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Transferring ownership to a family member

StevenTing

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What about the use of a Family Trust? Couldn't you just name additional Trustees and Beneficiaries and bypass all of these challenges? For example, what if I created the Steven Ting Vacation Family Trust and then assign ownership of all of my weeks to the trust. I assume I can just keep adding and removing trustees and beneficiaries as time moves on. When I pass, my kids can make adjustments to the trustees and beneficiaries. I would assume that it would just be a notification change to Marriott about "Authorized Users" and the ownership would remain the same.

I bring this up because I'm going to meet with an attorney to draw up a family trust, but not specifically for the timeshares, but maybe I'll have that created now.
 

rylan

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So what about a developer week that was previously enrolled in the DC program, and if it is brother to brother? I know it says full benefits for down bloodline only, however would this mean the DC enrollment of a developer week is 'lost' if it is transferred between siblings?
 

Dean

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So what about a developer week that was previously enrolled in the DC program, and if it is brother to brother? I know it says full benefits for down bloodline only, however would this mean the DC enrollment of a developer week is 'lost' if it is transferred between siblings?
That is my understanding
 

catharsis

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So what about a developer week that was previously enrolled in the DC program, and if it is brother to brother? I know it says full benefits for down bloodline only, however would this mean the DC enrollment of a developer week is 'lost' if it is transferred between siblings?
might be worth looking into whether you culd ADD your brother to your ownership rather than transferring to him.

i.e. change the deeds to become "tenants in common" and see do you still lose the benefits given you are still the original owner who enrolled?

or perhaps even ask Marriott what their position on that would be?
 

pwrshift

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I don't know if they combined them under my current account...I think it's correct on the deeds.

Did they combine them under your current account?
 

Dean

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I don't know if they combined them under my current account...I think it's correct on the deeds.
If you see them all under one sign on and can use the 13 month reservation rule, they are combined for purposes of this discussion. In that situation you really may not need to go to the expense of changing the deed but it might get technical and it would likely be best to get them changed over at that time. Of course they don't have to accept them either but the estate couldn't be closed until they were taken care of one way or another. Hopefully that's a long time down the road for all of us.
 

pwrshift

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I see all 6 under the 13 month rule. On 4 of the 6 deeds one child and I own them for rights of survivorship, but I do all the bookings for all 6...not even sure they could book theirs right now or if that just transfers to them upon my death. The other 2 are in my name only...which probably means those 2 would have to be sold for estate settlement.

Brian
 

Dean

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I see all 6 under the 13 month rule. On 4 of the 6 deeds one child and I own them for rights of survivorship, but I do all the bookings for all 6...not even sure they could book theirs right now or if that just transfers to them upon my death. The other 2 are in my name only...which probably means those 2 would have to be sold for estate settlement.

Brian
I'm not a lawyer Brian so YMMV. I was hoping that would be your answer though. Currently it'd likely only be an issue if the child listed on part of them were using the ones they're not on or were using an exchange though with a little planning and forethought, I doubt that'd be an issue either. You'd likely either need to alert Marriott in general or the resort itself that someone else would be checking in. For exchanges it really depends on how the II account is listed and if that child is not on the II account, the graciousness of the destination resort. You may want to make sure they're listed on the II account to give more options and provide a smoother transition.

The child on the deeds could get their own signon and I presume they would only see the 4 in question. IF something happens to you and as I understand it, they'd have several options. They could sell all, update the deeds retaining the inherent rights/options since they're children, change the deeds to add others amount variations. I won't get into the +/- of having adult children on a timeshare, that's a few threads unto itself. DVC gets very strict on this subject, Bluegreen throws a blanket over the entire set of owners both from a usage and liability standpoint but I'm not quite sure where Marriott falls on this other than the rights passing with transfer for ownership and the destinations program where it's child (likely grandchild) only to retain all rights.
 
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