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Deeding Ownership with Family

Grandma2016

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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.
 

dioxide45

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Why not just leave them the weeks in your will/estate.
 

Grandma2016

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I was told by a representative at Vistana that it would not work like that. Not sure why?
 

KevSki

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Our timeshares are in our living trust and our kids are on the trust. If something happens, they will inherit the timeshares.
 

Grandma2016

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Our timeshares are in our living trust and our kids are on the trust. If something happens, they will inherit the timeshares.
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.
 

dioxide45

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I was told by a representative at Vistana that it would not work like that. Not sure why?
Not sure why they would tell you that. A timeshare works just like regular real estate.
 

bogey21

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I was told by a representative at Vistana that it would not work like that. Not sure why?

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
 

Passepartout

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^^^^^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
 

DeniseM

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I was told by a representative at Vistana that it would not work like that.

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.
 

Grandma2016

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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.
I am going to give them another call and ask again.
 

DeniseM

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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
 

sjsharkie

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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
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
 

DeniseM

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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
 

taterhed

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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
 

Grandma2016

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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
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
 

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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.
 
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Grandma2016

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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.

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.
 
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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.

My wife likes to binge shop too. Luckily it's not timeshares she buys ;)
 

mauitraveler

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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.
What a great portfolio! My husband and I would be honored to be adopted by you!
 

taterhed

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No no....me first. :eek:
 

DeniseM

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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?

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.
 

taterhed

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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.
 

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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.

Great advice from everyone. I need to do research on just adding kids to deeds vs forming trust and putting deeds in trust.
 
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taterhed

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#firstworldproblems :)
 
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