Removing husband and adding adult children to contract - title company???

[realpatt]

My husband is terminally ill and we are trying to get everything in order. I would like to remove him from the contracts and add our adult children. Disney says will need to hire a title company or an attorney to assist with creating and recording a new deed. I also want to add "the vesting on the title of the deed is listed as "Joint Tenants with Right of Survivorship", then when any of I pass away it will just go to my kids and they won't have to go through this.

Is there anyone that people have used? What is the approximate cost?

 

[sndral]

I’m so sorry.
Here’s the thread about how to do transfers https://www.disboards.com/threads/s...xisting-contract-gratuitous-transfer.3701707/ A lot of folks use LT transfers to add adult children to their deed. I assume they can also handle removing your husband from the title via quitclaim deed. In the last couple of pages of the thread there’s a cost breakdown from last year.

 

[AstroBlasters]

My husband is terminally ill and we are trying to get everything in order. I would like to remove him from the contracts and add our adult children. Disney says will need to hire a title company or an attorney to assist with creating and recording a new deed. I also want to add "the vesting on the title of the deed is listed as "Joint Tenants with Right of Survivorship", then when any of I pass away it will just go to my kids and they won't have to go through this.

Is there anyone that people have used? What is the approximate cost?

If you do that, you could lose a step up in cost basis on the contract if it has appreciated.

 

[realpatt]

If you do that, you could lose a step up in cost basis on the contract if it has appreciated.

I'm not sure what that means

 

[AstroBlasters]

I'm not sure what that means

It could impact the amount of tax that would be owed by all owners if the contracts are sold in the future.

I don’t know your state laws or overall estate situation, but in general I would lean against removing a spouse as owner in your situation for future tax reasons.

 

[CarolynFH]

My husband is terminally ill and we are trying to get everything in order. I would like to remove him from the contracts and add our adult children. Disney says will need to hire a title company or an attorney to assist with creating and recording a new deed. I also want to add "the vesting on the title of the deed is listed as "Joint Tenants with Right of Survivorship", then when any of I pass away it will just go to my kids and they won't have to go through this.

Is there anyone that people have used? What is the approximate cost?

First of all, I'm so sorry you're having to go through this.

We used LT Transfers https://www.lttransfers.com/ to add DD to our contracts in 2023. They're now titled as Joint Tenants with Right of Survivorship. That means that when one or both of us passes away, DD remains an owner and can use the points or sell the contracts without going through probate in Florida. The cost was very reasonable, less than $300 per contract, and LT Transfers is well known among timeshare owners (such as TUG members) for being efficient and accurate. I highly recommend them.

ETA: my family also used LT Transfers for several non-DVC timeshares after my mother passed away and my dad wanted to distribute them to his kids. They're very experienced in working with different timeshare companies.

 

[sethschroeder]

You can 100% do this yourself but honestly if you have that much else going on your better bet is likely to just hire someone. There are a couple suggestions on this sub.

Additionally you can also put rights of survivorship on the deed as well so that way you don't even need to remove anyone and the surviving group would need a death certificate to prove later on if they did want to make another change. With a 50 year or less ownership time though hopefully by adding the kids on it would never need to be changed again unless someone decides to actually sell.