Passed ROFR but now have a trust...

[MightyB]

Hello I'm hoping someone has had a recent experience with this. I put in an offer and it just passed ROFR but in the meantime I read great advice on this board and established a revocable living trust in my name. I searched the posts and the most recent was almost a decade old. Back then it seemed like I could just send the paperwork to the title company and have them change it to the trust when filing the title initially as opposed to going through everything and then having to pay again to have it changed. Has anyone done this recently? TIA!

 

[minniesfriend]

We are in the process of purchasing direct, so I don't know if it will help...

We have a revocable living trust and wanted to put our Disney direct points in that trust. Disney required that a "Certification of Trust" form be filled out and notarized. When we close, the deed will be titled in the name of our trust.

So, if you haven't closed, you might call the title company and see what they recommend. It may be as simple as that and save you time and money later.

 

[RoseGold]

You need to call your title agent.

 

[supersnoop]

Out of the six contracts I've signed, half of them include a provision that specifically say the contract is not assignable, so changing the names would violate the terms of the deal. The other half were silent on assignability. Check your contract and then with your broker.

 

[minniesfriend]

Interesting....

In the early 2000's, we were BWV owners and purchased resale. We were told we could NOT pass our DVC down to our kids in our wills.

Fast forward - we are in the process of purchasing VGF2 and are told that we are able to pass these contracts down.

I wonder if they changed it along the way and that is why some of your contracts are silent....

We will check our new contract carefully. Thanks for the heads up.

 

[CarolMN]

In the early 2000's, we were BWV owners and purchased resale. We were told we could NOT pass our DVC down to our kids in our wills.

That was misinformation.

 

[RamblinWreck]

Interesting....

In the early 2000's, we were BWV owners and purchased resale. We were told we could NOT pass our DVC down to our kids in our wills.

How would this even be possible? What did they tell you would happen to it if you died?

 

[Galun]

Hello I'm hoping someone has had a recent experience with this. I put in an offer and it just passed ROFR but in the meantime I read great advice on this board and established a revocable living trust in my name. I searched the posts and the most recent was almost a decade old. Back then it seemed like I could just send the paperwork to the title company and have them change it to the trust when filing the title initially as opposed to going through everything and then having to pay again to have it changed. Has anyone done this recently? TIA!

talk to your title agent but you most likely have to do it all over.

the rofr process is one that is recorded in the Orange County recorder, where Disney grants you the go ahead to proceed. You and the trust are two separate legal entities so I think Disney has to grant it to the trust instead of you,

 

[E2ME2]

How would this even be possible? What did they tell you would happen to it if you died?

I'm guessing they tell you that when you die, you can no longer use your points !

 

[supersnoop]

In the early 2000's, we were BWV owners and purchased resale. We were told we could NOT pass our DVC down to our kids in our wills.

Probably more of a nuanced answer at the time, or a misinterpretation of the question/answer. BWV expires in 2042. It will be invalid then, so if you die after 2042, there will be nothing left to pass down.

 

[minniesfriend]

They told us the points would go back to Disney when we died.

I remember this bc my FIL was purchasing Marriott at that time and was telling us he could pass it down to his kids after his death.

 

[supersnoop]

They told us the points would go back to Disney when we died.

The points will "go back to Disney" when the contract expires. Perhaps he was planning to outlive the 2042 expiration? It is deeded real estate, which can be passed down.

One of the benefits of DVC over other timeshares is that it does expire. Some now see that as a drawback since DVC holds value so well. The concern with other timeshares is that they become worthless and you get stuck paying maintenance fees in perpetuity, so the "go back to Disney" part was likely pitched as a good thing. I imagine it was a misunderstanding based on that nuisance.

 

[disney dumbo]

Hello I'm hoping someone has had a recent experience with this. I put in an offer and it just passed ROFR but in the meantime I read great advice on this board and established a revocable living trust in my name. I searched the posts and the most recent was almost a decade old. Back then it seemed like I could just send the paperwork to the title company and have them change it to the trust when filing the title initially as opposed to going through everything and then having to pay again to have it changed. Has anyone done this recently? TIA!

Please fill us in on what happened and what you learned about putting it in your trust.
Thanks!

 

[Twohsieh]

Please call your title company that you would like to name the ownership under your Trust.

Bought in 2010 direct under the name of our Trust at VGC.
Bought in 2020 resale under the name of our Trust at Aulani.

 

[MightyB]

Please fill us in on what happened and what you learned about putting it in your trust.
Thanks!

Well at first I was told by the broker that it could not be changed because it was too late in the process. After thinking about it for a day I decided that it would be better to cancel the purchase and put an offer in with the trust being the buyer. When I called the broker to tell her that, she then informed me that she actually could change the paperwork. So I went forward with the sale and had it put into the trust. There was one additional piece of paperwork that Disney had me fill out with the details of the trust but other than that it went smoothly. Well that and the fact that the sellers had a vacation scheduled after the closing and my DVC guide was the one to inform me since I was planning on adding direct as soon as my resale contract cleared. It ended up "costing" me $1500 since the incentives ended during the sellers vacation. It was really weird since my guide said that the closing shouldn't have been able to happen. I called the broker and they contacted the seller and found out that they did indeed have a vacation scheduled that they did not tell the brokerage about. It was my first contract and I kind of freaked out thinking that they were using my points but it turns out that they were not using points offered in the sale.

 

[CarolMN]

........(snip)....... the sellers had a vacation scheduled after the closing and my DVC guide was the one to inform me since I was planning on adding direct as soon as my resale contract cleared. It ended up "costing" me $1500 since the incentives ended during the sellers vacation. It was really weird since my guide said that the closing shouldn't have been able to happen. I called the broker and they contacted the seller and found out that they did indeed have a vacation scheduled that they did not tell the brokerage about. It was my first contract and I kind of freaked out thinking that they were using my points but it turns out that they were not using points offered in the sale.

Curious - What broker did you use? Wondering if it was Fidelity. They have a reputation of not finding out/informing buyers about delayed closings due to a last vacation scheduled by the seller.

Glad it all worked out for you, but sorry you missed the incentives you wanted.

 

[MightyB]

Curious - What broker did you use? Wondering if it was Fidelity. They have a reputation of not finding out/informing buyers about delayed closings due to a last vacation scheduled by the seller.

Glad it all worked out for you, but sorry you missed the incentives you wanted.

Actually, it WAS Fidelity. lol

 

[DL1WDW2]

I feel like a resale market salesman Threatened me that this market would sue me for commision and Never do business with me again if I did not sign and return documents immediately.
I should have reported him to the owner… I think I saved the text…

So believe me when I say They will do anything to keep that process rolling !….with no delays .
Modern life makes me feel like keeping lawyer on 24/7 speed call.