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Changed HGVC property from Joint to Trust Account

GT75

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Has anyone changed their HGVC property (ies) from Joint to Trust Account? If so, why and what steps did you take. Please also provide any negative comments on why this shouldn't be done.

Edit: Basically looking for positive and negative reasons for doing this.
Thanks
 
Last edited:

Helios

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Has anyone changed their HGVC property (ies) from Joint to Trust Account? If so, why and what steps did you take. Please also provide any negative comments on why this shouldn't be done.
Thanks
I'll be interested in seeing responses to this...
 

1Kflyerguy

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We already had a Trust with our house and other assets. When we first purchased our timeshare I did not think to title that into our trust. After doing some research online and speaking with our attorney i decided it made sense to move ours into the trust in an effort to avoid probate. We own at Kings Land in Hawaii, and plan to add at least one other HGVC unit in the future. I did not want to deal with probate or estate rules in multiple states, so the trust solves that.

As for the process i called HGVC to ask about that, and they referred me to Chicago Title which was their partner at the time. At one point there was a blurb on the website about doing this, but i am not sure if that is still on the new site.

Using the HGVC partner made it pretty easy, but I can't honestly say it would have been much harder if i went with someone else that was less costly. I don't recall how much we paid them for that, but i know they have raised the prices since we did ours. They actually raised the price in the middle of my transaction and called to let me know, but then said they would honor the old price. I let them know i thought it was very generous of them to honor their contract...
 

zerocylinders

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I have been considering doing this but haven't pulled the trigger yet. The reasons for using a trust that I can think of are (i) asset protection (if done through an asset protection trust), (ii) to simplify transfer of usage at death (there is another thread somewhere here about losing elite benefits after death on transfer to heirs - I would think that the trust would solve that but not sure). If you have a lot of properties that are rented out frequently, it might make sense from a tax perspective also though I am not sure. It is not cheap, there are one time costs (paid to HGVC and Chicago Title as I recall), as well as the ongoing expense of third party trust administration for an asset protection trust. Also, you would need to provide enough $$ in the trust to pay annual maintenance fees. That is as far as I have gotten in my planning, but maybe bumping up this older post someone else may respond, as I remain interested too.
 

Harry

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It is an individual and family decision. Trusts are valuable mainly as an estate planning mechanism. Most of our timeshares are part of the trust including club points. Hawaii is somewhat tricky especially if a quitclaim is involved

Harry
 

Nomad420

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Has anyone changed their HGVC property (ies) from Joint to Trust Account? If so, why and what steps did you take. Please also provide any negative comments on why this shouldn't be done.

Edit: Basically looking for positive and negative reasons for doing this.
Thanks

We placed our purchase at the HCNYC into a trust upon initial purchase. I know they said if we chose to do it later that there would be additional fees related to title transfer to trust. They were not massive but as a recall a couple hundred bucks.
 
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