Title of Deed - Joint Ownership?

[hfehr1s]

My father passed away about 6 months ago and my mom is looking to do something that will be a lasting "memory" of my dad. We are huge Disney fans and go every year (thanks to my Dad who originally started us going), so she wants to buy DVC ownership to help ensure that kids, grandkids etc. have the opportunity to visit WDW thanks to my Dad.

So, here is the question: My mom would like to have it titled in mine and my sisters names and then to be further willed to the grandkids. Would it be better to buy 2 separate contracts of equal amounts - one in mine and one in my sisters or 1 contract with us as joint owners?

We normally travel together so we will be using these points jointly for our stays. How easy it is to "combine" points for stays if we have 2 separate contracts? Also, we are looking to buy resale points.

 

[erionm]

I would think separate contracts with same resort and use year (if possible) would be best. If they are separate, if one family has financial issues (bankruptcy, divorce, etc), it would not affect the other families contract. With separate contracts, you could transfer points from one to the other to 'combine' them for reservation making purposes.

Another option would be to setup a trust that does the purchase.

 

[disneynutz]

Two contracts, same UY, same resort, one member account, titled as joint owners. You control one contract, your sister the other, combined for joint vacations.

We have found transferring to be a pain and the transfered points are not visible online.

Bill

 

[JaimeA]

I do not have an answer to your question but I am so sorry about your loss. And good luck with your purchase.

 

[drusba]

She can buy contract and put it in both your names or buy separate perhaps at same resort. The second is preferred for reasons noted above. To use the two contracts at 11 months out for one room you will need them to be for the same resort and make separate reservations, splitting the total nights between the two contracts, and then have the reservations linked or, alternatively, one would need to transfer points to the other (allowed only once per use year) and make the full reservation.

Note, I am not sure what the idea is about assuring they be "willed" to the grandkids but when you start raising issues about future passage of interests and what she can actually require, it is iimportant that you not do anything before consulting a lawyer.

 

[Deb & Bill]

Whose bank account will the member fees be deducted from? And member fees continue to go up each year. By the time the grandkids can take over the contracts, dues could be in the $25/point range - annually.

 

[hfehr1s]

Thanks everyone for your responses. I think the best scenario would be to have 2 separate contracts and hopefully we will be able to get the same resort and close use years. If not, its good to know that a transfer is possible or splitting the reservation between the 2 contracts.

Note, I am not sure what the idea is about assuring they be "willed" to the grandkids but when you start raising issues about future passage of interests and what she can actually require, it is iimportant that you not do anything before consulting a lawyer.

I understand we will have to include these types of things in estate planning. Basically she is making this initial purchase in the hopes that future generations will be able to enjoy WDW as much as we have. So we will include the deeds in our estate planning for our children. What they do after that is up to them.

Whose bank account will the member fees be deducted from? And member fees continue to go up each year. By the time the grandkids can take over the contracts, dues could be in the $25/point range - annually.

My sister and I will be paying the dues on the contract(s). We had both planned on making a DVC purchase in the near future so this just saves us the upfront cost but will pay the dues on the purchase. I understand there is no way to predict the future costs of DVC, however I would assume most people who purchase plan to leave the ownership to someone up on their death. What else would they do with it? Besides sell prior. I will leave the deed to my children and what they do with it is up to them, whether that be sell it or pay the dues to enjoy it. Also, while yes dues will have increased significantly by then, so will the cash cost of a WDW vacation.

 

[moobar25]

I would buy 2 contracts under both your names. This way it is one membership but can be split into 2 if needed. DVC does not allow to split points in one contract. So if you want these to go to your & your sisters kids- you need to plan that they each have equal/separate shares. Let's say you want 300 points &you each have 2 kids: then you want to get 4 contracts of 75 points- same resort & UYS. It will be one membership, so no transferring needed, but each of the kids will eventually get their own contract of 75pts.

My MIL & FIL bought DVC in smaller amounts so that they could get split evenly between my DH & his sister. This way they both inherit 400pts. This eliminates any future issues with sharing points: this one used more points than allowed or that one isn't making the payments on maintenance.

Sorry to hear about your father.

 

[disneynutz]

A couple more thoughts. Leaving a DVC ownership to your kids is a common idea but IMO the reality is will they want it? Are you giving them something that will be a worthless pain to deal with?

There are many who vacation at Disney yearly or several times per year but things change. People change, interests change, and Disney changes. Do you really expect to take the same vacation every year for years to come?

If you each own a contract, you need to buy at the same resort to have enough points for a combined stay. You can each pay the dues for your contract with a credit card separately by calling MS.

Bill

 

[hfehr1s]

A couple more thoughts. Leaving a DVC ownership to your kids is a common idea but IMO the reality is will they want it? Are you giving them something that will be a worthless pain to deal with?

There are many who vacation at Disney yearly or several times per year but things change. People change, interests change, and Disney changes. Do you really expect to take the same vacation every year for years to come?

Bill

As I posted previously, I am aware that they may not want it and if they don't they will be free to sell. My mom wants this and my sister and I want this for our families. We will be using it ourselves for the next 30+ years and then transferring it to our children IF they want it - if not they can sell it for cash. And yes, I do plan on taking the same vacation every year for years to come - I have for my entire life - that's why DVC is appealing to us.

Thanks everyone for your reponses - all very helpful in figuring this out!

 

[Dean]

My father passed away about 6 months ago and my mom is looking to do something that will be a lasting "memory" of my dad. We are huge Disney fans and go every year (thanks to my Dad who originally started us going), so she wants to buy DVC ownership to help ensure that kids, grandkids etc. have the opportunity to visit WDW thanks to my Dad.

So, here is the question: My mom would like to have it titled in mine and my sisters names and then to be further willed to the grandkids. Would it be better to buy 2 separate contracts of equal amounts - one in mine and one in my sisters or 1 contract with us as joint owners?

We normally travel together so we will be using these points jointly for our stays. How easy it is to "combine" points for stays if we have 2 separate contracts? Also, we are looking to buy resale points.

There are lots of ways to skin this cat but in general, I am very opposed to family partnerships, as a joint listing would be. If I were going to title it all jointly, I'd likely just buy one larger contract resale and reap the savings inherent to a single larger contract, esp if looking at the same UY and home resort anyway. If the decision is to buy separately, I wouldn't worry if they are the same home resort and UY and I would not title them jointly in that situation. If the decision is to buy each their own, I'd suggest soliciting home resort choices from each group then they could spend a consistent amount of dollars which might end up being a different number of points depending on home resort and other specifics. The first time someone uses more points than they were supposed to or misses their part of the maint fees, family get together's will potentially be changed for ever.

 

[Pirate Granny]

Well we bought same use year three contracts, but plan to add one more.

They are all titled exactly, me, husband, all three daughters.
220 at OWK, 100 BVC, 64 BCV and I plan to get around 150 at VWL, they can duke it out who gets what when we're gone.

And they are excited to get them, and can always sell them if they find they don't want...or rent them them out.

 

[moobar25]

Well we bought same use year three contracts, but plan to add one more.

They are all titled exactly, me, husband, all three daughters.
220 at OWK, 100 BVC, 64 BCV and I plan to get around 150 at VWL, they can duke it out who gets what when we're gone.

And they are excited to get them, and can always sell them if they find they don't want...or rent them them out.

 

[gripp35]

Two contracts, same UY, same resort, one member account, titled as joint owners. You control one contract, your sister the other, combined for joint vacations.

We have found transferring to be a pain and the transfered points are not visible online.

Bill

Since this still has to do with purchasing multiple contracts vs. one big contract I hope I'm not too off-topic!
I'm still new to this, but is it the case that if you have two contracts, same UY, same resort in one member account, the points will be in "one pot"? In other words, I understand that one can only transfer points one time to make a single reservation (either bank them, borrow them, or transfer to another member account, but you can't borrow points in one contract and then transfer them to another member, right?). So does that mean if I had a 160 pt contract + an 80 pt contract (let's say both BLT Oct UY in a single member account), I could bank 240 points to the next UY and have 480 points for a single resort reservation (not having to link multiple reservations or anything)?

Because if those two contracts have different UY, I would have to bank each set of points separately then make two separate reservations and link them, because I can't transfer points that are banked, right? (but yes, I could transfer 80 pts into the 160 pt contract that has 160 banked points and have 400 points for a single reservation...)

 

[disneynutz]

Different UYs require separate DVC accounts and separate member IDs.

Multiple contracts of the same UY, same account, same names on title, same resort are combined for booking at 11 months as if they were one big contract.

Bill

 

[Dean]

Since this still has to do with purchasing multiple contracts vs. one big contract I hope I'm not too off-topic!
I'm still new to this, but is it the case that if you have two contracts, same UY, same resort in one member account, the points will be in "one pot"? In other words, I understand that one can only transfer points one time to make a single reservation (either bank them, borrow them, or transfer to another member account, but you can't borrow points in one contract and then transfer them to another member, right?). So does that mean if I had a 160 pt contract + an 80 pt contract (let's say both BLT Oct UY in a single member account), I could bank 240 points to the next UY and have 480 points for a single resort reservation (not having to link multiple reservations or anything)?

Because if those two contracts have different UY, I would have to bank each set of points separately then make two separate reservations and link them, because I can't transfer points that are banked, right? (but yes, I could transfer 80 pts into the 160 pt contract that has 160 banked points and have 400 points for a single reservation...)

You can transfer or link separate reservations (or alternate who makes the reservation). Not a difficult issue at all IMO.