UK DVC Will inheriting

[FrankieAlicia]

Hello,

I’m in the process of sorting my will (being practical and all) I have spoken to my solicitor regarding DVC and she was very unsure of how to advise. As soon as I mentioned “deed” she said you would have to get a will drawn-up in the country of the deed, if it’s real estate. I did however explain it is a timeshare, and i do not not have a physical claim to any land or building etc (which was the deciding factor, is there a physical thing) she agreed to add the DVC contract to my assets list, but I’m still unsure about this.

There must be other people in the UK that have looked at this also or had any experience with this?
Appreciate your thoughts on this experience

 

[McCrae]

Hello,

I’m in the process of sorting my will (being practical and all) I have spoken to my solicitor regarding DVC and she was very unsure of how to advise. As soon as I mentioned “deed” she said you would have to get a will drawn-up in the country of the deed, if it’s real estate. I did however explain it is a timeshare, and i do not not have a physical claim to any land or building etc (which was the deciding factor, is there a physical thing) she agreed to add the DVC contract to my assets list, but I’m still unsure about this.

There must be other people in the UK that have looked at this also or had any experience with this?
Appreciate your thoughts on this experience

Why don’t you contact member services and ask for some advice. They must have had to deal with this issue.

 

[RoseGold]

You do have a physical claim to the property, and it has to be probated in Florida by a Florida lawyer in a Florida court, authorized by your estate, which I assume is not based in Florida. There are lots of threads here about how people sorted it out on the Florida end, and then whoever is in charge of the whole estate has to wrap it all up after the Florida part is handled.

Florida also has many ways to hold title with multiple people or trusts or companies. Those might work better for your estate, or you might want to transfer title before you die (gratuitous transfer). Depends on what you are trying to do. This would require some FL legal advice, but it might be better to do it now if you have significant holdings.

Don't forget the IRS wants its cut. When you sell you subject yourself (or your estate) to the IRS, because the IRS wants taxes on the gain. There are many reasons this might be undesirable for non-US people or estates. US tax law can be very complicated in this area, the term you are looking for is adjusted basis.

Example (from Canada): https://www.disboards.com/threads/canadian-residents-deaths-and-probating-wills.3776517/

 

[FrankieAlicia]

Why don’t you contact member services and ask for some advice. They must have had to deal with this issue.

Thanks, I have already emailed them, so awaiting a response. Was hoping to see if any other UK residents had any personal experience also

 

[McCrae]

Thanks, I have already emailed them, so awaiting a response. Was hoping to see if any other UK residents had any personal experience also

Please can you let us know what they say.

 

[Lyndylou]

Hello,

I’m in the process of sorting my will (being practical and all) I have spoken to my solicitor regarding DVC and she was very unsure of how to advise. As soon as I mentioned “deed” she said you would have to get a will drawn-up in the country of the deed, if it’s real estate. I did however explain it is a timeshare, and i do not not have a physical claim to any land or building etc (which was the deciding factor, is there a physical thing) she agreed to add the DVC contract to my assets list, but I’m still unsure about this.

There must be other people in the UK that have looked at this also or had any experience with this?
Appreciate your thoughts on this experience

we recently added our daughters to our membership so that there would be no faffing about for them with ownership. Only problem was we were advised we had to go to a US embassy to have the documents notarised just as covid struck and the embassy closed to the public. I asked the person I was dealing with in the states ,several times, if we could get a local soliciter but the reply was always no. Eventually I discovered that in the state of Florida ,UK residents do not need the docs signed by the embassy but a notary public suffices. Yes we had to pay the notary public but it’s done now and we are glad we did it.

 

[Lyndylou]

posted twice in error

 

[Lee Matthews]

we recently added our daughters to our membership so that there would be no faffing about for them with ownership. Only problem was we were advised we had to go to a US embassy to have the documents notarised just as covid struck and the embassy closed to the public. I asked the person I was dealing with in the states ,several times, if we could get a local soliciter but the reply was always no. Eventually I discovered that in the state of Florida ,UK residents do not need the docs signed by the embassy but a notary public suffices. Yes we had to pay the notary public but it’s done now and we are glad we did it.

do you mean signed by a UK notary? That seems straight forward enough.

we have 3 contracts and regret not adding our son from the off-set will seek to get him added in a year or so

 

[Lyndylou]

do you mean signed by a UK notary? That seems straight forward enough.

we have 3 contracts and regret not adding our son from the off-set will seek to get him added in a year or so

Yes we just used our own solicitor who is a notary public