Thank you Chuck, yes my dad (Bill) is the original Caskbill. Thank you for your kind words about my parents (Bill and Peg). My dad really loved working with the Disboards, and being the original pioneer of developing the points tracking program from way back when. He spent countless hours on the computer developing the program. I know my mom sold it after my dad passed. I don't know what ever happened to it or who owns the rights to it now.
There is an alternative to regular probate in Florida, called a "summary" probate proceeding, Fl. Stats. sec. 735.201, for which attorneys should charge a whole lot less than the regular probate proceeding, because it does not require all the usual filings, notices, and hearings that often occur with a regular probate. The summary proceeding can potentially be done without a lawyer -- the filings can be done by the personal representative of the estate (including from a state other than Florida), or, if none, by the beneficiaries (usually the children) entitled to the timeshare. However, unlike Illinois (my state) where the filings for a summary proceeding can now all be done online and there is usually no court hearing, that Florida proceeding may actually require someone in Florida to make the filings and the applicable representative to attend a possible hearing (I am not sure of Florida's status on that situation now)
CarolMN is correct that a trust (often what is called a "living trust") is the way to avoid probate in a state other than where the decedent resided. Generally, personal property a decedent owns that may need to go through probate can usually be done in the state where the decedent resided even if the property is elsewhere at time of death. The exception that has existed forever to doing that is real estate owned by the decedent (even if it is just some square inches contained in a timeshare unit), for which a probate proceeding needs to be pursued in the state where the property is. Trusts created for that situation generally put all the real estate a person owns into the trust, which trust becomes the legal owner of the property, and deeds are created and filed with applicable government agencies, transferring legal ownership to the trust, The actual personal owner becomes the beneficiary of the trust and has control over the trust and property in it until death (and with DVC remains the applicable member on the DVC account). No probate is needed when the trust beneficiary dies, because the trust remains the legal owner of the property and it has not "died." Such trusts usually have provisions like a will that define who gets the property after the principal beneficiary dies.
So, if you or anyone knows, how does a revocable trust work on the DVC end? Obviously the contracts have to be deeded into the trust, but how does it actually work? You mention the grantor/beneficiary remains the the member on the contract - I assume that's the case with a joint trust? Does DVC change anything on their end? Are there any other limitations on ownership, e.g., adding members (I figured we'd add the kids once they turn 18). I realize this is probably something we should strongly consider doing at some point, even if only for DVC since it's out-of-state, but there's no rush since I'm assuming we can't do this while we still DVC loans on the contracts.
If the trust is the owner, Disney (currently) considers the "trustee" the "member."
If you are purchasing a contract in the trust’s name MA asks for a copy of the trust documents. They then prepaid th3 closing doc’s and the executor signs for the trust.
So you had it in the name of the trust with Disney's direct financing? I believe you're saying you started it in the trust from the time of purchase though, not transferring after purchase and prior to paying off the loan, correct? Again, I'm not really in any rush to do this, because I'm not sure what I'd want to set up long term, plus even if I decide to do this, I'm sure it will be forever before I'd get around to doing it. I'm just curious - I think the trust would be the easy part, it's the moving the property into the trust and the practical effects and realities that I'm more concerned with. I'm interested in such experiences people have had afterwards.
Yes, purchased it that way, correct.
Again correct, however, most banks, or at least the ones I have an do work with, will allow you to transfer an asset into trust. It does not change there position on the lien.
IMHO, that is horrible estate planning.
I think you could do it your self for less than you think, ($250-$500) and in less than an afternoon.
Haha - believe me, I know. I will not go into all the things I take too long to take care of for myself. I also know estate planning should be done well at any age, but it just becomes a bottom priority. Both times my wife and I adjusted our wills after our kids were born (first time after just our son, and then after daughter was born) it was well after the kids were born. I believe both times we finally did it were before we went away for a few days without the kids. It was something I'd intended to do for a while, but just took too long (and I was working in a law firm where it really didn't take much to do - when I finally did it one of the times, I just had my wife come in and a few paralegals came in my office and witnessed/notarized).
I need to start thinking about it more seriously, I guess. I just worry about any unintended/unforeseen difficulties on the practical end - in other words, any changes at all in managing our membership, wanting to make changes later, etc. The trust is definitely the easier part for us, because if I really wanted to, I could probably just do it myself, although I'd likely talk to a friend about who does trust work. (I'm actually an attorney, and briefly did some estate planning, but now I work in legal aid - I've worked on a few revocable trusts and could do it.)
like I said I have two separate membership, one for the trust, one my personal, I use the same log in for both. I can toggle back and forth with ease between the two.
