I got my DVC packet in the mail today, and now another question

[helenk]

So, tomorrow I plan on calling the sales person, Ron, and get things started...I am getting so excited. I wanted to know, if anyone can help with a question before I call. I know this is kind of morbid, but since you own for 50 years what happens when you pass away? I am being realistic as I am 54. Can I leave my points to someone or should I put the points in my name and my son's name now so that when I go, he will be able to use the DVC for the remainder of the years.
I do not need to worry about his credit affecting anything as I plan to purchase outright so I would not have a problem putting in both of our names if this is allowed

 

[thepops]

you can leave them in your will to whomever you like, no problem

 

[tjkraz]

If you have absolutely no reservations about having his name attached to the deed, it may be worthwhile to have your son listed as an owner now. It should make estate planning seamless, at least in terms of the DVC contract. Due to Florida laws, ownership of the contract would immediately transfer to your son as the sole living owner.

Having him listed on the deed would also enable him to take advantage of perks like the Annual Pass discount. If you are the sole owner, your son would have to share your residence (and have photo ID to prove it) in order to get the discount.

Logistically, as an owner he will share the responsibility for making dues payments, have full access to the points, and so on. If he should ever divorce or file for bankruptcy, the DVC contract could fall into jeopardy as one of his assets. So consider that aspect before making a final decision.

 

[jerseygal]

We were told to put any adult children on the contract..It is expensive, somewhere I think around $300-$400 to "transfer title" and add them later..You can't add them until they are adults...If a son/daughter is already on the contract there would be no problem if their mother and father passed together tragically....

Of course, legal responsibility comes with that if you are financing as well..
We would not be financing, so we decided to put our adult son on contract from onset..Any younger children, would have to be added later which would be between $300 and $400...

Better to cover all bases.

 

[helenk]

Thank you for your replies. I wonder then if I should consider putting my adult daughter on as well?? I had just figured on placing my son's name because he loves Disney as much as I do but my daughter does not really share our obsession. But hey. maybe after she done college and gets married and has children of her own, that just might change....I can hope.
But, since DVC would be considered an asset, like in a divorce settlement, then they would be equal owners which would be of less value to a spouse.
My my, the things we have to think about

 

[chalee94]

Thank you for your replies. I wonder then if I should consider putting my adult daughter on as well??

you might want to think about buying 2 separate contracts and willing one to each child. it might be a little more complicated, as the names on the deeds would need to be the same initially.

if your daughter doesn't value the DVC contract, she might prefer to force a sale to get the value out of her "half."

just a thought.

 

[helenk]

you might want to think about buying 2 separate contracts and willing one to each child. it might be a little more complicated, as the names on the deeds would need to be the same initially.

if your daughter doesn't value the DVC contract, she might prefer to force a sale to get the value out of her "half."

just a thought.

Good point, I'll just think this out a little bit more.

 

[CarolMN]

If your daughter isn't a Disney fan, you could just adjust your will to "compensate" by leaving her something else of equal value.

IMHO, it's not a good idea for more than one family to share a contract. Too many opportunities to disagree.

 

[Muhlenberg]

We're going to be doing our paperwork soon, and we're having our kids names put on it because of estate planning. If we both croak we don't want them all to pay an exorbitant amount of inheritance tax. DVC seems to make it easy to put their names on it in the beginning.

Oh and hi, neighbor.

 

[CarolMN]

We're going to be doing our paperwork soon, and we're having our kids names put on it because of estate planning. If we both croak we don't want them all to pay an exorbitant amount of inheritance tax. DVC seems to make it easy to put their names on it in the beginning.

Oh and hi, neighbor.

Putting the kids on the deed will transfer ownership, but it doesn't eliminate estate taxes. Of course you will want to talk to your attorney about it.

Lots of people confuse estate/inheritance taxes with the transfer of ownership. Those are different things.