Title changes-we just added our adult children

[asunutgirl]

We just added our two adult children to our membership and I wanted to share my experience. I discovered a lot of misinformation on the process when I first started researching so I hope this thread helps someone else. Our title change is complete as of the morning so all this is current information.

*The process was fairly easy. We used First American Title because DVC used them when we did our original purchases from Disney. We own in California and Hawaii and the title officers in both states were fabulous. They answered all my questions, called me to confirmation information and sent all the information to DVC together to make sure that the process went smoothly.

*I started by calling DVC to get answers to all of my questions first. Then I used the First American Title website to submit my requests. Easy peasy. You just need your contract numbers and make sure that the names you use for original members match what is on your current membership.

*You can absolutely go through this process while having current reservations. Someone here told me that I had to wait until I had no reservations in order to make the change. That is not the case. The only time that applies is if you are not changing all of your contracts. (With 3 resorts and 5 adults, we always have some reservation booked.)

*If you are changing only some of your contracts, those contracts must be reservation free.

*If you have multiple contracts, you must change the title on all of them at the same time or you will generate a second membership number. I know some folks don't care but for us, generating a second membership number would definitely complicate using our membership. (I can't even get my husband to use the right use years when he's making a reservation!)

*A notary will be required when you sign the paperwork. All the docs were emailed to me. I printed them and scheduled a notary appointment for all of us. Then the signed originals were sent FedEx back to each title office.

*Each state will have it's own requirements for title changes and each contract requires separate paperwork. (I didn't add my SIL thinking it would make things easier but it caused an additional signature in California so he had to show up for the notary appointment anyway.)

The whole process took about 6 weeks. When we purchased DVC back in 2012, our girls were both under 18. Now that they are both in their 20's, they are sometimes traveling without us. Adding them to title gives them full membership rights when they travel. It also will make things easier for them whenever my husband and I aren't here anymore. (We are only in our 50's but you never know.) We completed our trust last year and discovered that our DVC membership couldn't be included in the trust.

Happy to answer any questions about the process. Hopefully this helps someone looking to do the same.

 

[Sandisw]

Congratulations! Thanks for the giving us an up to date process!

 

[Rochester Disney Fan]

Thanks, I am thinking about this as well for the same reason you mention. I am also uppers 50's and my Twins are now 21.

 

[LRdismom]

Thank you for providing this information.

 

[Meriweather]

We did this last spring and used the DVC title company.
It was easy, just took time.
We did have a Dec. ressie at BR and lost it.
The contracts get new numbers when names are added.....I called and of course BR in Dec was gone. I looked at all resorts and could find nothing for our dates. We already had our air.
A cast member called me back and he did find a different resort for us, so at least we are still going.

 

[CarolynFH]

The contracts get new numbers when names are added

That’s interesting. We added DD to our two contracts last year, and neither our contract numbers nor our member number changed. We used LT Transfers for the paperwork.

 

[asunutgirl]

We did this last spring and used the DVC title company.
It was easy, just took time.
We did have a Dec. ressie at BR and lost it.
The contracts get new numbers when names are added.....I called and of course BR in Dec was gone. I looked at all resorts and could find nothing for our dates. We already had our air.
A cast member called me back and he did find a different resort for us, so at least we are still going.

Our contract numbers did not change and all my reservations are still intact (currently have 4.)

DVC did tell me to make sure that ALL the documents from the title company arrive at DVC at the same time. I worked with my title officers and they sent all the docs at once in one email to ensure that nothing else gets changed.

 

[juliebee]

We completed our trust last year and discovered that our DVC membership couldn't be included in the trust.

What do you mean by your DVC membership couldn't be included in the trust? My DVC purchase is in my trust. It's highly recommended by attorneys.

 

[asunutgirl]

What do you mean by your DVC membership couldn't be included in the trust? My DVC purchase is in my trust. It's highly recommended by attorneys.

A timeshare (of any kind) is a liability, not an asset. Our attorney suggested that we put our daughters on the membership as they don't put anything that is considered a liability into a trust. (Also - trust law varies from state to state so what might work in your state won't work in mine.)

 

[juliebee]

I don't think your attorney understood DVC value. There is a great podcast on this very topic by two estate attorneys (and DVC members) and a DVC host on Youtube. I wish I could link you to it.

 

[mort1331]

A timeshare (of any kind) is a liability, not an asset. Our attorney suggested that we put our daughters on the membership as they don't put anything that is considered a liability into a trust. (Also - trust law varies from state to state so what might work in your state won't work in mine.)

I don't think your attorney understood DVC value. There is a great podcast on this very topic by two estate attorneys (and DVC members) and a DVC host on Youtube. I wish I could link you to it.

This is also why some of us dont include our adult children. In a divorce it is part of their assets,,,can be forced to sell or payoff a slighted ex. My girls are fine using our points,,,and know the benefits are only if we are with them.

 

[asunutgirl]

This is also why some of us dont include our adult children. In a divorce it is part of their assets,,,can be forced to sell or payoff a slighted ex. My girls are fine using our points,,,and know the benefits are only if we are with them.

Everyone has their own way of managing their contracts. The point of my post was to help anyone considering the process as I found a lot of disinformation in my initial research. The point wasn't to argue the pros and cons of adding people to contracts.

 

[WDW Traveler]

We did this last spring and used the DVC title company.
It was easy, just took time.
We did have a Dec. ressie at BR and lost it.
The contracts get new numbers when names are added.....I called and of course BR in Dec was gone. I looked at all resorts and could find nothing for our dates. We already had our air.
A cast member called me back and he did find a different resort for us, so at least we are still going.

So weird. My in laws have 4 deeds/contracts. They added my husband and myself to only 2 of their deeds/contracts, (thus creating a new membership #) BUT we did NOT lose any of the reservations that we had. (If they had added our names to all 4 deeds/contracts, all exactly the same, it would not have created a new membership # because Disney called us before they made the changes to make sure we knew it would create the new #, but if we did them all the same, it would not. So, I'm surprised your membership #'s were changed unless you had multiple deeds and didn't title them the same way. But still surprised you lost your reservation ) *Note - We did this on our own and did not go through a title company.*

 

[CarolynFH]

We did this last spring and used the DVC title company.
It was easy, just took time.
We did have a Dec. ressie at BR and lost it.
The contracts get new numbers when names are added.....I called and of course BR in Dec was gone. I looked at all resorts and could find nothing for our dates. We already had our air.
A cast member called me back and he did find a different resort for us, so at least we are still going.

Your experience was so different from others posted here that I wonder whether the "DVC title company" messed up by creating new contract numbers and a new membership when neither should have happened. I'm sorry if they did, because they caused you to lose your December BRV reservation, and that's not right.

 

[BrianLa]

Any idea how much it costs to update the owners on the deeds (we currently have 4) whether it’s moving to a trust or just adding adult children? Also, how do membership benefits work if it’s in a trust?

 

[CarolynFH]

Any idea how much it costs to update the owners on the deeds (we currently have 4) whether it’s moving to a trust or just adding adult children? Also, how do membership benefits work if it’s in a trust?

It depends. You can do it yourself (see this thread https://www.disboards.com/threads/s...xisting-contract-gratuitous-transfer.3701707/) or you can have a company do it, like one of the title companies mentioned on these boards.

When we added DD to our contracts, we used LT Transfers, www.LTTransfers.com, which I believe is one of the more economical ones.

Edited to add - it was a little over $500 total for the two contracts.

And I’m sorry I can’t answer about trusts.

 

[eMoneyBug]

I am willing to say with a high % certainty that FA is the highest price choice to get the same job done as LT or TRCS or DVC T&E with of course DIY being the lowest $.

 

[asunutgirl]

We re-titled a total of 6 contracts and it was a couple hundred dollars per contract so it can add up, especially when you factor in fees for a notary. It wasn't an inexpensive process but I definitely wanted to use a title company to make sure it was done correctly.

As for the costs of a trust, they can range from a few hundred dollars to a few thousand. We used my husband's company legal insurance and it costs us about $700 to set up the trust between the insurance cost and the additional fees. It will vary depending on your assets and the laws in your state. They are worth doing to avoid probate when you pass but it can be a tedious process. I wouldn't create a trust just for my DVC membership (as I said above, it is considered a liability).

 

[BrianLa]

We re-titled a total of 6 contracts and it was a couple hundred dollars per contract so it can add up, especially when you factor in fees for a notary. It wasn't an inexpensive process but I definitely wanted to use a title company to make sure it was done correctly.

As for the costs of a trust, they can range from a few hundred dollars to a few thousand. We used my husband's company legal insurance and it costs us about $700 to set up the trust between the insurance cost and the additional fees. It will vary depending on your assets and the laws in your state. They are worth doing to avoid probate when you pass but it can be a tedious process. I wouldn't create a trust just for my DVC membership (as I said above, it is considered a liability).

 

[BrianLa]

Thank You. I wasn’t inquiring about the cost of the trust but thank you. I just wasn’t sure if there is any difference in costs to change deeds for individuals vs. trust. Do you know how the membership extras flow through the trust?