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Post by brp on Oct 23, 2024 13:25:13 GMT -5
I'm curious about everyone's experience adding adult children/family directly to the deed instead of doing it through a trust. The reason my mom wanted to do it through the trust is that it avoids probate and protects it from creditors, divorce, etc. if one of the adult kids experienced that. Does it still avoid probate if the adult kids are directly added to the deed? Or is probate still necessary to determine who my mom intended to leave her 1/3rd share to? Would we need enough points that 1/3 of the contract is enough points to get all the benefits or would they consider us all as owning the full contract? If the people are on the deed, there is no probate. All of the folks on the deed own the property interest and its up to them to determine how to use it. So, in our case, myself, mrs. brp, sister-in-law and niece are all equal owners, but not a division of points. We all own the whole thing. If something happens to us, they both simply own it.
If there's likely to be any quarrel about ownership interests and shares, this may not be the best approach. In this case, we know that they won't do anything with their ownership while we're still around.
Cheers.
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Post by Hi from RI on Oct 23, 2024 18:09:28 GMT -5
Wow this is all good to know info...
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Post by baymaxfan on Oct 24, 2024 9:14:06 GMT -5
IIRC, they scan the QR code shown on the same info page as DVC-Y. Ah-hah, the elusive QR code! This is the first time I have heard of that code being used for anything. Never seen it scanned myself. They always scan the QR code for the member lounge at DL. That is the only place that has even scanned my QR code. |
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Post by bakerworld on Oct 24, 2024 12:41:30 GMT -5
So which is easier - adding an associate or a purchaser? We plan to do this with the girls but I want to make sure they're done with their house purchases. Youngest sold her townhome in 6 days for asking and now is trying to purchase a single home. The oldest doesn't want to move but geez her house is small for a family of 5. Any way I'm thinking by this summer we should add them to BLT & AK. Adding an Associate is easier and you can do that online for free. Adding a purchaser requires a new deed plus any associated costs with creating and filing that deed. Associate Members have no financial interest and can be removed at anytime. Ah-hah, the elusive QR code! This is the first time I have heard of that code being used for anything. Never seen it scanned myself. They used it for something with DVC - cannot remember what. Maybe it was the lounge? I don't recall which but someone did once. So which is easier - adding an associate or a purchaser? We plan to do this with the girls but I want to make sure they're done with their house purchases. Youngest sold her townhome in 6 days for asking and now is trying to purchase a single home. The oldest doesn't want to move but geez her house is small for a family of 5. Any way I'm thinking by this summer we should add them to BLT & AK. Keep in mind associates shouldn't get perks if that's what you're going for. It only gives rights to making reservations and purchasing dining plan. So, if we pass on does the Associate assume use of the Home contracts? |
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Post by helenabear on Oct 24, 2024 12:54:01 GMT -5
Adding an Associate is easier and you can do that online for free. Adding a purchaser requires a new deed plus any associated costs with creating and filing that deed. Associate Members have no financial interest and can be removed at anytime. They used it for something with DVC - cannot remember what. Maybe it was the lounge? I don't recall which but someone did once. Keep in mind associates shouldn't get perks if that's what you're going for. It only gives rights to making reservations and purchasing dining plan. So, if we pass on does the Associate assume use of the Home contracts? No - associate is literally only giving them access to reservations and purchasing dining plan. They have no rights to anything else. if you want to make sure someone specific gets the contract after death, you need it to be willed or you can put their name on the deed prior to your death. |
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Post by ratfan on Oct 31, 2024 12:55:30 GMT -5
We just bought a Poly resale and attempted add our two children to the new contract. Unfortunately we were told by the broker that this isn't possible if the child is under 18....
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Post by helenabear on Oct 31, 2024 13:22:47 GMT -5
We just bought a Poly resale and attempted add our two children to the new contract. Unfortunately we were told by the broker that this isn't possible if the child is under 18.... This is correct! Also when doing resale contracts, if the names do not match what is on the deed you would wind up with a new membership anyway. So if that was your hope, you would have had them not the blue card holders anyway. You can always add names to the deed later on when they are older and then they would get access as well. |
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Post by brp on Nov 2, 2024 11:29:01 GMT -5
Related to this thread: when entering the lounge, they no longer need to scan toe QR code in the Wallet. The band is sufficient for entry. Not sure how bands will be coded in the scenario here, but this is what will matter for DVC member lounge.
Cheers.
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