Ownership by a minor?

[poppop]

Is it possible for a minor to own a DVC contract?

 

[JimC]

I doubt it. You should check with your attorney.

 

[Dean]

No, they can't even be on the deed.

 

[vernon]

How does it work then if, for want of a better example, I were to die and I leave my DVC membership in my will to my two DDs, one of who is only 13? Would the membership be held "in trust" until the younger daughter became 16/18/21 whatever the age requirement is.

 

[floridafam]

Good question vernon.

I would also like to know that. Can we only will to someone over the age of 18?

I guess we better change our will.

Can't something only be held in trust if you set up a trust as part of your will. A trust can't be created after someone dies, can it?

 

[Chuck S]

Can't the court appoint a trustee? Althugh I'd want appoint a trustee in the will. Probably whoever would be caring for the children/heirs should be their trustee for the DVC membership.

 

[Margie J]

Just a thought -

In your will you should name guardians for your minor children. They will be responsible for the care and upbringing of your children until they are legally adults. I'd bet that in this case the guardians would legally have the right to control assets such as a DVC Membership until the children could.

We need an Attorney to varify this situation but it is a good one to think about.

 

[disneycrazed139]

I have had the same thoughts about this. I'm fairly certain a minor can own whatever you want to leave to him/her.

Naturally, the child wouldn't have access to the asset until they were legally old enough to take control of that asset, but I would contact an estate planner.