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Old 10-11-2017, 03:09 PM   #1
ustasmom
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Default Is adding adult children onto your deed too risky?

I have 2 contracts but I am thinking about doing one 50 point direct purchase and having that be the one contract that I add my children on to for their "benefits."

But, if a bankruptcy or divorce comes sometime down the road, what are the implications to my timeshare? Does it go back to the state that the timeshare is titled in or does it fall under the law of your state of residence? We live in a tenancy in its entirely state.
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Old 10-11-2017, 03:33 PM   #2
Disney54us
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I would think divorce if it is your son/daughters and it's a asset then depending what their state divorce laws are. Some states you leave with what you brought into the marriage. Division of assets is based on what was acquired during the marriage. Other states, all assets and negotiations of who gets what is on the table.
As far as bankruptcy one is asked all debts and all assets. How it would be determined exactly what portion of the share? I guess value how many are on the deed etc.
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Old 10-11-2017, 04:34 PM   #3
mditkof
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Quote:
Originally Posted by ustasmom View Post
I have 2 contracts but I am thinking about doing one 50 point direct purchase and having that be the one contract that I add my children on to for their "benefits."

But, if a bankruptcy or divorce comes sometime down the road, what are the implications to my timeshare? Does it go back to the state that the timeshare is titled in or does it fall under the law of your state of residence? We live in a tenancy in its entirely state.
I added my 4 kids on the title to each of my DVC contracts as joint tenants with the right of survival in order to not have to open an ancillary probate in Florida when I pass; or at least take the risk of having to file one. That does add some risk as you point out, but it is fairly small given the structure.

Marty
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Old 10-11-2017, 05:04 PM   #4
disney65
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A 50 point contract is a very small potato in situation like divorce or bankruptcy, in my opinion.
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Old 10-11-2017, 05:07 PM   #5
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Quote:
Originally Posted by ustasmom View Post
I have 2 contracts but I am thinking about doing one 50 point direct purchase and having that be the one contract that I add my children on to for their "benefits."

But, if a bankruptcy or divorce comes sometime down the road, what are the implications to my timeshare? Does it go back to the state that the timeshare is titled in or does it fall under the law of your state of residence? We live in a tenancy in its entirely state.
Yes, the contract they are on would be part of their assets.

But 50 points is not extremely large.
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Old 10-11-2017, 07:19 PM   #6
ustasmom
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Okay, after a brief talk with an attorney, I was advised to add adult children to the deed(s) and then put your deeds in a trust. The trust will protect the deeds from bankruptcy and divorce.
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Old 10-11-2017, 07:38 PM   #7
Goofygrl
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Originally Posted by ustasmom View Post
Okay, after a brief talk with an attorney, I was advised to add adult children to the deed(s) and then put your deeds in a trust. The trust will protect the deeds from bankruptcy and divorce.
And how much to set up and administer a trust? I'd weigh the costs vs the risk of having an issues with a 50 point DVC contract.
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Old 10-11-2017, 07:49 PM   #8
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Originally Posted by ustasmom View Post
Okay, after a brief talk with an attorney, I was advised to add adult children to the deed(s) and then put your deeds in a trust. The trust will protect the deeds from bankruptcy and divorce.
That's interesting to know. I'm in the process now of moving my DVC contracts to our recently established trust, not thinking about divorce or bankruptcy, but hey can't hurt to look at all the what ifs.
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Old 10-11-2017, 08:44 PM   #9
littlelulu01
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Sometimes dvc will let you purchase a new master contract for 50 and sometimes not, even for existing member. I wanted adult kids to have direct membership so I purchased a small resale and then added on a 25 direct. At the time I could not add on a new master contract for 50. But as soon as I went to all that trouble I was told I could add on a new master for 50 😤 So we ended up with 75 total points in daughter's name, 50 resale and 25 direct. No real exposure on a contract this small and I also am not burdening her with a big mf's bill should I die and she all of a sudden have points she potentially doesn't want or potentially could not keep up with mf's. 50 or 75 points was a great place to be for a 22 year old.
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Old 10-16-2017, 05:41 PM   #10
noreen99
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Quote:
Originally Posted by littlelulu01 View Post
Sometimes dvc will let you purchase a new master contract for 50 and sometimes not, even for existing member. I wanted adult kids to have direct membership so I purchased a small resale and then added on a 25 direct. At the time I could not add on a new master contract for 50. But as soon as I went to all that trouble I was told I could add on a new master for 50 😤 So we ended up with 75 total points in daughter's name, 50 resale and 25 direct. No real exposure on a contract this small and I also am not burdening her with a big mf's bill should I die and she all of a sudden have points she potentially doesn't want or potentially could not keep up with mf's. 50 or 75 points was a great place to be for a 22 year old.
That's my plan- just purchased small 50pt okw contract direct and will be adding a 25 point VB- than do the same next December if available. One set for each of my sons will be put into a trust when they start their families.

In the meantime, I am going to enjoy the much-needed vacations.
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