What happens when you die?

[mom2g3]

so...what happens if I own the timeshare and I die? Do my son and husband get to take over until the end of the timeshare?

 

[OKW Lover]

It all depends on your will. If you don't have a will (and you should) then the laws of your state will apply, which may not be what you want.

 

[DVCconvert]

I don't play an attorney on tv...but I think I recall reading somewhere that if it isn't held joint with rights of survivorship then your heirs would have to probate your will (estate) in both your home state and in Florida.

 

[drusba]

If you bought as husband and wife it is most likely that you have a deed that is subject to joint tenancy in the entirety in Florida (unless you specifically requested otherwise that is what you would have) which means the surving spouse automatically becomes the sole owner upon the death of the other.

 

[NJ2Boardwalk]

Can the kids be put on the deed as well?

 

[drusba]

Adults yes. However, if not orginally on the deed you would have to go through a transfer and closing process and have a new deed issued if you want to add them. Also, that is not the best way to leave things to kids (doing it via a trust or will is preferred). While everyone is living anyone on the deed is considered an owner and if one of them has financial problems that person's creditors can attach the interest and force a sale. Moreover, if one of them decides they just don't want it anymore, that person could force the other owners to sell.

 

[JWG]

Adults yes. However, if not orginally on the deed you would have to go through a transfer and closing process and have a new deed issued if you want to add them. Also, that is not the best way to leave things to kids (doing it via a trust or will is preferred). While everyone is living anyone on the deed is considered an owner and if one of them has financial problems that person's creditors can attach the interest and force a sale. Moreover, if one of them decides they just don't want it anymore, that person could force the other owners to sell.

Hopefully relationships between parents and kids are good enough not to force those things to happen. This is what we're doing right now. My parents are DVC members and we're in the process of adding my (and possibly my wife's) name to the deed for estate planning purposes. It will ensure a seamless transition not when (god forbid) they pass, but when they're at an age they no longer want to go or manage the ownership.

 

[triciari]

That is just the best thread title I've ever seen!

 

[DVCconvert]

That is just the best thread title I've ever seen!

I know it is!

At first thought, I was going to reply saying;

"you're no longer much fun at parties"

 

[Coach81]

You go to heaven!

 

[DVCconvert]

You go to heaven!

Some here may argue that that depends on if you've:

a) used a refillable mug for more than one visit,
b) held a pool chair with a towel or other items for more than 15 mins, and,
c) ever smoked on a balcony
d) exceeded the occupancy rules
e) stayed off site and rode the buses from DTD
Etc....

many potholes fill the road to eternal bliss!

 

[wdwfanatic316]

Some here may argue that that depends on if you've:

a) used a refillable mug for more than one visit,
b) held a pool chair with a towel or other items for more than 15 mins, and,
c) ever smoked on a balcony
d) exceeded the occupancy rules
e) stayed off site and rode the buses from DTD
Etc....

many potholes fill the road to eternal bliss!

Totally cracking up over this!

 

[exwdwcm]

Some here may argue that that depends on if you've:

a) used a refillable mug for more than one visit,
b) held a pool chair with a towel or other items for more than 15 mins, and,
c) ever smoked on a balcony
d) exceeded the occupancy rules
e) stayed off site and rode the buses from DTD
Etc....

many potholes fill the road to eternal bliss!

Don't forget park at the Poly or Contemp all day while you visit the MK!

Love this.

Good to know on the OP though. Need to make sure our will is updated!

 

[SamSam]

Don't forget park at the Poly or Contemp all day while you visit the MK!

Love this.

Good to know on the OP though. Need to make sure our will is updated!

This has turned into a wonderfully funny thread.

On a serious note, our DVC is in our trust fund so we are covered.

 

[mom2g3]

I'm so glad that my thread turned funny! I didn't even think about how it sounded!!

I was a real estate paralegal for 13 years and now I'm a mortgage loan officer, so my mind always goes to questions like this!

But...thank you for the great replies!

 

[JeanC]

We added our daughter as an associate member, and right now she has the ability to use our points without any input from us. We did this when we called DVC several years ago asking about what would happen to our membership when we died and also asking about adding Jill to the deed. Faye Somero from DVC (at that time, anyway) told us that we could just add her as an associate member and she would automatically take ownership after we are gone. She said doing this would be just as legal as paying for a new deed, etc. without all the expense. When we added points (again) recently, I asked our salesperson the same question. He also said that as along as she is an associate member, she will keep the same privileges that we have as members whether we are dead or alive. We, of course, have our DVC membership in our will but do not feel that we need to put it in a trust or anything special.

 

[n2mm]

We added our daughter as an associate member, and right now she has the ability to use our points without any input from us. We did this when we called DVC several years ago asking about what would happen to our membership when we died and also asking about adding Jill to the deed. Faye Somero from DVC (at that time, anyway) told us that we could just add her as an associate member and she would automatically take ownership after we are gone. She said doing this would be just as legal as paying for a new deed, etc. without all the expense. When we added points (again) recently, I asked our salesperson the same question. He also said that as along as she is an associate member, she will keep the same privileges that we have as members whether we are dead or alive. We, of course, have our DVC membership in our will but do not feel that we need to put it in a trust or anything special.

We explored this also and your daughter who is an associate member doesn't get any privileges. She can not get the AP discount unless she lives with you and has the same address. Because the only perk of being an associate member is the ability to use points, we added our daughter on our deed during the purchase and she is an equal owner with us and our contracts would go to her upon our demise. Because getting an AP discount and other member perks was an important issue, we decided being an associate was not of any value to us. Being an owner was the only way to get MS perks, so she is an owner and has her own blue membership card. We also have this repeated in our will just so there is no misunderstanding.

Here's a better explanation:

"I'm not sure how to resolve that question with your Owner vs. Associate title. Those seem to be two separate issues.

If you are listed on the deed when your parents purchase resale, you are a legal owner of a piece of property. You get all of the pros and cons of ownership. If both of your parents should pass-away the property will default to you without having to go thru probate. You could be held legally responsible for payment of dues on the property. The property could be negatively impacted by divorce or bankruptcy filing by any owners.

On the plus side you are able to manage the points (add / change / delete reservations, etc.) and deal with DVC. You also gain all of the DVC member perks including the Annual Pass discount.

As an Associate, about all you gain is the ability to talk to DVC and manage the points. You aren't an owner. You have no legal stake or obligations to Disney. And you do not get access to the DVC perks."

 

[DeeCee735]

I know it is!

At first thought, I was going to reply saying;

"you're no longer much fun at parties"

And I was going to say "it won't much matter, cause you'll be dead!"

But seriously, we put a 50/50 split on our assets for our kids in our wills. I think you can name your child as a beneficiary on your deeds, but only one person can be named as a beneficiary per each contract. Am I correct on that?

 

[JeanC]

We have been DVC members since 1994 when the greatest perk was free tickets to the parks. That ended many years ago, and there are no DVC perks that we use. When we go to WDW, we may hit a park or two -- mainly we just enjoy the resorts, restaurants, shows, etc. The discounts on some of the restaurants aren't worth much to us. I'm thinking that there must other perks that we don't know about???

 

[photobob]

What happens when you die?

That's the biggest question of all isn't it!!