Tranferring DVC Title to an Irrevocable Trust

[peabody58]

In the process of creating an Irrevocable Trust for DW and myself, with both of us being the primary Trustees, and one of our daughters as secondary Trustee in the event we both crash and burn on the new Skyliner (what... too soon?). Not that we are planning on anything happening for a long long time (we're both 60 yo), but just wanting to plan ahead and simplify the liquidation of our estate for our 2 daughters without the hassle of Probate Court here in Georgia. Living now in a 55+ community we have seen lot of horror stories regarding estate issues when people pass away and they don't have a trust, or let alone a will.

I have the 'Request to Change Title' paperwork from DVC ready to submit to start the process once our Trust is finalized. Our Elder Lawyer is not licensed in FL, so we'd have to go through a FL lawyer or a FL title company.

Just soliciting any feedback from those who may have already done a similar deed transfer, such as cost from First American Title (DVC's recommendation), 'Is it even worth it to do?', etc., etc.

Thanks in advance.

 

[disneynutz]

Can't you just add your daughters to title now?

Bill

 

[peabody58]

Can't you just add your daughters to title now?

Yes, but.... really don't trust one of my SIL's (who could influence my daughter) so I don't want them having access to our points until we are gone. And unless I'm misinformed, I think I'd still have to have the deed redone, so the cost would be the same.

 

[miTnosnhoJ]

It sounds like you are getting good legal advice, and if you have the rest of your assets in your trust, there is no downside to putting your DVC there, too. The time to do this is now while you have your full faculties and can make good decisions. This is one of those things that if you wait until you need it, it is probably too late.

We have set up trusts, but we have not put the DVC in them yet. Good reminder. I probably should.

 

[peabody58]

Update: Just got off the phone with the Orlando office of First America Title and they quoted me a flat fee of $475 to transfer/update our DVC Title/Deed to our Trust. May have to rethink the value added. Leaving it up to Probate may be cheaper, and heck, we won't be here to care anyway.

 

[erionm]

Update: Just got off the phone with the Orlando office of First America Title and they quoted me a flat fee of $475 to transfer/update our DVC Title/Deed to our Trust.

Check with LT Transfers.

 

[CarolMN]

Update: Just got off the phone with the Orlando office of First America Title and they quoted me a flat fee of $475 to transfer/update our DVC Title/Deed to our Trust. May have to rethink the value added. Leaving it up to Probate may be cheaper, and heck, we won't be here to care anyway.

It will have to go through probate in Florida. Could be expensive (and a pain) if you don't live there.

LT is most likely less expensive than American. Also, ask if the quote includes title insurance. I personally wouldn't get the insurance for just changing a title to a trust.

 

[peabody58]

Thank you for the LT recommendation. LT Transfers will do the processing for ~ $230. This does not include Title Insurance, which I really don't need as I'm the owner.

Interesting about FL Probate, I hadn't considered that, only GA Probate. Will be discussing with my lawyer this week.

 

[CarolMN]

Thank you for the LT recommendation. LT Transfers will do the processing for ~ $230. This does not include Title Insurance, which I really don't need as I'm the owner.

Interesting about FL Probate, I hadn't considered that, only GA Probate. Will be discussing with my lawyer this week.

One of the biggest advantages of a trust is avoiding probate. It's often used by those who have property in more than one state. More expensive to set up than a Will, but overall, less expensive & less hassle when compared to multiple probate procedures (which are public). Trusts are private, so a good choice if you don't want others to know the details of your estate plan.

 

[nkosiek]

As someone who had parents who left timeshares in other states and was the executor, PLEASE, please make it easier on your kids now if you can. The grief and emotions they will be going through, in addition to the added stress of figuring out the legal mumbo-jumbo is going to be tough. Anything you can do now for them is going to be a much bigger help than you can imagine.

 

[SaraSpringsIsHome]

Not the same, but when my mom passed away a couple years ago, I was so glad my name was on the deed as joint tenant with right of survivorship. Avoiding having the DVC go into probate was such a relief. She didn’t have a trust, but when she initially bought in ‘06, she put me on the deed.

As someone who had parents who left timeshares in other states and was the executor, PLEASE, please make it easier on your kids now if you can. The grief and emotions they will be going through, in addition to the added stress of figuring out the legal mumbo-jumbo is going to be tough. Anything you can do now for them is going to be a much bigger help than you can imagine.

Completely agree!