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Names on Deeds

skotm

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If I list names on the deed, to get the free guest check-in, will they be financially responsible if something were to happen to me? Or Am I getting my terminology messed up -- Just got off a 7:30 am work conference call and already did that once today...

This is for when I initially purchase a resale contract.
 

Avislo

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It is my understanding if a name is on the deed there is liability for fees. The fees need to be paid by someone to have continued access to the account.
 

Richelle

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Avislo is correct, they will be responsible for MF. Best to leave them off unless they want that responsibility. The GC cert fee would be less then what they will pay in MF they will have to pay while trying to get rid of it, if they don’t want it.


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bendadin

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Yes but only on that one contract. So I bought a 126k EOY Grand Desert for that reason. I put mother in law and four adult children on the deed. My oldest didn't want to be on the deed as she felt that we were sticking it to her (by making her VIP Gold.)

You have to re-deed and pay $299 if you do it on something that you already own, so that is why I picked up a cheap MF contract.
 

HitchHiker71

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On a somewhat related note, has anyone formed a trust for timeshare deeds as opposed to using direct names? Is there a thread on this elsewhere that I can review in detail? I just purchased two used timeshares for PIC usage and on the legal paperwork there's an option to use a trust along this line. What are the pros and cons?
 

taterhed

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We have all our timeshares deeded to our living trust. We are obviously the trustees.
If you start to create a 'phantom' trust with an LLC or unrelated trustees etc... you may have issues.

The trust means no probate and no loss of use/rental upon death of the owners. Makes it easy to continue using/renting/selling the property for the remaining trustee(s)_ or the executor.
Timeshares (deeded) may suffer from multi-state probate if the owners are diseased without will or trust etc...

No real cons if originally deeded to trust other than cost of forming/funding trust.
 

bendadin

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We talked about doing this but we were told that it wouldn't bypass putting names on deeds directly
 

taterhed

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I can't speak for Wyndham.
 

wjappraise

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To me, it is well worth it to have additional names on the deed. While there may be some obligation on the part of the added person, that is far outweighed by the ability to reserve additional rooms for the same nights, coupled with being able to have your friend or relative check in without a guest certificate.
 

Jan M.

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I bought a 126k EOY Grand Desert for that reason. I put mother in law and four adult children on the deed. My oldest didn't want to be on the deed as she felt that we were sticking it to her (by making her VIP Gold.)

So she felt she would be financially burdened in what will hopefully be years down the road when you, your husband and MIL are all gone should none of her other 4 siblings on that deed be able to pay the maintenance fees for that deed and only that deed? And those maintenance fees for 126k EOY are probably no more than maybe $375 a year?

It might be best that she isn't on the account. She could be one of those people we sometimes see here on TUG wanting to get rid of their parents worthless gold or platinum VIP timeshare ownership.
 

Cyrus24

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On a somewhat related note, has anyone formed a trust for timeshare deeds as opposed to using direct names? Is there a thread on this elsewhere that I can review in detail? I just purchased two used timeshares for PIC usage and on the legal paperwork there's an option to use a trust along this line. What are the pros and cons?
I assume you already have your family trust set up and that you know the pros/cons of having ALL your assets in the family trust. Most of our timeshares are in our family trust. The ones that aren't get a 'shame on you' from our attorney and a 'I'll get to it at some point' response from me. It's best to put your timeshares in your trust if it's your intent to have them passed them on in a stress free manner when the inevitable occurs. I would put them in the trust at the time of purchase as it's a heck of a lot easier (and cheaper) to do it when making the purchase than it is to chase down an attorney, sometimes in another state, when you finally decide that the timeshares should be in the trust along with everything else you plan on passing along. We've not have problems putting non-Wyndham timeshares in our trust.

The process with a Wyndham Developer purchase is a multi-step process, when I did it last, and there was an extra charge involved (less than $200, if I recall). We have a recent purchase that I currently need to move to the trust, but, we've decided to have a chat with the Adult Children before we actually make the effort to get it done. We think we know what they want us to do, but, we need to confirm. They do use our points from time to time. If they want the timeshares, we really need to make sure that we've put them in the trust. Our view on the family trust is that it's just another gift, the gift of simplicity with settling an estate. We're very good about having our assets in the trust or having the trust set as the beneficiary/TOD for an asset.

On another issue, do you mind sharing the Timeshares you chose for your PIC's. I contemplating the purchase of a 3BR to replace a 2BR we currently have PIC'd?
 

Jan M.

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I contemplating the purchase of a 3BR to replace a 2BR we currently have PIC'd?

It is my understanding that you cannot just substitute one PIC for another. That you would have to make a minimum developer purchase to be able to do add the 3BR. Do you know if this is correct? OP have talked about going through corporate telesales to do that for the least amount of money.
 

Cyrus24

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We talked about doing this but we were told that it wouldn't bypass putting names on deeds directly
My wife and I are listed as the Trustees on our Deeds. If you wanted another person on the deed, I'm sure this could be done.
 

Cyrus24

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It is my understanding that you cannot just substitute one PIC for another. That you would have to make a minimum developer purchase to be able to do add the 3BR. Do you know if this is correct? OP have talked about going through corporate telesales to do that for the least amount of money.
I know that. A small purchase at this point would get me to Platinum, so I'd do all this at the same time via corporate sales.
 

Jan M.

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I know that. A small purchase at this point would get me to Platinum, so I'd do all this at the same time via corporate sales.

Sorry and thanks. I was wanting someone to clarify that as we've had several new or thinking of being Wyndham owners asking about PIC's lately.

There has been a lot of discussion about whether or not the VIP benefits are worth it anymore. You are apparently already gold and know how often you are able to use those benefits. And you know your own finances. For the cost of a minimal developer purchase and a PIC to go to platinum certainly seems like a smart move to me.
 

HitchHiker71

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I assume you already have your family trust set up and that you know the pros/cons of having ALL your assets in the family trust. Most of our timeshares are in our family trust. The ones that aren't get a 'shame on you' from our attorney and a 'I'll get to it at some point' response from me. It's best to put your timeshares in your trust if it's your intent to have them passed them on in a stress free manner when the inevitable occurs. I would put them in the trust at the time of purchase as it's a heck of a lot easier (and cheaper) to do it when making the purchase than it is to chase down an attorney, sometimes in another state, when you finally decide that the timeshares should be in the trust along with everything else you plan on passing along. We've not have problems putting non-Wyndham timeshares in our trust.

The process with a Wyndham Developer purchase is a multi-step process, when I did it last, and there was an extra charge involved (less than $200, if I recall). We have a recent purchase that I currently need to move to the trust, but, we've decided to have a chat with the Adult Children before we actually make the effort to get it done. We think we know what they want us to do, but, we need to confirm. They do use our points from time to time. If they want the timeshares, we really need to make sure that we've put them in the trust. Our view on the family trust is that it's just another gift, the gift of simplicity with settling an estate. We're very good about having our assets in the trust or having the trust set as the beneficiary/TOD for an asset.

On another issue, do you mind sharing the Timeshares you chose for your PIC's. I contemplating the purchase of a 3BR to replace a 2BR we currently have PIC'd?

Thanks for the advice on trusts. We have not yet formed a trust for assets but plan to do so around age 50 once the kids are (we hope) all out of the house and living independently.

For my PICs I found both on eBay. One was thru Sumday in Outer Bank Beach Club I, $736 MF Gold Crown rated resort, fixed week 42 in red season, 3 bdrm unit. The second was thru J&J in Colonies in Williamsburg, $780 MF Gold Crown rated resort, fixed week 37 in red season, 4 bdrm unit. Both are in process now.

We specifically chose PICs in our region within decent driving distance in case we want to use the weeks in any one year instead of trading them for Wyndham points.


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Cyrus24

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There has been a lot of discussion about whether or not the VIP benefits are worth it anymore. You are apparently already gold and know how often you are able to use those benefits. And you know your own finances. For the cost of a minimal developer purchase and a PIC to go to platinum certainly seems like a smart move to me.
I'd been following the discussions. I made a mistake when I PIC'd the 2BR to get to Silver. I fixed that with a 3BR getting to gold. A small purchase to get that extra 100K for a 3BR PIC is worth a small purchase to me. Not ready to do it now as I don't yet have the need for more points. I value the VIP and have VIP from Developer/PIC plus Ebay points. I did not go the most efficient route, but, I'm ok with where I am.
 

Cyrus24

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For my PICs I found both on eBay. One was thru Sumday in Outer Bank Beach Club I IIRC, mid 736 MF Gold Crown rated resort, fixed week 42 in red season, 3 bdrm unit. The second was the J&J in Colonies in Williamsburg, 780 MF Gold Crown rated resort, fixed week 37 in red season, 4 bdrm unit. Both are in process now.

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Super, the PICable resort was what I was looking to know. Your strategy is very good.
 

HitchHiker71

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Super, the PICable resort was what I was looking to know. Your strategy is very good.

Are you looking to make a PIC transaction soon? If so are you working with anyone from telesales yet? If not I can refer you to who I am working with, just PM me for details.


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