What happens to DVC if you pass away?

in our litigious society there is alway a risk of Judgement....
Do you drive a car? Go out to eat and have a drink?
You do, you have exposure and liability....
I'm referring to someone suing because you have assets.
The more assets you place in trust, the harder they are to attach a judgement too...
Makes you less of an attractive defendant

But like I said ,

what ever makes you happy
I’m dead at that point so don’t think I have much risk of being a defendant.
 
Many thanks for all your input, it's given me much to think about and consider.

Does anyone know how many names can be on the deeds. Could I have all 4 of my adult children on the deeds (and I manage it until the time comes)?

Contracts can have 6 owners,
 

We live in the UK and bought direct at VGF last November, we put our names on the contract and our son’s. I didn’t include my daughter at that point as her husband isn’t very Disney oriented, and she wasn’t with us to do the tour and understand what she was being included into and what the responsibilities were. Our son is incredibly fair (and is knowledgeable about DVC and did much of the research over 12 months plus) so he will see his sister and his nieces will have amazing trips using the contract, however I think when something happens to hubby or I the remaining two on the contract may do the legals to add our daughter to the contract. She will have had chance to stay DVC many times hopefully and be more informed and have a choice as to whether she wants to opt in.

I did consider splitting our 200 points and having separate contracts for each of them to inherit via survivorship but it was twice the closing cost and I wanted them both to have seen first hand what was involved. As it stands we are adding on so there’s scope in future to change the ownership of this and any further contracts.
 
I can explain it to you, but I can not understand it for you.

Good luck,
That's what an umbrella is for. I honestly don't want to be "judgement proof;" I want to have appropriate means to responsibly cover my liabilities. Hiding $50k worth of timeshare assets isn't going to make a difference if someone wants to sue me.
 
I did consider splitting our 200 points and having separate contracts for each of them to inherit via survivorship
If you had separate contracts with different names on each (i.e. one with your son's name, the other with your daughter's name), you would have ended up with two memberships, which adds some complexity to using the points together for the same visit. Not impossible, just would involve transferring points from one membership to the other or booking some nights with one membership and the rest of the nights with the other membership. So it's probably better that you didn't do it.
 
That's what an umbrella is for. I honestly don't want to be "judgement proof;" I want to have appropriate means to responsibly cover my liabilities. Hiding $50k worth of timeshare assets isn't going to make a difference if someone wants to sue me.
True. 50k isn't going to make a difference.
A frankly, if you are only trying to protect 50k I would say why bother.
But what about 100k?

If you really want to protect yourself and your next of kin, you take a long hard look at what you can do to protect. You have worked hard for your assets. Makes sense to defend them.

Being judgement proof is not about walking away from liabilities,
It is about limiting exposure to questionable claims,

and most umbrella policy are really going to cover the cost of the litigation, let alone the reward.
Wouldn't it be better to have the other guys attorney refuse to take the case because your not worth it?
 
True. 50k isn't going to make a difference.
A frankly, if you are only trying to protect 50k I would say why bother.
But what about 100k?

If you really want to protect yourself and your next of kin, you take a long hard look at what you can do to protect. You have worked hard for your assets. Makes sense to defend them.

Being judgement proof is not about walking away from liabilities,
It is about limiting exposure to questionable claims,

and most umbrella policy are really going to cover the cost of the litigation, let alone the reward.
Wouldn't it be better to have the other guys attorney refuse to take the case because your not worth it?
A $1MM, $3MM, or $5MM umbrella should help to deflect questionable claims, and an would come with a duty to defend, so, yes, they'd cover the cost of litigation. The other guy's attorney should refuse the case because he knows it's not valid and it's going to be a fight; or he should take it because there's true liability and you should live up to your obligations.
 
We live in the UK and bought direct at VGF last November, we put our names on the contract and our son’s. I didn’t include my daughter at that point as her husband isn’t very Disney oriented, and she wasn’t with us to do the tour and understand what she was being included into and what the responsibilities were. Our son is incredibly fair (and is knowledgeable about DVC and did much of the research over 12 months plus) so he will see his sister and his nieces will have amazing trips using the contract, however I think when something happens to hubby or I the remaining two on the contract may do the legals to add our daughter to the contract. She will have had chance to stay DVC many times hopefully and be more informed and have a choice as to whether she wants to opt in.

I did consider splitting our 200 points and having separate contracts for each of them to inherit via survivorship but it was twice the closing cost and I wanted them both to have seen first hand what was involved. As it stands we are adding on so there’s scope in future to change the ownership of this and any further contracts.
Many thanks, we are in the UK too, so helpful to hear from someone else who has gone through this recently.

I think the way to go is to put all 4 daughters as owners. They are all very Disney orientated and I can't see that changing.

Would you mind me asking why you are thinking of increasing? We plan to get 200 points in order to bank/borrow and go for 2 weeks every 3 years, but with point increases at resorts I wonder if this will be enough.

Many thanks all for your advice :)
 
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A $1MM, $3MM, or $5MM umbrella should help to deflect questionable claims, and an would come with a duty to defend, so, yes, they'd cover the cost of litigation. The other guy's attorney should refuse the case because he knows it's not valid and it's going to be a fight; or he should take it because there's true liability and you should live up to your obligations.
I agree that everyone SHOULD live up to their obligations! 100 percent...
I also agree that attorney's have and ethical obligation, and SHOULD refuse the case because it is not a valid claim.
I would hope you agree:
That an unethical attorney, would proceed with a case on questionable grounds,
and IF so the $1MM, $3MM or $5MM umbrella can make you a target,

But again, do what ever you are most comfortable and your personal attorney recommends,
Their are countless reasons to go either way
 
Wouldn’t everything be simpler if the OP didn’t purchase DVC?
I'm not sure I would say that.
Tomorrow is not a giving for any of us, but If we all lived that way we would stay locked in the basement....

That being said, planning for tomorrow is something every adult should do
 
I'm not sure I would say that.
Tomorrow is not a giving for any of us, but If we all lived that way we would stay locked in the basement....

That being said, planning for tomorrow is something every adult should do
How would you spend your assets down to zero doing that?
 
Many thanks for your replies.

So if I were to add them to the contract with rights of survivorship, i guess they could then sell the contract if they wish to? Disney is our happy place and I would love to leave it as a legacy for them to take their children in the future. As long as they had choice to opt out.

They all do like going to Disney but I don't want to tie them into a financial burden of annual dues and flight/tickets etc in case they cannot afford it ongoing.

Interesting idea of putting the contract in their names, I hadn't thought of that!
Talk to them! We put some shares jointly in our names and in our children’s names but I wouldn’t dream of doing that unless I had their okay. It also takes trust on their part as they are also responsible for the yearly MF if you fail to pay it. Are you situated to take care of that during your lifetime without compromising your own health care? There are also gift tax consequences you must consider. Nothing is insurmountable but there are multiple considerations.
 



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