Title changes-we just added our adult children

[asunutgirl]

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?

Our membership isn't in a trust so I can't answer that for you. That would be a DVC question. It's an interesting one that I hadn't thought about but worth pondering.

 

[CarolynFH]

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?

You could email Member Administration via the Contact Us link on the member website (I don’t think they take phone calls) and ask about that. I know when we added DD to our contracts one of the questions LT Transfers asked was whether a trust or LLC would be involved. We have neither, so I don’t know what the effects might be.

 

[Meriweather]

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.

I had read a warning somewhere on the Dis that losing a reservation was a possibility.
We did 3 contracts (the 2 CA have not been done yet).
2 added our daughter's name and 1 added our son's.
I will miss going to BR for the holidays but at least we did get a reservation at Kidani.
The CM that arranged that, did say it happens sometimes.

 

[CarolynFH]

I had read a warning somewhere on the Dis that losing a reservation was a possibility.
We did 3 contracts (the 2 CA have not been done yet).
2 added our daughter's name and 1 added our son's.
I will miss going to BR for the holidays but at least we did get a reservation at Kidani.
The CM that arranged that, did say it happens sometimes.

Oh, I understand now. Adding your daughter's name to two of them and adding your son's name to a third one is what made the difference.

Having different owners means separate memberships. We added our daughter to both (all) of our contracts at the same time, so we kept the same membership number. I guess you now have three memberships - your original membership holding the two CA contracts, a second one holding the two contracts you added your daughter to, and a third holding the contract you added your son to. I'm sorry you lost the BRV reservation in the process.

 

[Meriweather]

Oh, I understand now. Adding your daughter's name to two of them and adding your son's name to a third one is what made the difference.

Having different owners means separate memberships. We added our daughter to both (all) of our contracts at the same time, so we kept the same membership number. I guess you now have three memberships - your original membership holding the two CA contracts, a second one holding the two contracts you added your daughter to, and a third holding the contract you added your son to. I'm sorry you lost the BRV reservation in the process.

It's still 5 contracts with 5 numbers.
We need to work on the CA ones sometime. FL title company couldn't do those.

 

[CarolynFH]

It's still 5 contracts with 5 numbers.
We need to work on the CA ones sometime. FL title company couldn't do those.

Yes, but contracts don’t equal memberships. It sounds to me like you have five contracts distributed among three memberships, which means that as far as using points goes, it’s as if you were three different owners. If you want to use points from different memberships for the same reservation, you’ll have to call MS to transfer points from one membership to another.

I know it seems like I’m belaboring the point, but I want DVC owners who are considering adding their children to their contracts and read this thread in the future to understand the implications of adding their children to only some of their contracts or of adding different children to different contracts.

 

[Sandisw]

Yes, but contracts don’t equal memberships. It sounds to me like you have five contracts distributed among three memberships, which means that as far as using points goes, it’s as if you were three different owners. If you want to use points from different memberships for the same reservation, you’ll have to call MS to transfer points from one membership to another.

I know it seems like I’m belaboring the point, but I want DVC owners who are considering adding their children to their contracts and read this thread in the future to understand the implications of adding their children to only some of their contracts or of adding different children to different contracts.

I think that is why many of us didn’t lose our trips because none of the points had to leave the membership to go into a new one.

As long as a membership number doesn’t change, which means the contract didn’t transfer out, then it makes sense as to why the reservation has stayed in place for others.

In this case, I’d bet that the reservation was using points from the contracts which had to move to a new membership.

 

[asunutgirl]

You definitely will create a new membership number and lose reservations if you don't do ALL of your contracts at the same time and add the same people to all the contracts. That is why I was so appreciative of the title company agents working together to send all my information to DVC at the same time.

 

[mort1331]

You definitely will create a new membership number and lose reservations if you don't do ALL of your contracts at the same time and add the same people to all the contracts. That is why I was so appreciative of the title company agents working together to send all my information to DVC at the same time.

So not wrong,,but only if all your contracts are under the same number. We have 2 contracts,,2 different UY so we only added on to one. No new numbers created and did not lose any reservations.

 

[mickeymom629]

We have 4 adult children and recently created a trust (in MD). We added the membership we have to the trust (2 contracts with the same UY) and assigned one child to be able to control the membership on behalf of all or sell on behalf of all. I wonder if this will be recognized by DVC if something happens to DH and myself before our membership ends... I'm assuming our attorney did the right thing. We don't want any of our children to be able to use the membership while we are able to make reservations and use it themselves, yet. We are in our 60s. I have not contacted MS to discuss this or filed papers (though our attorney may have).

 

[juliebee]

We have 4 adult children and recently created a trust (in MD). We added the membership we have to the trust (2 contracts with the same UY) and assigned one child to be able to control the membership on behalf of all or sell on behalf of all. I wonder if this will be recognized by DVC if something happens to DH and myself before our membership ends... I'm assuming our attorney did the right thing. We don't want any of our children to be able to use the membership while we are able to make reservations and use it themselves, yet. We are in our 60s. I have not contacted MS to discuss this or filed papers (though our attorney may have).

For our contract, we had it put into the trust when we initially purchased it. Our deed is recorded as: (husband's name) and (my name), trustees of The (last name) Trust dated (date trust was established).
Then upon the passing of both my husband and I, the trustees become our children, but not until we both pass.
I believe your contract has to be retitled into your trust's name if you didn't do that.

 

[VGCgroupie]

I was so excited and wanted to just get things going when I bought DVC that I didnt even consider adding my kids. So if I want to add my kids I have to basically pay closing costs all over again?

 

[CarolynFH]

I was so excited and wanted to just get things going when I bought DVC that I didnt even consider adding my kids. So if I want to add my kids I have to basically pay closing costs all over again?

Not really closing costs. There are filing fees, and if you have someone do the work for you, you'll pay for their services, of course. Over a year ago (so costs may have changed), LT Transfers charged us $225 for preparing the documents (after we submitted various forms to them), $28.20 for Recording and Filing Fees, and $15 for postage, per contract. If you do it yourself, you'll just have the recording and filing fees, maybe postage. This thread tells you how: https://www.disboards.com/threads/s...xisting-contract-gratuitous-transfer.3701707/

 

[VGCgroupie]

Not really closing costs. There are filing fees, and if you have someone do the work for you, you'll pay for their services, of course. Over a year ago (so costs may have changed), LT Transfers charged us $225 for preparing the documents (after we submitted various forms to them), $28.20 for Recording and Filing Fees, and $15 for postage, per contract. If you do it yourself, you'll just have the recording and filing fees, maybe postage. This thread tells you how: https://www.disboards.com/threads/s...xisting-contract-gratuitous-transfer.3701707/

Thank you!!

 

[asunutgirl]

Thank you!!

All the docs have to be notarized so you will have to pay those fees as well.

 

[Annabell]

Thanks for sharing, very useful. I am considering adding my DD´s name..

 

[CarolynFH]

Thanks for sharing, very useful. I am considering adding my DD´s name..

Think carefully about all implications. Not only will she be able to book reservations without your knowledge or consent, DVC is property that could/will be considered in college financial aid applications, divorce, etc.

 

[fflmaster]

Question, if you add someone to the contract ie my children and it creates a new membership number would you lose the dvc y benefits? I don't want our contract to be switched since it was a resale purchased back in 2011 before all the restrictions.

 

[CarolynFH]

Question, if you add someone to the contract ie my children and it creates a new membership number would you lose the dvc y benefits? I don't want our contract to be switched since it was a resale purchased back in 2011 before all the restrictions.

As long as it’s your children and a Gratuitous Transfer (no money changes hands), the contract shouldn’t lose the DVC-Y benefits, even if you take yourself off.

And FYI, it won’t create a new membership number if you stay on the contract and all your contracts have all the same owners at the end. IOW, if you add all your children to all of your contracts, and you remain an owner of all those contracts, no new membership.

But if you add one child to one contract and another child to a different contract, then new memberships will be created.

 

[TheDisBrews]

As long as it’s your children and a Gratuitous Transfer (no money changes hands), the contract shouldn’t lose the DVC-Y benefits, even if you take yourself off.

And FYI, it won’t create a new membership number if you stay on the contract and all your contracts have all the same owners at the end. IOW, if you add all your children to all of your contracts, and you remain an owner of all those contracts, no new membership.

But if you add one child to one contract and another child to a different contract, then new memberships will be created.

I have a question if you don't mind, as you seem very knowledgeable on the issue. My husband passed away very expectedly in July and I am just now getting around to taking care of the DVC. We have 2 contracts, with 2 different membership numbers. Our daughter is on one with both of us, and just him and I on the other. I am using LT Transfers to add my daughter to the contract she wasn't on, and my mother to 1 of them, and of course handle the affidavit of death. Since I already have 2 membership numbers, do you think this will effect any of my current reservations? I could always add my mother to both as well, but I definitely wanted her on the direct contract to receive those benefits. I just really don't want to lose any reservations I have booked, whether I end up using them or not at this point is still up in the air.