Question about DVC and revocable trust

[maui22]

DW and I are looking into creating a revocable trust. Unfortunately, we didn't have the foresight to so this prior to a recent add-on.

Hoping someone on here can help answer some questions regarding DVC deeds and revocable trusts.

• My limited understanding is each deed would need to be transferred to the trust. That or we would end up with different memberships (ones in the trust vs ones not in the trust) and then encounter the issue of reservations only from membership A or B. Is this correct?
• Do we lose our membership number and receive a new one for the trust? (Assuming we transfer them all to the trust at once).
• Our contracts are such that 6 are direct (3 were before any restrictions were put in place and 3 more recent) and 1 resale. Do the three before restrictions lose their place? Meaning, if we eventually sell some to get below the Disney direct membership threshold are we no longer grandfathered with the 3 original?
• When transferring them to a trust, does each contract need to have zero reservations (just like selling)? Or can the reservations remain?
• Not directly DVC related, but do we have to pay a fee to update a revocable trust every time we buy/sell a deed and add/remove it from the trust?
• From what I could find, several title companies charge $450 to transfer the deeds to a trust. Is this normal or are there other ways to save money per deed?

Any answers and additional thoughts would be appreciated.

A bit overwhelmed on all this. Never thought of these things until losing my mother earlier this year.

 

[macman752]

We re-titled our contacts to our revocable trust 2 years ago. This thread was very helpful explaining the process. Read the entire thread as some of the information has changed since it was created. We did the entire process ourselves as we are local. The only cost to us was the fees charged by the Orange County Comptroller. Our membership number remained unchanged. Existing reservations were not affected. Contract status did not change (we have direct and grandfathered add-on contracts)

 

[Huskerpal]

I re-titled a contract recently using lttransfers.com to our family trust. I have used LT Transfers in the past for changing MVC deeds and other timeshare purchases. They charged me under $300 to process the deed change. Deed was submittd 6/14 and DVC later verified that the change was made to my account on 6/20. You will get no notification from DVC that the change is completed, I had to email them and ask. I was in the middle of another resale purchase in our trust's name and wanted to make sure our member number didn't change because I had received conflicting info about that. In the end, our member number did not change.

 

[maui22]

We re-titled our contacts to our revocable trust 2 years ago. This thread was very helpful explaining the process. Read the entire thread as some of the information has changed since it was created. We did the entire process ourselves as we are local. The only cost to us was the fees charged by the Orange County Comptroller. Our membership number remained unchanged. Existing reservations were not affected. Contract status did not change (we have direct and grandfathered add-on contracts)

Thank you

 

[maui22]

I redeeded a contract recently using lttransfers.com to our family trust. I have LT Transfers them in the past for changing MVC deeds. They charged me under $300 to process the deed change. Deed was submittd 6/14 and DVC later verified that the change was made on 6/20. You will get no notification from DVC that the change is completed, I had to email them and ask. I was in the middle of another resale purchase in our trust's name and wanted to make sure our member number didn't change because I had received conflicting info about that. Our member number did not change.

Thank you

 

[drusba]

Before doing any transfer, you need to first have the trust set up. I recommend that be done through a lawyer experienced in doing trusts, and the living trust include other property you own such as your home, and the trust should be done at the same time wills are done so that the trust becomes the focus of all transfers to occur when the trustees (you and your DW) die.

After the trust has been set up with the two of you as the trustees, you and your DW then transfer via separate deeds each DVC contract you currently own to the trust. Whatever the county charges for such deed changes will be charged as to each transfer

Once that is done and DVC is informed of the existence of the trust transfers, the following changes will occur to your DVC membership account:

NOTHING

You remain the named DVC members with the same membership account and number. You remain the persons who do all reservations, receive and pay all dues bills, contact MS for any reason you have to. The status of all your contracts remain the same, i.e., any that have resale restrictions retain such restrictions and any that do not have resale restrictions continue to have no restrictions. Any existing reservations will still exist.

If you later decide to transfer one of your contracts to someone else, then that will be done via a deed in which the transferor is the trust, and it will be necessary to have that property eliminated from the trust. There will thus be some costs involved.

 

[maui22]

Before doing any transfer, you need to first have the trust set up. I recommend that be done through a lawyer experienced in doing trusts, and the living trust include other property you own such as your home, and the trust should be done at the same time wills are done so that the trust becomes the focus of all transfers to occur when the trustees (you and your DW) die.

After the trust has been set up with the two of you as the trustees, you and your DW then transfer via separate deeds each DVC contract you currently own to the trust. Whatever the county charges for such deed changes will be charged as to each transfer

Once that is done and DVC is informed of the existence of the trust transfers, the following changes will occur to your DVC membership account:

NOTHING

You remain the named DVC members with the same membership account and number. You remain the persons who do all reservations, receive and pay all dues bills, contact MS for any reason you have to. The status of all your contracts remain the same, i.e., any that have resale restrictions retain such restrictions and any that do not have resale restrictions continue to have no restrictions. Any existing reservations will still exist.

If you later decide to transfer one of your contracts to someone else, then that will be done via a deed in which the transferor is the trust, and it will be necessary to have that property eliminated from the trust. There will thus be some costs involved.

Thank you for the thorough explanation. We are definitely going to use an experienced lawyer for the trust. When we started talking about DVC deeds is when we realized we needed to slow down and get a better understanding.

 

[Simba's Mom]

Following this. My MIL's death recently and everything going on around that woke us up. I'm an only child, so didn't face any issues when my parents died. Right now our strategy surrounding DVC is this-all our contracts expire in 2042. We'll be 90 and 91, so we figure DH and I will go to one of our resorts and we'll all expire together!

 

[CarolynFH]

Following this. My MIL's death recently and everything going on around that woke us up. I'm an only child, so didn't face any issues when my parents died. Right now our strategy surrounding DVC is this-all our contracts expire in 2042. We'll be 90 and 91, so we figure DH and I will go to one of our resorts and we'll all expire together!

Well, I hope to be at BWV that night too. Maybe I’ll see you!

PS DH and I are a little older than y’all.

 

[juliebee]

When we purchased our contract, we purchased it into our pre-existing Trust, so I can't speak to any of the issues with retitling. However, I can say our membership accounts look just like anyone else's with our names, info sent our house by DVC comes in our names (not the trust's name), etc. Our estate attorney advised us that we do not need to really involve him with every asset that we buy or sell, so when we purchased DVC we just followed his counsel to update our Trust's list of assets (called the Schedule A). This is to make things easier for the Successor Trustee as they would have an organized list. Definitely talk to your attorney about this, but you can also google for updating schedule A trust assets to understand that process more. It's very easy.

I completely relate to wanting to set up a trust after having experienced the loss of a parent. I did the same after my dad passed. He had a will but for a variety of reasons it was a tough situation and I had to have attorneys in two states for probate- and this was for his very modest amount of assets as a retired Navy Veteran. I wanted to shield my kids from the issues that I experienced when my dad passed and believe this trust will do that. I wish you all the best and I'm sorry for your loss.

 

[Judique]

Well, I hope to be at BWV that night too. Maybe I’ll see you!

PS DH and I are a little older than y’all.

I'm thinking Hilton Head but if it's cold January 31, than maybe Boardwalk is a better choice. I'm a bit younger but not by much! I'll need a room with the BW view, maybe a Grand Villa.