While reading another thread, it occurs to me that while we have a trust and will, I am not sure how we handle our DVC properties. There is a place in our documents where we can add some specific instructions about things not directly contained in the documents.
But this got me to wondering about the legal aspects of transferring a DVC property upon death. Three contracts, 5 kids…and some may or may not be able to handle the burden of annual dues, or may not be interested in owning DVC as we did.
The recommendations I have seen is to make the beneficiary, if you and your spouse pass away, your trust (because it sounds like you have one). You would need to get a title company to redo the title for you. DisBoards says its easy. I need to do this myself and keep putting it off.
Other people put the intended heir on the contract. That can get tricky if your child were to get a divorced or go into bankruptcy, it is one of their assests.
This is incredibly important and why I opted to hold off on adding my kids immediately…they are just starting out…and part of why at the time i choose OKW as a home resort. Florida is one of the states that does not force individuals to inherit timeshares- my kids can refuse it. G-d forbid something happens now, my younger son is in a better position to take on the financial burden but his SO is anti-theme park making any of my timeshares useless to them. Granted DVC is the only one with resale value…they have been counseled to let anything else just go.
I was advised not to add any timeshares including DVC to a trust but that IMO is really a decision for each individual family…
Trouble is, one contract is 120 pts, and two contracts are 25 points each. So really, I need to buy THREE more contracts at least. One with 70 points to add to the two 25-ers, and then two more 120 point contracts. In the name of fairness, of course. (And if it means we have to go to Disney more often and/or longer…what can you do?)
Again that is another issue for us…2 contacts 2 kids
1 small direct & one semi grandfathered resale (prior to the 2019 restrictions) is 3x the points of the direct…for us financially it’s keep it at status quo or add everyone to everything…and then it’s to many chefs in the kitchen.
Oh wow, I did not know that! I know a lot of timeshares are pretty much worthless in resale value once bought. DVC being one of a very few set of exceptions.
DVC 2 bedrooms spoiled me lol I couldn’t go back to standard hotel rooms…I now have a tiny collection of others that I have adopted near parks we visit frequently. This month we head to Silver Dollar City staying with our adopted Marriott Vacation Club week. Hoping to trade that one for the resort outside DLP next…
I love them- while they don’t have any resale “value” they offer us a pretty decent user value. In the process now of “adopting” a week at Wyndham Bonnet Creek.
My son teases about my re-cycled timeshares but he is the first one to say he is coming!
I used to be a studio renter. I just didn’t understand why people who pay more or less double price for no extra sleeping space. Then I stayed in a 1BR, and now I’m completely hooked
My spring break trip (not to Disney) made me realize maybe it was time to consider a 1 bedroom. But then I saw the points chart for the week after Christmas, and studio it is!
We love to book the 1 BRs for just me and my wife, but the temptation comes in that we can do many more days in a studio. Still, we choose the 1BR. If we wanted to go during a higher point time period, we might do a studio instead. Maybe. We don’t have a lot of points to work with.
