Putting kids on deed?

[disney-super-mom]

When buying a contract, can you also include your kids on the deed?

Is this is easiest way to pass along your DVC investment to your kids after you've died?

I know, not a happy subject, but wanted to know about this.

 

[Doctor P]

A lawyer can correct me if I am wrong, but I don't believe that anyone not of legal age can be directly on the deed of real property.

 

[3 Hobbits 2 Disney]

Don't do it!!!! If you decide to sell before they are 18, they will need to have a court-appointed guardian to complete the sale (to ensure that their best interests are represented). A better way to do it is to consider a revocable living trust for all of your assets (which avoids probate) -- consult a lawyer who specializes in these for details.

 

[lmb]

I just asked my guide that question the other day and she said in FL you're not able to put anyone on under 18 but that if it's willed to the kids it's no problem. My guide also said that if you wanted to pass it down to the kids before then you would have to transfer the contract which would involve closing costs and ROFR but Disney wouldn't take any action to snatch up a contract in that situation.

 

[Dean]

I just asked my guide that question the other day and she said in FL you're not able to put anyone on under 18 but that if it's willed to the kids it's no problem. My guide also said that if you wanted to pass it down to the kids before then you would have to transfer the contract which would involve closing costs and ROFR but Disney wouldn't take any action to snatch up a contract in that situation.

I don't know of a state where it's legal to put a minor on a deed. The other problem in putting children is that the contract would be part of their financial package. So it could negatively affect their chance to qualify for grants and other financial aid as well as being at risk if they had financial trouble. I plan to add on at AKV and add my adult daughter. We will likely add 100 points (due to the incentive levels) but in four 25 pt contracts. Then change only one 25 pt contract over to her name making it a separate stand alone contract. Then we'd transfer those 25 points each year back to our account. It's a shame we have to do it this way and likely more expensive for both DVD and DVC in the long run, but that's the way it is. Now if I could get her member benefits without going through this, I would. Note, I'm not complaining, only discussing the realities involved.

 

[3DisneyKids]

Good and interesting question, OP. I am glad that you asked it!

 

[SCDizneyDawn]

I plan to add on at AKV and add my adult daughter. We will likely add 100 points (due to the incentive levels) but in four 25 pt contracts. Then change only one 25 pt contract over to her name making it a separate stand alone contract. Then we'd transfer those 25 points each year back to our account. It's a shame we have to do it this way and likely more expensive for both DVD and DVC in the long run, but that's the way it is. Now if I could get her member benefits without going through this, I would. Note, I'm not complaining, only discussing the realities involved.

I wanted to add about 80 to 100 points at BWV and put my parents on the deed, but my guide said we would have to get 150 points because they are not members. Is this not true? It would seem this same rule would apply to Dean's Daughter?

 

[Dean]

I wanted to add about 80 to 100 points at BWV and put my parents on the deed, but my guide said we would have to get 150 points because they are not members. Is this not true? It would seem this same rule would apply to Dean's Daughter?

What I intend to do is to buy then change it over after the fact which DVC has no control of.

 

[disney-super-mom]

So if we can't put our kids on the deed (which makes sense considering they're only 7 & 3), what happens to our DVC contract(s) in case both DH and I passed away?

Would the contract(s) be liquidated and the proceeds then goes to our kids?

 

[Cruelladeville]

You need to make your wishes known in a will. Anything as small as a DVC contract wouldn't even need to go thru Probate, at least in Michigan. When my father-in-law died, we were able to sell all his stuff without Probating it, we just flashed his death certificate. Maybe it's because we come from a small town...

 

[Dean]

So if we can't put our kids on the deed (which makes sense considering they're only 7 & 3), what happens to our DVC contract(s) in case both DH and I passed away?

Would the contract(s) be liquidated and the proceeds then goes to our kids?

It would be handled the same as any other asset.

 

[JimC]

So if we can't put our kids on the deed (which makes sense considering they're only 7 & 3), what happens to our DVC contract(s) in case both DH and I passed away?

Would the contract(s) be liquidated and the proceeds then goes to our kids?

Depends on your will or the intestate laws where you reside.

 

[JimC]

If you want to add someone to the deed, please contact a lawyer who practices in either real estate or estate law. How you take title with multiple owners is imporatant for protection from creditor liens or considerations in probate.

You should also consider the practical situation of what happens if one party wants to sell and the other does not. Particularly if there is a falling out in the relationship or some other event sends the two in different directions.

This is an issue where some qualified guidance is a really good investment.

 

[JerJan]

Our DVC is part of our "TRUST" everything in the trust goes to our children "upon our demise" with my brother acting as the Trustee. We have enough money in the trust to cover the annual dues unless they choose to sell it and then split it.....we CLEARLY spelled everything out in the trust.

 

[Merilyn]

I put both my children on the deed when they were of age. At that time, it was 21.

I have found a new problem with the deeds though. My sister passed away last year. I thought we jointly owned so her part would pass to me automatically since I am her beneficiary for everything. We jointly owned everything and my name was on all her accounts. Well, Disney said it has to go through probate even though there is no probate. Everything is mine. I am finding this to be a problem because her hospital bills are not my bills. If we have to probate then the DVC membership, I believe, will have to be sold to pay her hospital bills. I sure can't pay off her hospital bills to avoid selling DVC. I sure don't want to sale it.

As JimC said I would surely check with a lawyer before you do anything with DVC. We would never have done the deed that way had we known. I sure don't want my children in this same mess when I pass away. I may get a lawyer in FL to take care of all this for me. I assume FL has different laws about property because I haven't found this to be a problem in TN.

I hope all this works out because I sure don't want to sell her part of DVC. We always thought deeding everything in both our names fixed all these types of problems. Well, I guess we were wrong. FL has a whole other idea.

 

[JimMIA]

So if we can't put our kids on the deed (which makes sense considering they're only 7 & 3), what happens to our DVC contract(s) in case both DH and I passed away?

Would the contract(s) be liquidated and the proceeds then goes to our kids?

No.

If you have a will, it would appoint an executor (called personal representative in some states) and that person would decide what to do with the assets of the estate. As Dean says, the DVC would be treated like any other asset. The will would be processed through the normal channels, which can take a bit of time and involves some expense to the estate.

If you have a will and no executor/personal representative is designated, shame on your attorney. The courts will appoint someone, which will slow down the process and greatly increase the costs.

If you have no will, shame on you. You will die intestate and the courts will decide what to do with your assets. Absent any guidance from you, your heirs could end up losing a lot.

Titling assets jointly with the heir can seem like an expedient way of managing things while avoiding probate, but in practice it can be a nightmare because it causes allocating assets to heirs one by one. It's much better to look at the whole picture and determine what you want to go to whom.

A properly drafted trust can avoid many of those issues, but that requires legal guidance...and the good ones ain't cheap. And a trust without assets titled in the name of the trust is just toilet paper. The trust only governs what it owns; if you don't title anything in the name of the trust, you've just wasted a bunch of money on lawyers.

 

[Disneyhappy]

I put both my children on the deed when they were of age. At that time, it was 21.

I have found a new problem with the deeds though. My sister passed away last year. I thought we jointly owned so her part would pass to me automatically since I am her beneficiary for everything. We jointly owned everything and my name was on all her accounts. Well, Disney said it has to go through probate even though there is no probate. Everything is mine. I am finding this to be a problem because her hospital bills are not my bills. If we have to probate then the DVC membership, I believe, will have to be sold to pay her hospital bills. I sure can't pay off her hospital bills to avoid selling DVC. I sure don't want to sale it.

As JimC said I would surely check with a lawyer before you do anything with DVC. We would never have done the deed that way had we known. I sure don't want my children in this same mess when I pass away. I may get a lawyer in FL to take care of all this for me. I assume FL has different laws about property because I haven't found this to be a problem in TN.

I hope all this works out because I sure don't want to sell her part of DVC. We always thought deeding everything in both our names fixed all these types of problems. Well, I guess we were wrong. FL has a whole other idea.

I don't have any solution to offer you but I wanted to know that I sad for your loss and feel bad for your situation. I hope there is something they can do for you to hold onto your DVC. Good Luck!

 

[JimMIA]

Also keep in mind that estate/probate laws vary widely from state to state, and also understand that there are many different kinds of trusts.

This is a highly technical area, and you really need expert guidance from a lawyer who specializes in trusts and estates in your state.

My specific trust need may be very different from yours, and the laws in my state may be very different from where you live.

You need REAL legal advice, not DIS opinion.