Question on putting adult child on title

[Lorrie7249]

Hi! Family and I are seriously considering purchase into DVC. We have 3 boys age 19, 16 and just about 12. I’d like to understand considerations around including my “adult” (although still dependent) son on the deed. If it matters, our plan is to have 2 contracts at first (and adding in later) with the idea of leaving the contracts to our kids. If I recall correctly from reading elsewhere on the boards, if you want contracts on the same membership they need to be titled exactly the same? Lots to consider...

 

[DisneyHumbug]

When I bought only one of my 3 kids was over 18....so I added all 3 as "associates". I am currently in the process of adding them all to my deed....costs a few bucks but it'll be worth it in the long run. I'm not sure if DVC is considered an asset for student loans? You might want to look into that.

 

[Lorrie7249]

When I bought only one of my 3 kids was over 18....so I added all 3 as "associates". I am currently in the process of adding them all to my deed....costs a few bucks but it'll be worth it in the long run. I'm not sure if DVC is considered an asset for student loans? You might want to look into that.

Thank for this...can I ask what does the term “associate” mean?

 

[DisneyHumbug]

They are on the account but can only make reservations (and maybe bank points too?). They don't get a blue card and they don't get "owner" benefits.

 

[Lorrie7249]

Ok, thank you

 

[skippytx]

I personally don't see a ton of upside on putting younger adult children on the title, and tons of downsides. You can look into trusts if you like.

If you put your 19 year old on the deed, it becomes a legal asset of theirs. It can affect financial aid for college, if they get sued it's an unprotected asset.

You probably have plenty of time to figure out how to address DVC in your estate at a later date.

 

[Lorrie7249]

I personally don't see a ton of upside on putting younger adult children on the title, and tons of downsides. You can look into trusts if you like.

If you put your 19 year old on the deed, it becomes a legal asset of theirs. It can affect financial aid for college, if they get sued it's an unprotected asset.

You probably have plenty of time to figure out how to address DVC in your estate at a later date.

thank you very much for this insight! this is the kind of thing that i was wondering about.

 

[Akck]

Another thing to consider is that if they marry and then divorce, it can be part of community property to be divided up. For this reason, we decided not to include our adult children.

 

[jscottnc]

We have one adult child and we now have all our contracts titled the same way and under the same membership number mainly for convenience in managing points. It can be a pain juggling reservations across contracts especially when booking at a non-home resort -- you cannot combine points without transferring (which brings in its own problems). Of course we have only one direct heir. It may be worth the trouble now to avoid trouble later to title your contracts differently.

It has been convenient for our child to have her own blue card (discounts, getting into the members' lounge, etc).

 

[Deb & Bill]

We have one adult child and we now have all our contracts titled the same way and under the same membership number mainly for convenience in managing points. It can be a pain juggling reservations across contracts especially when booking at a non-home resort -- you cannot combine points without transferring (which brings in its own problems). Of course we have only one direct heir. It may be worth the trouble now to avoid trouble later to title your contracts differently.

It has been convenient for our child to have her own blue card (discounts, getting into the members' lounge, etc).

If you title them differently, your member number may change on each of them. So you'll have to transfer to combine the points of one with another. You can't use transferred points to book online. You need to call MS.