your attorney about the wisdom of placing your DVC assets in such a trust.

Everythng we have is in a living trust; done with a trustworthy attorney, this solves many of the problems of passing assets on.

 

[Tinkerdreams]

Is it possible to have one or more of your children on the deed as well as yourself? Would this eliminate the need for "leaving" it to them if they are already on the deed?

I am interested in doing this with my children. They have no problem taking over the MF after I am gone and they would not plan vacations unless we all discussed ahead of time.

 

[CarolAnnC]

As long as they are over 21 I think you can list them on the deed. If there is an outstanding loan I believe they become obligated on it as well.

Keep in mind though, that joint ownership means that now the DVC is subject to their credit issues such as divorce, bankruptcy etc. Most people recommend leaving it to them in a will instead.

 

[dlhdisney]

When we originally purchased I was able to add my ds, 19 and dd 21 to the contract in addition to myself and dh as owners on the contract. There should be no issues when we are no longer here as they are both owners. They have agreed and will have to decide on payment of fees at that time or whether they would rather sell but the only requirement to include their names was having attained age of 18 years. (not sure if it makes a difference that we are in Canada?)

 

[kenf]

I listed my children's name on the deed when I signed up. Mine were older and I don't know if you can list minors. I would try it!!

 

[JimMIA]

There are dozens of options, and the best advice anyone could give you is to discuss it with an attorney who deals with trusts and estates.

Obviously, everyone should have a will. What many people don't realize however, is that having your assets distributed via will means probate, which means a LOT of time and some expense. Also, any assets in your estate are obviously potentially taxable, depending on the size of the estate and your state laws.

The two primary strategies for avoiding probate are joint ownership and trusts (or corporate ownership).

Joint ownership is an option, but as others have mentioned, there are questions and potential issues for your heirs if they are not really in a position to assume ownership of your DVC.

Our DVC is held in a family trust. A trust works well for us, but it may be an awful choice for you. That's why you need an attorney.

If you're considering a trust, you have to remember that a trust is just a piece of paper until you title the assets in the name of the trust. Trustees have no authority over assets that are not owned by the trust.

If you have a trust that says "I want my DVC to go to my kids," but the DVC account is titled to you, you really just have a will by another name, and the DVC account is probably going to end up in probate.