Re-Titiling DVC Deeds

[BWV Dreamin]

I am setting up a Trust and am wondering if it's worth it to include the DVC contracts? What are the pros and cons? The best price I got was $150/contract. That would mean $450 for me.

 

[CarolMN]

To me, the biggest pro is that should something happen to you, your heirs would not have to go through the probate process in Florida to get title to the DVC contracts. That could save them a lot of money. Also, a trust is private arrangement. No one else needs to know you even had DVC, let alone who you leave it to. Probate is a public process so everyone who wants to know what was in your Will can easily find out.

I am not a lawyer and hope that if you are going through the expense and time to set up a trust, you will follow your attorney's advice about what to put in it. Mine said having property in multiple states is one very good reason to use a trust to transfer title to my heirs rather than a Will.

 

[BWV Dreamin]

Are you sure you're not a lawyer? You have stated everything my lawyer has! I guess since DVC is a right to use timeshare and not really a physical property ownership per se, I was wondering if there was really much value to shelter as these are depreciating assets. Still the expense of probate alone is worth the consideration of inclusion in the trust.

To me, the biggest pro is that should something happen to you, your heirs would not have to go through the probate process in Florida to get title to the DVC contracts. That could save them a lot of money. Also, a trust is private arrangement. No one else needs to know you even had DVC, let alone who you leave it to. Probate is a public process so everyone who wants to know what was in your Will can easily find out.

I am not a lawyer and hope that if you are going through the expense and time to set up a trust, you will follow your attorney's advice about what to put in it. Mine said having property in multiple states is one very good reason to use a trust to transfer title to my heirs rather than a Will.

 

[BWV Dreamin]

I will be asking my attorney this but what would happen if no kids wanted them and they weren't included in the trust? Seems to me they would get forclosed on for lack of payment on MF's and revert back to Disney.

 

[CarolMN]

I will be asking my attorney this but what would happen if no kids wanted them and they weren't included in the trust? Seems to me they would get forclosed on for lack of payment on MF's and revert back to Disney.

Again, not a lawyer, but it seems to me that the DVC contracts would be part of your estate, so your estate would be liable for the dues, just like it would have to pay your mortgage and other bills until your home was sold or the title passed to your heirs.

Foreclosure happens when people do not have the means to pay. You don't get to walk away just because you want to, if you can pay. The bank/creditor can go to court to force you to comply with the contract. I assume your estate would have the means to keep up with the dues.

I think your executors would have to sell the DVC contracts for whatever price they could get if the heirs did not want the contracts, same as they do when heirs do not want other property left to them.

 

[Dean]

You can do the change and deeds yourself for much less, around $30-40 for one contract and another $20 per contract.

 

[BWV Dreamin]

You can do the change and deeds yourself for much less, around $30-40 for one contract and another $20 per contract.

Sending you a pm...

 

[disneynutz]

I guess it depends on your estate and heirs. We have our family on our contracts as owners. If something were to happen to a couple of us, the rest of the family would assume ownership without probate because they are joint owners.

Bill

 

[BWV Dreamin]

I guess it depends on your estate and heirs. We have our family on our contracts as owners. If something were to happen to a couple of us, the rest of the family would assume ownership without probate because they are joint owners.

Bill

Well I did not want them to be financially responsible should we pass unexpectantly. At least thru the trust they will have the option to have it or not. If not, the trust will be liable and at that time all of our assests will have transferred over into the heirs separate trust. If no one wants them Disney can take back the deeds, the heirs will be sheltered from any repercussions.

 

[disneynutz]

Well I did not want them to be financially responsible should we pass unexpectantly. At least thru the trust they will have the option to have it or not. If not, the trust will be liable and at that time all of our assests will have transferred over into the heirs separate trust. If no one wants them Disney can take back the deeds, the heirs will be sheltered from any repercussions.

Good thinking. I would expect that the contracts would have some value and could be sold rather than letting Disney take them back.

Bill

 

[wingkng]

You can do the change and deeds yourself for much less, around $30-40 for one contract and another $20 per contract.

I had asked the same question last year, but I never got around to doing it. I too have set up a trust for my daughter who has special needs. This way, if my wife and I both passed away, our assets would not pass to her, thereby disqualifying her from getting Medicaid (under current rules, anyway).

I have four contracts, as well as two other contracts with Starwood, and I want to do it as cheaply as possible.

I am sending you a PM...

 

[scottb8888]

You can do the change and deeds yourself for much less, around $30-40 for one contract and another $20 per contract.

How do we do that

 

[Dean]

How do we do that

Here are the steps for WDW resorts.

• Contact DVC Member Admin to get the paperwork and instructions for a transfer.
• Complete the transfer form and send it to DVC at the address listed and if applicable, a copy of the contract.
• If they take it under ROFR, they will guide you from there. otherwise once you have the ROFR paperwork, you'll need to record that along with a deed. You can do a quit claim deed easily yourself.
• Send the paperwork to Orange County along with the required fee.
• Once the Deed is recorded, send a copy along with a different transfer form to DVC to complete the process.

Assuming there's no loan and no escrow involved, it's really that simple.

 

[SanDeeKath]

Here are the steps for WDW resorts.

• Contact DVC Member Admin to get the paperwork and instructions for a transfer.
• Complete the transfer form and send it to DVC at the address listed and if applicable, a copy of the contract.
• If they take it under ROFR, they will guide you from there. otherwise once you have the ROFR paperwork, you'll need to record that along with a deed. You can do a quit claim deed easily yourself.
• Send the paperwork to Orange County along with the required fee.
• Once the Deed is recorded, send a copy along with a different transfer form to DVC to complete the process.

Assuming there's no loan and no escrow involved, it's really that simple.

Thanks for this info. Is there a place to go for the proper wording of a quit claim deed?

Katherine

 

[Dean]

Thanks for this info. Is there a place to go for the proper wording of a quit claim deed?

Katherine

Legalzoom is one, office depot/staples, etc. I have a word template I can send you that was valid a couple of years ago. Orange county also has some requirements in their FAQ for this topic.

 

[BWV Dreamin]

Thanks again Dean!

 

[SanDeeKath]

Hi all,

Just bumping this up since I officially now have to put my weeks into the trust because my recent resale purchase was under our trust's name and unfortunately they opened a second master contract for me (with the same UY). UGH. I should have known. Anyway, I have 8 small contracts that I now need to retitle into the trust and then hope to combine accounts once they all match.

2 questions...

1) If I own at GCV, do I send the deeds to the recorder in CA or Orange County, FL?

2) Can I just get a copy of my most recent deed from my resale add on that is in the trust's name and rewrite it myself for the other contracts? I am assuming the language would essentially be the same.

By the way Disney offered to do this for me for $495 for the first contract and $100 for every additional. PLUS, they insist that a lawyer sign off on the titling of the trust, which means a lawyer's fee too?!?!

HELP!

Katherine

 

[Dean]

Hi all,

Just bumping this up since I officially now have to put my weeks into the trust because my recent resale purchase was under our trust's name and unfortunately they opened a second master contract for me (with the same UY). UGH. I should have known. Anyway, I have 8 small contracts that I now need to retitle into the trust and then hope to combine accounts once they all match.

2 questions...

1) If I own at GCV, do I send the deeds to the recorder in CA or Orange County, FL?

2) Can I just get a copy of my most recent deed from my resale add on that is in the trust's name and rewrite it myself for the other contracts? I am assuming the language would essentially be the same.

By the way Disney offered to do this for me for $495 for the first contract and $100 for every additional. PLUS, they insist that a lawyer sign off on the titling of the trust, which means a lawyer's fee too?!?!

HELP!

Katherine

As most thread's on this subject spell out, the names and people have to be EXACTLY the same to have them combined. I still don't think they'll combine them in this situation just by changing names, they might but I doubt it, you should ask member admin. You'd might have to transfer it to someone else in your family then back again for this to happen. You record the deed in the county of the ownership. Can't say much for CA, HH is more complicated as well. Normally you can take the deed info and just change the name, esp if it's a recent deed, not sure how that works with a trust. Orange County has the requirements for FL and OC on their website FAQ's.

I'm certainly no trust expert. The purpose of a trust is to create some distance between the owner and owned entity, otherwise there would be no reason to protect. I'm assuming you already have a family trust of some type setup. Look at your current deed that's in the trust and see what's different than your others, that should give you some direction. You may want to talk to your lawyer or a trust lawyer about this issue. You also might want to talk to some of the cheaper timeshare closing companies. One, TTT, will do a normal closing for $75 plus recording fees. I doubt they'll do ROFR for this price but that's the easiest part. I'm betting they'd do all 8 for $200-300 plus recordings. I would guess they have access to a lawyer but there might be an extra fee. Full service banks often have a trust department, you might want to check from this direction as well.

I don't recall anyone posting about trying to combine trust and non trust ownerships. The only similar situations were people converting from an individual to a trust for everything. Good luck and let us know what happens.

 

[SanDeeKath]

Thanks. I plan to change everything to the trust with identical titles. Would they let me combine accts then? Guide tells me no but not sure why. I need to clear this with member admin. What's TTT?

 

[Dean]

Thanks. I plan to change everything to the trust with identical titles. Would they let me combine accts then? Guide tells me no but not sure why. I need to clear this with member admin. What's TTT?

I don't know, my first impression is no since they are already separate. Here's a similar example. Lets say they were all in your name but DVC mistakenly didn't combine them. In that situation they won't correct the mistake. However, since the trust is technically different, they might. You need to talk to member admin and make sure you have all set before you proceed. It's likely best to give it a try and see what happens then later try to work on the 1 already in the trust rather than the others not. Let us know how it goes please.