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Adding adult children to our current ownership.... tips & experiences

B

billhall

TUG Lifetime Member
Joined
Jun 11, 2005
Messages
1,334
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21
Location
Upstate NY
I'm starting to research adding our adult kids to our current titles or setting up a new trust. Already I'm getting conflicting
responses.
1 - just contact owner services/modifications and they will provide the forms/service with just a clerical fee.
2. I sent an email to owner services/modifications and they responded with I need to have a new deed written and
recorded before sending/paying for an external transfer form.

I hope they are answering with the steps to sell & transfer a timeshare and not just amend to add the children.

But what do I know?

We have a couple of resells going thru ROFR and closing. I've asked for the children to be added to those new ownerships. Hoping it will make some of this easier / cheaper.

I see in the other thread that 6 properties moving into a trust is estimated at $3000 (or $10K or more elsewhere).

It sounds like a trust is probably the best solution but I was hoping it would be a little cheaper and less work to
just add the names. But this is all new to me?

I'd appreciate any experiences, tips, suggestions that TUG has. Also if someone has a contact email/phone number
for owner services/modifications I could use it. They just pointed me to the standard MVCI phone. I hoped for something
more direct.

Thanks ... Bill
 
Also I searched and read many of the posts with trusts mentioned. I saw that LegalZoom had a trust for
$499 and wondered if that would be adequate or dangerous without interfacing directly with a lawyer?
I assume you would still need to pay for each deed/title/ownership addition.
 
Adding your children to an existing deed would be the same process as selling the timeshare to someone else. A new deed needs to be drawn up and recorded with the county. Then MVC needs to be notified of the change. All the fees and such are the same except there is no right of first refusal.

The important question is, do the kids want to be on the deeds? I see no real reason to do such a thing as the kids can accept or disclaim the timeshares as part of the inheritance. If you put them on the deeds, they can't refuse them upon your death. They own them and have all the same financial obligations of ownership.
 
We added our niece and her husband to an existing deed. We used LT Transfers, and they made the process a smooth and seamless one.
 
Is it the same with creating a trust with the children added? i.e. new deed etc ? Are the existing deeds just added to the trust?

We were told (in a sales presentation i.e. verify Everything) that when we die the probate costs and work
required was great so the only solution is add to deed or a living trust now to avoid all the pain later?

(Obviously I need a lot more research)
 
dioxide45 said:
Adding your children to an existing deed would be the same process as selling the timeshare to someone else. A new deed needs to be drawn up and recorded with the county. Then MVC needs to be notified of the change. All the fees and such are the same except there is no right of first refusal.

The important question is, do the kids want to be on the deeds? I see no real reason to do such a thing as the kids can accept or disclaim the timeshares as part of the inheritance. If you put them on the deeds, they can't refuse them upon your death. They own them and have all the same financial obligations of ownership.
Click to expand...
And the same procedure as adding them to an existing trust or one created for this purpose.

Bill, I think the $3K quote yo saw was slightly high using LT Transfers. I think it would have been closer to $2K for the 6 properties in that thread. But you do need new deeds regardless. For us personally we're going to add our adult children to the deeds at some point as we judged a trust not reasonable in our situation. Realize that if they are enrolled you may have to re-enroll though it's a freebie to do so, just a technicality.
 
I added the kids to our Disney through LT Transfers. It was cheap and easy.

We own a lot of Sheraton Broadway Resort and mistakenly deeded many of those weeks with our kids' names attached. I am in the process of getting them off of the deeds. It's going to cost me about $45 total to get their names off of each one, doing it myself, and I am glad to not leave them with that legacy, even if they are great weeks. They can decide for themselves what they want to keep after we are gone.
 
Cindy, How will they decide? i.e. in will , they are left to them and they can have names changed (or decide no)?
Or as we were told (I know nothing!) there could be a costly probate etc.
 
Marriott owner modifications just responded with:
A transfer packet is required to add additional Owners to your ownership for each of your Deeded Weeks and Club Points contracts. Once the names have been added, you can choose to update the deeds for your ownership if you’d like.

The transfer packet form is attached to the emails.

So this is clearer than their previous response that essentially said new deeds and registered then add .

I assume this still leaves open any issues if they'd want to sell any or turn back in to Marriott (...need clean deeds). So the kids could take over the ownership and MF's but only if they keep the weeks/points together... If they didn't want certain weeks (or points) they'd need a clean deed to dispose them.

Thanks for all the comments and help!
 
billhall said:
Cindy, How will they decide? i.e. in will , they are left to them and they can have names changed (or decide no)?
Or as we were told (I know nothing!) there could be a costly probate etc.
Click to expand...
The timeshares that are in our names, just Rick's and mine, cannot be inherited by our kids because they didn't buy or sign anything. IF their names are on the deeds, they are stuck with the weeks. I have made some big errors in deeding these weeks with kids' names. I plan to reverse it, however I can.
 
Cindy, I was referring to your statement "They can decide for themselves what they want to keep after we are gone.". Once you remove them from the deeds, your deeds will be similar to ours "only my and my wife's names".... If the decide they want to keep certain deeds at that point , how do they do it? Go to Probate and obtain ownership or what ? I understand the concept that if their names aren't on the deeds
they don't have to keep and they go back due to death or MF's not paid. The easy approach is if our kids don't want any of the timeshares and they let them go ....harder is if they might want to keep some but not all.
 
I do not know for sure how they would keep some and not all of the weeks. We own a lot of weeks. I sold four, maybe selling a few more to a TUG member soon. The rest, I will just deed into our names. Maybe we will live another 20 years and with the ability to use them right up until the end, and I am worrying about nothing.
 
@billhall What @dioxide45 said is best. Why do you want them on your deeds now? Life happens. They could lose their jobs etc. don't lock them in after you die.

If you want them to have access. Just give them your login and let them book and repay you for maint fees. They could do this indefinitely keeping it in your name after you die until they are done and they could then revoke the inheritance. There is a case on TUG where someone did this for 11 years and never put it in their name.

Alternatively, put the deeds into a revocable living trust with you and your spouse as Trustees. In the trust you can then specify that they would become beneficiaries of the timeshares when you die, they can then revoke the inheritance if they do not want them at that time. Generally retitling into a revocable living trust is not considered a sale but check with MVC. You would need to retitle the deed with the county under the trust.

YMMV...I am not a lawyer so a lawyer on the forum may have a better perspective.
 
Last edited:
CalGalTraveler said:
Generally retitling into a revocable living trust is not considered a sale but check with MVC. You would need to retitle the deed with the county under the trust.

YMMV...I am not a lawyer so a lawyer on the forum may have a better perspective.
Click to expand...
I’m moving our portfolio into a revocable trust and Owner Modification has confirmed it is not a sale and will not affect enrollment status.
 
djohnst1 said:
I’m moving our portfolio into a revocable trust and Owner Modification has confirmed it is not a sale and will not affect enrollment status.
Click to expand...
Ownership in a trust can be messy. I understand that you also need to have some type of owner login or profile setup for each of the trustees so reservations get put into the names of real people. Some people have arrived at the resort when the resort couldn't find their reservation because the reservation was somehow made under the name of the trust.
 
dioxide45 said:
Ownership in a trust can be messy. I understand that you also need to have some type of owner login or profile setup for each of the trustees so reservations get put into the names of real people. Some people have arrived at the resort when the resort couldn't find their reservation because the reservation was somehow made under the name of the trust.
Click to expand...
I’ve read about those issues posted in previous threads. Figure I need to be careful and verify the reservations to ensure that doesn’t happen. This should make selling or deed back simpler after we are gone.
 
All of our current weeks and points are in my wife's & my name. I have a couple of resales underway that we are closing with ours & the 2 kids on the deeds. I thought this would start the road to having the kids on all the ownership. Now I'm worried that I'm causing problems ... Will Marriott add those weeks to our current account (I had unenrolled weeks there early in Destination points). OR will this cause problems
and force a new MVCI account for the 4 owners? I know if I use II , I'll need a non-corporate account (don't plan to trade the resells (yet)).

If this causes headache, I might be able to change the current closings and go back to just our 2 names. Then later do the whole change at one time.
 
billhall said:
All of our current weeks and points are in my wife's & my name. I have a couple of resales underway that we are closing with ours & the 2 kids on the deeds. I thought this would start the road to having the kids on all the ownership. Now I'm worried that I'm causing problems ... Will Marriott add those weeks to our current account (I had unenrolled weeks there early in Destination points). OR will this cause problems
and force a new MVCI account for the 4 owners? I know if I use II , I'll need a non-corporate account (don't plan to trade the resells (yet)).

If this causes headache, I might be able to change the current closings and go back to just our 2 names. Then later do the whole change at one time.
Click to expand...
We have been told by MVC that all units must be under the same titling (name or trust) or they will not put them in the same account. We have all of ours in our trust. MVC gave both my DW and I and our trust a different account number, but all units appear in our account under the trust. On occasion we have a reservation appear under the name of our trust rather than my name, so when the front desk can’t find a reservation under my name I ask them to look under “trust” and they find it there.

We decided to leave our kids out of it and just put everything in the trust. They can accept or decline inheriting any or all of them when the time comes.
 
billhall said:
All of our current weeks and points are in my wife's & my name. I have a couple of resales underway that we are closing with ours & the 2 kids on the deeds. I thought this would start the road to having the kids on all the ownership. Now I'm worried that I'm causing problems ... Will Marriott add those weeks to our current account (I had unenrolled weeks there early in Destination points). OR will this cause problems
and force a new MVCI account for the 4 owners? I know if I use II , I'll need a non-corporate account (don't plan to trade the resells (yet)).

If this causes headache, I might be able to change the current closings and go back to just our 2 names. Then later do the whole change at one time.
Click to expand...
If your kids are happy to inherit your weeks, then you are doing the right thing.

We didn't put any of our kids on our oceanfront center weeks. We have 3 kids, we own four weeks. Once we show our oldest son the view that we own, maybe he would want to have a couple of weeks, maybe not. But we have 3 kids and four weeks. The math doesn't really work all that well.

We have one Sheraton every-other-year in particular that is deeded to our daughter-in-law as well as the other kids. I had to open another II account for that one week. I am regretting the decision to add her to that week in 2008. II and Vistana will not let me add that week to my other two exchange accounts. I have to get that one out of our DIL's name.

This would be a reason to deed everything the same. Who wants multiple II accounts? But if you are using Abound/ Destination points, maybe it doesn't matter, I don't know about II accounts.
 
Thanks! It seems I was making things a lot worse than starting to solve it.

Sounds like:
I should get the account stable again,
at some point set up the trust or plan to add the names
then go thru all the deed changes. (for trust or just add to deeds)
 
I just finished adding my daughter to 10 weeks that she wanted. Her brothers weren’t interested and she had 2 of her own and knows how to manage usage and rentals. Her friend told her it would be easier to do while I was alive. 8 weeks were handled by LT transfers and 2 were in the Bahamas where an attorney is required to rip you off for about $2000 each. We’ve been working on it and it’s finally finished after many months, partly because she was in Spain for the last year. The whole process cost her about $10,000.
 
Both of my weeks are in my revocable trust per Attorney. He said after I’m gone, the successor trustee must sign the weeks back to Hilton.No probate will be needed. Neither of my kids want them, too much time required to book a good week.
 
I don't understand trusts very well but I understand corporate stuctures better. I've seen people put their house in an LLC very often. This makes it easy to convert to an investment property if later they decide to rent. I also think it's an good solution for passing the assets to the next generation, compared to a trust, due to its flexibility.

But I understand many timeshare companies don't want to deal with LLCs for some obvious reasons. I would only do this for high value timeshares and I am already considering it for my new home purchase. So curious if anyone can share their experience of dealing with timeshares in LLCs, particularly for Marriott, Hilton and DVC.
 
dioxide45 said:
Adding your children to an existing deed would be the same process as selling the timeshare to someone else. A new deed needs to be drawn up and recorded with the county. Then MVC needs to be notified of the change. All the fees and such are the same except there is no right of first refusal.

The important question is, do the kids want to be on the deeds? I see no real reason to do such a thing as the kids can accept or disclaim the timeshares as part of the inheritance. If you put them on the deeds, they can't refuse them upon your death. They own them and have all the same financial obligations of ownership.
Click to expand...
If you added a family member to a pre 2010 deed, would that deed still be eligible for points? Does this count as a "sale" ?

I was told at a presentation that if you did this, it would maintain the original person's info but now your name is also in the system and deed. You can remove the original person a couple of years down the road.
 
Please excuse my ignorance on this - Can we not just put our NCV deeded week and Abound points into our trust so that is passes ( with everything else) to our kids when we pass? Or do I have to add them directly to the deed in order for them to keep it?
 
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