TUG MEMBERS: Joining TUG does not automatically register you as a user of the TUG Bulletin Board. You must register yourself.


*ads are disabled when logged in as a member*
  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 24 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
    Dismiss Notice
  3. TUG started 25 years ago this month in 1993 as a group of regular Timeshare owners just like you!

    Check out our happy birthday post here: Happy Birthday TUG!
    Dismiss Notice
  4. TUG has now saved timeshare owners more than $10,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $10Million dollars
    Dismiss Notice
  5. Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
    Dismiss Notice
  6. TUG is trying out a new program that will trade you a TUG membership for a Timeshare resort review if you are an expired member, or even just a guest here on the forums!

    Read more here
    Dismiss Notice
  7. Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
    Dismiss Notice
  8. Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
    Dismiss Notice
  9. A few of the most common links here on the forums for newbies and guests!
    Dismiss Notice

Deeding Ownership with Family

Discussion in 'Vistana Signature Experiences (formerly Starwood)' started by Grandma2016, Jul 2, 2018.

  1. Grandma2016

    Grandma2016 Guest

    Joined:
    Aug 3, 2017
    Messages:
    66
    Likes Received:
    9
    Trophy Points:
    18
    Hi. This question may have been discussed earlier and if so I apologize now. We own several weeks at KOR and KORN. We would like to have our kids' names on the deeds so if something happens to us they continue on as the owner. Does anyone have any experience with this or suggestions on what we need to do.

    Thanks for your help.
     
  2. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

    Joined:
    May 20, 2006
    Messages:
    26,231
    Likes Received:
    1,734
    Trophy Points:
    649
    Location:
    Ohio
    Resorts Owned:
    Marriott's Grande Vista
    Marriott's Harbour Lake
    SVV - Bella
    SVV - Key West
    Why not just leave them the weeks in your will/estate.
     
  3. Grandma2016

    Grandma2016 Guest

    Joined:
    Aug 3, 2017
    Messages:
    66
    Likes Received:
    9
    Trophy Points:
    18
    I was told by a representative at Vistana that it would not work like that. Not sure why?
     
  4. KevSki

    KevSki TUG Member

    Joined:
    Sep 10, 2016
    Messages:
    63
    Likes Received:
    19
    Trophy Points:
    68
    Location:
    Northern Nevada
    Our timeshares are in our living trust and our kids are on the trust. If something happens, they will inherit the timeshares.
     
  5. Grandma2016

    Grandma2016 Guest

    Joined:
    Aug 3, 2017
    Messages:
    66
    Likes Received:
    9
    Trophy Points:
    18
    OK I plan to visit with our family attorney then. Thank you for the info. Vistana told me that if I had it named as my kids' in my will it would not go to them....not sure why but they did say to create a trust.
     
  6. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

    Joined:
    May 20, 2006
    Messages:
    26,231
    Likes Received:
    1,734
    Trophy Points:
    649
    Location:
    Ohio
    Resorts Owned:
    Marriott's Grande Vista
    Marriott's Harbour Lake
    SVV - Bella
    SVV - Key West
    Not sure why they would tell you that. A timeshare works just like regular real estate.
     
  7. bogey21

    bogey21 TUG Member

    Joined:
    Jun 8, 2005
    Messages:
    6,108
    Likes Received:
    793
    Trophy Points:
    399
    Location:
    Fort Worth, Texas
    Until someone shows me why this is true I will continue to believe that leaving your TimeShares to your kids in your will is the best of all worlds. If they want them, they accept the bequest and have them transferred into their names. If they don't want them for any reason, they disclaim the inheritance and don't have to fool with them.

    George
     
    taterhed and Passepartout like this.
  8. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

    Joined:
    Feb 10, 2007
    Messages:
    19,353
    Likes Received:
    2,652
    Trophy Points:
    599
    Location:
    Twin Falls, Eye-Duh-Hoe
    ^^^^^This^^^^ I think George has hit the nail on the head. And the reason I would advise against a forming a trust are twofold. 1) the expense of re-titling whatever properties you want in the trust. That would run several hundred dollars. And 2) what George said- if upon your demise, the kids don't want- or can't afford or perhaps their spouses at the time are against owning them. No one is REQUIRED to accept a bequest, and it is not difficult to cause a letter to be written to the HOA telling them that no heir wants the TSs and offer them the deed back.

    Jim
     
    harveyhaddixfan likes this.
  9. DeniseM

    DeniseM Moderator

    Joined:
    Jun 6, 2005
    Messages:
    52,300
    Likes Received:
    1,886
    Trophy Points:
    1,449
    Was it a sales person who told you thing by any chance? They are completely unreliable.

    The only reliable place for title info is the Vistana title office.
     
  10. Grandma2016

    Grandma2016 Guest

    Joined:
    Aug 3, 2017
    Messages:
    66
    Likes Received:
    9
    Trophy Points:
    18
    I am going to give them another call and ask again.
     
  11. DeniseM

    DeniseM Moderator

    Joined:
    Jun 6, 2005
    Messages:
    52,300
    Likes Received:
    1,886
    Trophy Points:
    1,449
    Here is the contact info for the Title Office:

    Title Dept.
    Phone 1-800-729-8246 ext. 62291
    Fax 1-407-418-7211
    Email to send deeds to - titlechanges@vistana.com
     
  12. Grandma2016

    Grandma2016 Guest

    Joined:
    Aug 3, 2017
    Messages:
    66
    Likes Received:
    9
    Trophy Points:
    18
    Thank you!
     
  13. sjsharkie

    sjsharkie TUG Member

    Joined:
    Dec 26, 2012
    Messages:
    1,638
    Likes Received:
    19
    Trophy Points:
    148
    Location:
    SF Bay Area, CA
    I agree that it is the best of all worlds for your specific situation. I'm in your camp as well, but I might have thought differently if I had done my trust up front.

    However, there are advantages to having timeshares in a trust which I won't go through here since there are likely many articles written on them.

    -ryan
     
  14. DeniseM

    DeniseM Moderator

    Joined:
    Jun 6, 2005
    Messages:
    52,300
    Likes Received:
    1,886
    Trophy Points:
    1,449
    One more point - it's good that you are verifying with the Title Dept., but once you do that, all you need is a reputable timeshare title company to redo the deeds for you.

    This is who I use - they are Tuggers, they get high marks on TUG, and they are efficient and inexpensive - usually less than $200.

    L.T. Transfers
    www.lttransfers.com
    readylegal@gmail.com
    706.219.2709
     
  15. taterhed

    taterhed TUG Member

    Joined:
    Sep 28, 2011
    Messages:
    4,082
    Likes Received:
    1,476
    Trophy Points:
    298
    Location:
    Virginia
    Resorts Owned:
    Westin WKORV OFD
    Marriott's Grande Vista
    Worldmark x2
    I'll comment: we have our units titled to the living trust from the beginning. But...

    The more valuable the unit (or conveyed value/privilege..think enrolled points or developer purchase benefits etc..) the more reason to place the units in trust. Relatively low-value units that may be difficult to transfer/sell or are unwanted, may actually be better if deeded to a single named entity--so they may be easily deeded-back/terminated upon the owner's demise. IMHO
     
  16. Grandma2016

    Grandma2016 Guest

    Joined:
    Aug 3, 2017
    Messages:
    66
    Likes Received:
    9
    Trophy Points:
    18
    We do own a few units bought from developer. Our resale were all grandfathered in so we are 5 star owners with event weeks in maui. My husband was concerned that the 5 star benefits would transfer. Any thoughts
     
  17. taterhed

    taterhed TUG Member

    Joined:
    Sep 28, 2011
    Messages:
    4,082
    Likes Received:
    1,476
    Trophy Points:
    298
    Location:
    Virginia
    Resorts Owned:
    Westin WKORV OFD
    Marriott's Grande Vista
    Worldmark x2
    I'm not the expert....

    But I'm fairly certain that VSE benefits DO transfer to family members (immediate). Sounds like you have some significant benefits to transfer. Depending on the family member and the VSE rules, you would want to insure that you're complying with the rules in order to pass the benefits.

    Indeed, in this situation, a trust may be a factor depending on the relationship of the family members and the cost associated with the MF's (multiple members on deed could share costs etc...).

    I'm sure others can provide more specific advise if you'll give some more info on the units, benefits and potential 'heirs' for the transfer.
     
    Last edited: Jul 4, 2018
  18. Grandma2016

    Grandma2016 Guest

    Joined:
    Aug 3, 2017
    Messages:
    66
    Likes Received:
    9
    Trophy Points:
    18
    Everything we own is in Maui. We own 3 OV units 2 BR lockoffs at South, 1 Corner Deluxe OF at South, 2 BR OV week 52 at South, 2 BR OF week 52 and North and then an IV EOY 2 BR at South (bought this one so Starwood would move our resales in). We have two children we want this to pass to. Is it best to talk to Vistana, attorney, etc on how to make sure they get the benefits we have or add them now so they are on the deeds and then would they get to have benefit of 5 star elite???? Thanks for your help.
     
  19. EnglishmanAbroad

    EnglishmanAbroad Guest

    Joined:
    Jul 11, 2017
    Messages:
    136
    Likes Received:
    74
    Trophy Points:
    38
    Resorts Owned:
    Westin KORVN and Lagunamar
    My wife likes to binge shop too. Luckily it's not timeshares she buys ;)
     
    Tucsonadventurer and taterhed like this.
  20. mauitraveler

    mauitraveler TUG Member

    Joined:
    Oct 15, 2013
    Messages:
    359
    Likes Received:
    56
    Trophy Points:
    138
    Location:
    California
    What a great portfolio! My husband and I would be honored to be adopted by you!
     
  21. taterhed

    taterhed TUG Member

    Joined:
    Sep 28, 2011
    Messages:
    4,082
    Likes Received:
    1,476
    Trophy Points:
    298
    Location:
    Virginia
    Resorts Owned:
    Westin WKORV OFD
    Marriott's Grande Vista
    Worldmark x2
    No no....me first. :eek:
     
    Grandma2016 and harveyhaddixfan like this.
  22. DeniseM

    DeniseM Moderator

    Joined:
    Jun 6, 2005
    Messages:
    52,300
    Likes Received:
    1,886
    Trophy Points:
    1,449
    Very few attorneys are going to be knowledgeable about timeshare benefits.

    If you are sure your children want the financial burden of the timeshares, the easiest way to do it would be to add them to the deeds. A reputable title transfer company can do this for you, and the title company will submit the new title to the county records office, and Vistana, for recording.

    I would talk to LT Transfers about it - I'm sure they have done this many times.

    Be aware that adding them to the deeds makes your children financially responsible for the deeds now. If for some reason you failed to pay the maintenance fees, or were unable to pay the maintenance fees, your children would be financially responsible right away.
     
  23. taterhed

    taterhed TUG Member

    Joined:
    Sep 28, 2011
    Messages:
    4,082
    Likes Received:
    1,476
    Trophy Points:
    298
    Location:
    Virginia
    Resorts Owned:
    Westin WKORV OFD
    Marriott's Grande Vista
    Worldmark x2
    I will mention, that in a conversation with the OP, I suggested much of what Denise just posted. Additionally, with a portfolio as large and valuable as this one (with elite), I suggested that moving the ownership to a trust--with the kids names--might be more appropriate and might insulate the ownership and elite status from external claims that might arise against the OP, the kids or spouses/partners. It's a large investment and worth protecting IMO. It would be a shame to have a single individual or tort try to attach the property to a legal claim of some kind and spoil the overall package.
     
  24. Grandma2016

    Grandma2016 Guest

    Joined:
    Aug 3, 2017
    Messages:
    66
    Likes Received:
    9
    Trophy Points:
    18
    Great advice from everyone. I need to do research on just adding kids to deeds vs forming trust and putting deeds in trust.
     
    Last edited by a moderator: Jul 5, 2018
  25. taterhed

    taterhed TUG Member

    Joined:
    Sep 28, 2011
    Messages:
    4,082
    Likes Received:
    1,476
    Trophy Points:
    298
    Location:
    Virginia
    Resorts Owned:
    Westin WKORV OFD
    Marriott's Grande Vista
    Worldmark x2
    #firstworldproblems :)
     

Share This Page