Morbid question…sorry

[MICKIMINI]

Selling would incur closing costs and commission fees. It seems like the added expense would be more than the cost to change the title.

An unknown depending on number of contracts and what the family ultimately wants to do. Just another option to consider depending on personal circumstances.

 

[RivShore]

Selling would incur closing costs and commission fees. It seems like the added expense would be more than the cost to change the title.

If they rollover just the net proceeds, out of pocket costs could be zero.

 

[bumbershoot]

The $475 is the charge by the company that Disney referred you to. DVC itself doesn't charge anything to change the names/ownership on a membership. You could use a different company that might not be as expensive. My family used LT Transfers to change the ownership on several timeshares my dad owned, and they were a lot less expensive than $475 for each one. Or, as someone mentioned above, you can do it yourself for even less - review the first page or so and then the last few pages of the Gratuitous Transfer thread here.

Yep. Do it yourself or use LT transfers. Much less than 475 per contract.

Well, yes, because of the maintenance fees, I wouldn't want them. I mean, I'd absolutely sell the contracts rather than keep any of them, honestly. But it would just be another thing to have to deal with. But this person seems to think their daughter will want the actual contracts. They should probably make sure that is the case.

Sure it's one more thing, but it's a lucrative one.

 

[CaptainAmerica]

Well, yes, because of the maintenance fees, I wouldn't want them. I mean, I'd absolutely sell the contracts rather than keep any of them, honestly. But it would just be another thing to have to deal with. But this person seems to think their daughter will want the actual contracts. They should probably make sure that is the case.

That's like saying you wouldn't want a $500,000 house because it still has $100,000 on the mortgage.

 

[DLgal]

That's like saying you wouldn't want a $500,000 house because it still has $100,000 on the mortgage.

I'd sell that too!

My point is that the entire question from the OP revolves around adding her daughter to the deed so she can take ownership, which is a moot point if she is just going to sell it. Why spend the money transferring ownership if she doesn't even want it?

 

[CaptainAmerica]

I'd sell that too!

My point is that the entire question from the OP revolves around adding her daughter to the deed so she can take ownership, which is a moot point if she is just going to sell it. Why spend the money transferring ownership if she doesn't even want it?

You can't sell something you don't own.

 

[DLgal]

You can't sell something you don't own.

You can when it's part of an estate that you have inherited. If my parents die tomorrow, I can sell their home even though I am not on the deed.

 

[Sandisw]

You can when it's part of an estate that you have inherited. If my parents die tomorrow, I can sell their home even though I am not on the deed.

But it has to go through probate if she doesn’t own. And she may want her to have it before she passes.

Its a drop in the bucket cost wise to transfer it. But we just added our kids with right of survivorship. So it’s still ours as well,

 

[Brian Noble]

Realistically, this probably isn't an issue. For most people, there will be a period of time between which they no longer want to travel to WDW and when they pass away. That's the time to decide what to do with any contracts.

If we were in that position today, our kids would not want them. The younger one doesn't particularly enjoy Disney, and neither is in a career stage that would allow for frequent Disney trips. So, we'd just sell them and put the proceeds in the estate. I've been watching my brother in law go through winding down his wife's father's estate, and I am convinced that nothing says "I love you" like simplifying our estate for our children.

 

[DLgal]

But it has to go through probate if she doesn’t own. And she may want her to have it before she passes.

Its a drop in the bucket cost wise to transfer it. But we just added our kids with right of survivorship. So it’s still ours as well,

Establish a trust when you have ANY significant assets. This is the best gift anyone can give their survivors.

 

[Sandisw]

Establish a trust when you have ANY significant assets. This is the best gift anyone can give their survivors.

Personally had no interest in setting up a trust for this, but I know others do.

Our kids understand what we did and we’re fine with it and how we wanted it to work

 

[DLgal]

Personally had no interest in setting up a trust for this, but I know others do.

Our kids understand what we did and we’re fine with it and how we wanted it to work

Well when the kids are okay with simply taking ownership, what you did is the easiest way.

 

[Simba's Mom]

We are an elderly couple with one child. At the time we purchased she was too young to be on our contract. I talked with member services about changing the contract to her name. I didn’t realize how costly that would be. Mainly because we added on several times over the years and we’d have to pay $475.00 for each separate contract. So now we’re thinking that’s not practical and we might just sell. If we were to die before selling, what would happen to our DVC? Do we just lose it?

You may consider your question to be a morbid one, but DH and I, although we have more than one child, have similar questions. I'll bet I'm not the only one who's read all the responses. So thank you!

 

[Anthony1971]

I have recently been going through the experience of a trust vs just a will. The trust cost a lot to setup and did not save anything in the end other than time of probate to take the assets. In some cases a Trust can be great to protect against if someone has to go into a nursing home and at that point a trust still can be sued and lawyer fees will be paid..... One should have at least a will and Beneficiaries on all bank accounts or that person on the account period. The beneficiary having an account at the same bank helps a lot as the accounts will be connected on the banks end only....... As far as real estate same as above probate vs being able to sell faster. The best and cheapest way to do anything is to transfer a house to a child's or ? name period long before..... I lost my lost the last of my parent in law and my last parent exactly 30 days apart starting about 3 months ago. I have the sad experience of dealing with both. The one thing that helped the most in both is Beneficiary on Banks, 401k, Life insurance, stock account and anything not named except real property which is best in another name with a simple notarized agreement with use and sale terms.

 

[CarolMN]

Unless the deceased lived in Florida, with just a will, the heirs would have to go through probate both in Florida and in the state the deceased resided prior to death.

 

[DVCanadian]

We are an elderly couple with one child. At the time we purchased she was too young to be on our contract. I talked with member services about changing the contract to her name. I didn’t realize how costly that would be. Mainly because we added on several times over the years and we’d have to pay $475.00 for each separate contract. So now we’re thinking that’s not practical and we might just sell. If we were to die before selling, what would happen to our DVC? Do we just lose it?

General advice from every time this subject comes up:

1. Confirm your daughter wants your DVC contracts and is aware of the dues (and their increasing nature), contract length, and sale value.

2. Depending on the conversation’s outcome:

a) Sell
or
b) consult a lawyer familiar with your personal situation

 

[linco711]

If you both should pass away before changing the deeds or selling, the contracts become part of your estate. Your heir(s) will have to deal with probate in Florida before they can take ownership. Depending on how many contracts you have, this could get quite costly.

There are ways to add your child to your contracts without paying $475 for each one. The cheapest way would be to do it yourself. There is a thread on here somewhere with step-by-step instructions. The alternative way is to use a Florida real estate lawyer to handle it for you.

thank you.