Transferring Deeds to Living trust?

[fdwang]

I recently got a living trust, and would like to add my DVC contracts to my living trust. Has anyone done this? Any help would be appreciated.

 

[Spencerfamilynj]

I am not sure if you can add your DVC to your trust. CA has so many special rules I would suggest talking to someone well versed in CA law. I work in Planned Giving and an often repeated phrase is "you can't live in your trust". While DVC is different from your home, is has some similarities. Generally one puts things in a trust that derive income so unless you always rent out your DVC points, it may not make sense. I would still go back to make sure you talking with someone who clearly understands CA law (which is not me). Good luck and I hope you will find your answers.

 

[BWV Dreamin]

I recently got a living trust, and would like to add my DVC contracts to my living trust. Has anyone done this? Any help would be appreciated.

Yes you can do this. The deeds must be re-titled into the the Trust's name. In our case, we have two living trusts (one in my name, one in my husbands). So the deed would need to be titled in both trust's names. So upon death of one of the trustees, the deed would still be named in the surviving trust's name. You would need to pay the customary fees for re-titling your deeds (with Disney that is $400 for the first contract, $100 for all subsequent contracts under the same membership ID). Member Administration can handle all of this for you.

 

[fdwang]

Yes you can do this. The deeds must be re-titled into the the Trust's name. In our case, we have two living trusts (one in my name, one in my husbands). So the deed would need to be titled in both trust's names. So upon death of one of the trustees, the deed would still be named in the surviving trust's name. You would need to pay the customary fees for re-titling your deeds (with Disney that is $400 for the first contract, $100 for all subsequent contracts under the same membership ID). Member Administration can handle all of this for you.

That's pretty Steep for just re-titling. Since I have 4 contracts, that would be $700.00 just to re-title the deeds. Any downside if I don't add them to the trust? IE, Probate, ect?

 

[CarolMN]

That's pretty Steep for just re-titling. Since I have 4 contracts, that would be $700.00 just to re-title the deeds. Any downside if I don't add them to the trust? IE, Probate, ect?

I am not a lawyer - you should talk to yours for completely accurate info.

Here's my understanding:

One of the advantages of a trust comes when you have property in more than one state. Without a trust, your heirs have to go through probate in each state. Plus that won't be private. Anyone can go to the court and see a probate file. Probate is a public proceeding and anyone can read a will filed with a probate proceeding. There are more advantages, but you should really talk to your attorney. State laws differ.

I think $700 now will save your heirs lots later. There may be ways to re-title that don't cost so much. Do a search. There have been lots of threads on this lately.