How will the new policy effect adding kids to deed?

[schoen]

So, my family bought DVC back in the nineties when we were young. My parents want to get us on the deeds so there is no confusion with their estate. Will we be availible to get member benefits when we are added? We won't be re-sale purchasers, but we also won't technically be direct purchasers....

Any guesses on how they'll handle this?

 

[drusba]

I assume the answer I got to a similar question also applies to your question. Yesterday I called Member Administration and was informed as follows: the new restrictions will not apply to my children if after April 4, 2016, I transfer my pre-April 4, 2016 ownership interests to them, or to a trust to which they are the beneficiaries, either as a gift or inheritance.

 

[sgtdisney]

I assume the answer I got to a similar question also applies to your question. Yesterday I called Member Administration and was informed as follows: the new restrictions will not apply to my children if after April 6, 2016, I transfer my pre-April 6, 2016 ownership interests to them, or to a trust to which they are the beneficiaries, either as a gift or inheritance.

Here's a question, maybe off topic, but only slightly. If you do transfer an direct owner's ownership interest into a trust set up with adult children, how does that work? Does the Trust get a membership card? Do all people listed on the trust get a membership card. A relative who owns a membership is starting some estate planning and was looking into trusts so I was curious how that works.

 

[DizBub]

I want to know this too. We have always been told that our contracts are will-able and our kids will inherit them intact. Now we just need to know if this has to be stipulated in the will or should they be added now.

We have 2 contracts direct, 1 resale and have been shopping for another resale. I know that the resale contracts will retain the respective restrictions which will necessitate some artful maneuvering to get each of our 3 kids the same rights of recognized membership. What is helpful is one of our kids is already DVC direct so she will most likely be getting the newer, as yet unpurchased contract.

Will be following this thread.

 

[ScubaCat]

They've always processed "gratuitous transfers" like that without removing any benefit that was afforded the initial owner. They're not legally required to do that, but it's always been their policy. They'll likely continue doing the same. (the PR would be horrendous if they didn't. Imagine someone's parent passing suddenly, and Disney removing member benefits as a consequence? Would never happen.)

 

[keishashadow]

DH raised same question yesterday. We have 3 memberships, had planned on eventually gifting one to each adult son.

 

[_auroraborealis_]

The new policy will have no impact contractually, but my prediction is that IT systems flags to separate "owners" from "those dirty resale interlopers" will get screwed up, creating mayhem when people make deed changes.

 

[MHDTS]

Our DVC ownership, which we have had since 1992, was transferred to a Trust about fifteen years ago. We simply sent DVC administration a copy of the notarized Trust document for the ownership. As the trustees of the Trust, our names are on our membership cards and we continue to make reservations as we did before the transfer.

 

[cedricandsophie]

Our DVC ownership, which we have had since 1992, was transferred to a Trust about fifteen years ago. We simply sent DVC administration a copy of the notarized Trust document for the ownership. As the trustees of the Trust, our names are on our membership cards and we continue to make reservations as we did before the transfer.

This is what we did a few years ago. It was very simple. We were specifically told by our financial advisor not to transfer directly to a child because of gift tax issues. Also they then become responsible for paying maintenance fees, etc.