What is the downside of putting your kids name on the contract?

[DISNEY FIX]

We are looking into an add on resale. Only the wifes and my names are on our first 2 resale contracts. Why would I want to put my kids (DS7 + DD3) on the contract?
Thanks.

 

[Kmango]

You wouldn't. A contract is only truly an add-on if it's in the exact same names as your others. If you put it in your children's names, you would get into the hassle that is having two separate memberships. Secondly, MS will only speak to the members on the account, who, being children, will clearly not be the people booking the reservations. Sure, you could be an associate member or impersonate them, but that's needlessly circuitous. Third, as your children are minors, and cannot enter into legal agreements, I'm not sure you CAN put them as the members on the contract. Fourth, if, at some point down the road, once your children are past the age of majority and capable of owning DVC (and if they want it), Disney will allow you to give your contract to them. As that's many, many years down the road, though, you should purchase your contract in your and your wife's names, and revisit this subject in 15-20 years.

 

[erionm]

Minor children can not be listed on deed in the State of Florida. If they are not on the deed, Disney will not put them on the contract.

 

[DISNEY FIX]

Thank you we decided not to.

 

[dianeschlicht]

Just have them listed as associate members. That's the way our adult children are listed too. That way if one of them goes through a divorce or something, our DVC is protected.

 

[DISNEY FIX]

Just have them listed as associate members. That's the way our adult children are listed too. That way if one of them goes through a divorce or something, our DVC is protected.

What is the benefit of being an associate member?

 

[erionm]

What is the benefit of being an associate member?

Associate Members do not get any member benefits. They can only make/change reservations. They also do not have any access to the financial information (loans, dues, etc).

 

[DISNEY FIX]

Thanks.

 

[CarolAnnC]

They would have to be legally adults to be named on the deed or as Associate Members. Can ya see a 7 year old calling up and making a ressie for a really long trip to WDW? lol....

 

[Dean]

We just changed our deed to add our adult daughter to our smaller contract so she'll get the perks, she was already an associate member and still is on our other contract. Not difficult and cost us about $60 as it was actually 4 contracts in one. Had it been only one deed, the cost would have been less than $30.

 

[DISNEY FIX]

They would have to be legally adults to be named on the deed or as Associate Members. Can ya see a 7 year old calling up and making a ressie for a really long trip to WDW? lol....

We spent 23+ days at WDW last year and I heard the other day " we don't stay long enough" So yes I could see that with his 3 yr old sister cheering him on.

We just changed our deed to add our adult daughter to our smaller contract so she'll get the perks, she was already an associate member and still is on our other contract. Not difficult and cost us about $60 as it was actually 4 contracts in one. Had it been only one deed, the cost would have been less than $30.

Thanks, I like that we can do it about, 25 years from now.

 

[TIGGERmetoo]

Are associate members able to get the DVC discounts (like AP)? If not, what if I put them on the deed (even if they don't live with us)? I have 2 adult children and didn't think about this when we bought.

 

[Dean]

Are associate members able to get the DVC discounts (like AP)? If not, what if I put them on the deed (even if they don't live with us)? I have 2 adult children and didn't think about this when we bought.

They would only get the perks that any other guest would get. If you put them on the deed they become owners, same as any other owner. Then the same criteria apply. They get the perks and anyone at their address per the list of "relatives" also can get the AP discount.

 

[HookdonWDW]

They would only get the perks that any other guest would get. If you put them on the deed they become owners, same as any other owner. Then the same criteria apply. They get the perks and anyone at their address per the list of "relatives" also can get the AP discount.

Not to be "Debbie Downer" here, but I strongly suggest that people think long and hard before adding others as owners to your account. If you do, your DVC becomes a joint asset. That means if, in this case, your adult child were to marry and divorce, your DVC may be looked at as a joint asset in any divorce proceedings. Now you might not mind losing an idiot as a son/daughter-in-law who would dare to mess with your DVC, but how happy would you be if you lost your points along with them??? This applies to bankruptcy also. If a co-owner ends up filing for bankruptcy, the courts may demand that the DVC membership is sold to offset debts.

Just another point of view...

 

[TIGGERmetoo]

OK - I'm convinced. The kids will have to wait until we're gone till they get our points! (or buy their own)

 

[jamstew]

We just changed our deed to add our adult daughter to our smaller contract so she'll get the perks, she was already an associate member and still is on our other contract. Not difficult and cost us about $60 as it was actually 4 contracts in one. Had it been only one deed, the cost would have been less than $30.

That's great to know! I've been thinking about doing this but was concerned that it might be expensive. Thanks

 

[Dean]

That's great to know! I've been thinking about doing this but was concerned that it might be expensive. Thanks

I submitted a request for change with DVC who then sent my a ROFR waiver. I got a quit claim Word Template specific for FL and took my existing deeds for the legal description. I also filled out the FL tax form which is no longer required but was then. Sent it in to Orange County with the appropriate payment and then send DVC a copy of the recorded deeds. Given I had 4 small contracts in one, they first sent 4 ROFR letters but when I asked if they could change it to save the recording (2 pages times 4 contracts adds up), they put them all on one 2 page ROFR letter. It's been said that having a quit claim deed could interfere with getting title insurance if you were to sell but that didn't matter to me. Still, doing it like this with a warranty deed wouldn't be that much more difficult. It is a gamble, I'd never do this with my son, at least until he demonstrates a few years of responsible behaviour.

 

[jamstew]

Not to be "Debbie Downer" here, but I strongly suggest that people think long and hard before adding others as owners to your account. If you do, your DVC becomes a joint asset. That means if, in this case, your adult child were to marry and divorce, your DVC may be looked at as a joint asset in any divorce proceedings. Now you might not mind losing an idiot as a son/daughter-in-law who would dare to mess with your DVC, but how happy would you be if you lost your points along with them??? This applies to bankruptcy also. If a co-owner ends up filing for bankruptcy, the courts may demand that the DVC membership is sold to offset debts.

Just another point of view...

Could (or would) Disney issue a new deed to, for example, Owner (my name) and Owner (my adult child's name) as the adult child's separate property?

 

[Dean]

Could (or would) Disney issue a new deed to, for example, Owner (my name) and Owner (my adult child's name) as the adult child's separate property?

It would come down to the laws of the state rather than the wording on the deed I believe. I've made the same warning including in the last few days on a different thread but my understanding is the financial risk is only the % that person owns. Say you have 4 people on the deed and one files bankruptcy, my understanding (for what it's worth, you get what you pay for) is that the risks would be to have to sell but only 25% of the sale price would be lost. One way to approach this risk is to get a small contract of say 25 points and only change that. It becomes a totally separate contract subject to the limiations thereof but it is a viable approach to minimize risk and one I considered since I have 4 25 pt contracts. I would then have transferred the 25 points to the remaining (now) 75 point contract each year.

Disney will not issue a new deed with different names unless you buy the minimum new purchase, currently 160 points. Even then I think their options on how to list the names are limited.

 

[VLee]

Dean:

I have 7 (some rather small) contracts in just my name. I just purchased a resale of 25 pts (same resort, same use year as all my other contracts).

I put this new resale contract in my daughter's name, along with mine--so that she can now get all the perks. I am assuming that in a year or two that I can then "give" her one of my current contracts to give her more points to work with. Until then, I can transfer between the two different memberships as needed. Any advice?

Vickye