Transferring part of ownership?

[SalandJeff]

Does anyone know if you can transfer a portion of your ownership interest to a family member? If I have an ownership with my dh of 300 points, can we give or sell 1/3 of our ownership to my brother?

 

[OlderMan]

You can do this ONLY if you have a contract worth 100 points.

For example, you initially buy a 200 point contract. Later you add 100 points.

You can sell the 100 point sub-contract, but not 100 points from your 200 point master contract.

If all you have is one contract for 300 points, then you can't sell part of it.

 

[CarolAnnC]

Contracts cannot be split up.

 

[DISNEY FIX]

Can the brother be added to the contract?

 

[OlderMan]

The short answer to adding someone to the contract is yes.

Anyone added on must be an "associate" member. They then have full access to the points and can bank and borrow as well as make reservations.

Not sure if the OP wants his brother to have that much access, though.

 

[SalandJeff]

Thanks to everyone for the responses. This was really helpful.

I want to make sure I understand adding brother to the contract. Is an "associate" member the same as an owner? Would he have the same ownership interest as dh and I? Or does it only entitle the associate member to make reservations, bank points?

 

[CarolAnnC]

An Associate Member will not be an owner of the contract. It is a status granted to allow someone basically to use your membership.

To add on someone as an owner (assuming the contract has been paid off in full) you would need to do some paperwork and have an attorney prepare a new deed.

Keep in mind when you add someone as an owner, you are giving them full rights of ownership. If they have financial issues or something like a divorce in the future, it will be treated as their assets as well.

 

[Dean]

Thanks to everyone for the responses. This was really helpful.

I want to make sure I understand adding brother to the contract. Is an "associate" member the same as an owner? Would he have the same ownership interest as dh and I? Or does it only entitle the associate member to make reservations, bank points?

We're about to do this. We have 100 AKV points in 4 separate contracts under one master. I have the ROFR letters sitting in front of me and have worked on the deeds but don't have them finished. I'd trying to decide whether to do all four or just one. If I do all four, they are linked with her financially. If I do just one, it becomes a totally separate and unrelated contract. I could then transfer those points to the other contract with the remaining 75 pts yearly but would use up the one transfer a year for each contract in the process. I haven't made a final decision which way to go.