How to Include DVC in a Will?

[anricat]

Sorry. I wasn't very clear, was I?

The woman's parents had told her they wanted her to have their points when they were gone. She didn't know how to tell them she'd rather they didn't leave them to her.

In the event you'd both die unexpectedly, having to deal with dividing or selling the contracts could feel more like a burden than a legacy.

I meant to discuss with them now if they want any of the points at all.

I think what the other reply was saying was that either way, the kid will have to deal with it when the parents are gone. Knowing ahead of time what they do or don't want doesn't really solve anything unless there's some other random heir floating around they could be gifted to. And in fact, such conversations, honestly, could lead to sadness, strife and disappointment all around.

For example, my mother in law has a bunch of jewelry she has told me will be mine when she's gone. Big diamond things I have ZERO interest in. But they are super important to her and giving me this gift when she's gone is a really important gesture to her. I'm not going to pee all over her gift by saying, "you know, diamonds aren't my thing and I don't want any of these ugly gaudy things when you're gone." Instead, I told her that I really appreciated her thinking of me and that I knew they were precious to her and it meant a lot to me that she wants me to have them. I'll sort out what to do with them when that day comes.

 

[sanjidasan]

It's scary to think about a will, but it's better to take care of it in advance.

 

[Simba's Mom]

Why not just add whomever you're leaving it to on the deed?

How do we do that? And since we own contracts at 3 different resorts, and they wouldn't all be going to the same person, do we add whoever ultimately gets each contract, to that contract? And since we don't want to mess up our granddaughters' college financial aid, could we leave it to their parents, who'd add them later?

 

[CarolynFH]

How do we do that? And since we own contracts at 3 different resorts, and they wouldn't all be going to the same person, do we add whoever ultimately gets each contract, to that contract? And since we don't want to mess up our granddaughters' college financial aid, could we leave it to their parents, who'd add them later?

If you add a different person to each of 3 separate contracts, then you'll end up with 3 different memberships and can no longer use the points together at 7 months unless you transfer points from one membership to another. Adding the child's parents to the deed would work, assuming that you would be adding the same individuals (same parents) to all 3 deeds and would therefore still have one membership that owned 3 contracts. But if each child that you want to give a contract to has different parents, again you'd end up with 3 memberships.

 

[drusba]

How do we do that? And since we own contracts at 3 different resorts, and they wouldn't all be going to the same person, do we add whoever ultimately gets each contract, to that contract? And since we don't want to mess up our granddaughters' college financial aid, could we leave it to their parents, who'd add them later?

Agree with response of CarolynFH above. If your question also relates to the process of adding persons to ownership, then:

Each contract you currently have has its own individual deed. To add someone to the ownership requires the creation of a new deed, and filing with the applicable government agency that keeps records of deeds. For WDW resorts that would be the Orange County Comptroller in Florida. Other DVC resorts each have their own local filing agency. That new deed would have the existing owners transfer ownership to those same existing owners plus the person you want to add to the ownership.There are costs involved, including in preparing the deed and filing with the Comptroller.

What is imperative is that the new deed be done correctly, i.e., you should not assume you can just prepare a new deed by copying from the old one, e.g., your current Florida deeds involving ownership by a married couple most likely create a tenancy by the entirety estate, which can apply if the only owners are a married couple, while a new deed that adds a third person would need to be changed to one that expressly declares it is joint tenancy with right of survivorship.Once you have a new deed, you can provide a copy to MS to show the change to the actual members on the account.

You could seek legal help from a lawyer but there are also organizations, such as title companies, which can do the preparation and filing of the new deed.

 

[chalee94]

Why not just add whomever you're leaving it to on the deed?

Some good issues have already been posted.

Other possible issues:
If these new owners get divorced or declare bankruptcy, your DVC contract might leave your hands early.

With their name on the deed, they would have the right to book stays without consulting you.

If the contract/s are valuable enough, you might even owe gift taxes on the transfer of value.