Adding My Children's Names to My Account

[VacayKat]

Not sure that’s a great idea. Then some of your assets are tied up in perpetuity to pay the mf and airfare, etc. The kids’ lifestyles could totally change and the money is just wasted. Someone still has to manage the accounts. I’d be surprised a lawyer would recommend this. Give your kids the money instead and let them plan their own vacations. They will have to figure out how to dispose of the timeshare(s) eventually. That will be a PIA on something that likely has no market value.

Thanks for your opinion. But if this is how we want to structure our gift to our children, then the children we have raised will be very grateful to have been given such a gift. And as we set this up rest assured all of the answers to your thoughts have been considered and will be well accounted for. We will have a way for the children to exit if necessary, but it won’t be to recoup cash. I don’t know about others, but I for one, don‘t intend to leave my kids a lump of money as an inheritance, we have raised them well and they can earn their own. Frankly after we are dead who cares about the money, we’ll be dead!!
This thread was about adding kids- this is how we are thinking of doing it so I thought it was worth sharing. I get it won’t work for all families but the OP might want to think about something like it to reduce the inheritance problems of MF.

 

[Patri]

If it is its own independent trust I would think that is better than including in an estate trust. Congrats to you on doing what works for your family.

 

[Sandi Bo]

So, I'll post my 2 cents. Our additional family members have been added by purchasing an additional contract (as several have noted above). It's been really nice. They are not financially responsible for the whole kit and kaboodle, only the small contract they have been added to. One common name (on the original deed and the additional contract) will allow the contract to be added to the existing membership.

I bet we saved close to $1000 this month alone. Couple ski trips to Bentley Brook (I have sisters that live in the area, they and their kids are regulars there). Maybe 4 stays at Bentley Brook. Son went to New Orleans Mardi Gras week and stayed at La Belle Maison. Brother stayed at Ocean Walk Daytona 500 weekend. 3 nephews got together in Colorado for a ski week and stayed 4 nights in Avon. It was an unusual month, but there have been other times we've had heavy usage like this (as I often lament I am the only one not having fun somewhere, woe is me).

A not often mentioned advantage to being owners on the account is the extra flexibility it gives us to book. In New Orleans, I pieced things together. 2 nights + 2 more nights, etc, as I found them. I can do that with an owner. If the room types are the same, they stay in the same room. As an owner, there are no guest fees. If not an owner, it's cost prohibitive to piece things together as each piece needs a GC. In Avon, they had a 2 BR Pres 2 nights and a 1 BR Pres 1 night. Again, much more doable for an owner. (And often, if you are willing to voluntarily downgrade (in this case to a 1 BR Pres) they will keep in you the same room for all of your stay (I have no idea if my nephews did that)). It's nice for you (not to move) and saves on housekeeping, the resorts don't have to clean. A win-win for the owner and the resort.

Also worth noting, as people so often complain about not being able to book... we had someone staying in Daytona Beach (3 BR, BTW) during the Daytona 500, New Orleans during Mardi Gras, and skiing in Colorado President's week. (New Orleans and Avon were presidential units). All booked last minute.

We do have a lot of fun stories, we've certainly used and enjoyed the ownership. My daughter stayed at the Grand Desert in a 4BR Presidential with some friends, she was probably mid 20's at the time. Rode the elevator multiple times with the sales people on tours. Several times they were asked if they were they going to the correct (presidential) floor. So they enjoyed that. My son went to New Orleans, not for Mardi Gras, but for a wedding. One of his best friends 'eloped' and invited just a few people. The friend lives in New Orleans. Lundi Monday (hope I am saying that right) is a day of spontaneity? So they wandered about til they felt like getting married, and got married in Jackson Square. Son had a presidential suite at La Belle Maison, so that is where they ended up for the reception. I think 10 or so of them. He texted me to be sure to leave a good review for the front desk staff, he just couldn't believe how awesome they were. We have had countless family reunions -- Daytona Beach, Orlando (Bonnet Creek), Myrtle Beach, Tennessee, Oceanside, CA, Anaheim, CA (we did have Hawaii booked this year but had to cancel - hoping for next year). Having 5 or 6 rooms for the reunions, it sure is nice to be owners.

All the words of caution, taking on financial responsibility, families sharing, must be taken into consideration. Everyone's situation is different. For us, this is working, things will change over time. I predict some day one of my nephews will take over managing it, I don't expect my kids to (one of three is not an owner, she said no thanks, I'll pay the guest fee). I did my best to lay out the pros and cons, advantages and risks, and each family member made their own decision. The way it works today, whoever uses it pays the maintenance fees (at the going rate) for the points they use. Excess points are rented.

 

[fcrawford]

Several years ago my widowed father was ready to transfer his various TS ownerships to me and my siblings. We used LT Transfers, www.LTtransfers.com, and they handled everything efficiently and at reasonable cost. I recommend them to you.

Thank you

 

[fcrawford]

If it is its own independent trust I would think that is better than including in an estate trust. Congrats to you on doing what works for your family.

Thanks

 

[fcrawford]

There are ways of doing this that may work for you.
[I am not a Wyndham owner]

One method I have read about in the Wyndham forum is buying / getting for free -a very small point contract ( 27 K or 49 K points ) and putting it jointly in your names.* . This would require paying Wyndham’s $ 399 transfer fee.[edited -$299 / per Jan M’s post #20 in this thread]
This allows a use of your points without having to pay for guest certificates etc. for family members.
*[This strategy prevents your children from being responsible for your entire MF if life changes unexpectedly occur ,since they only own 1 small contract ]

There are TUG members that can advise you on the pros & cons of this and various other strategies that will allow optimum family use of your Wyndham points and ownerships.

A moderator should probably move this thread to the Wyndham forum to assist you in getting more information
and I have sent a PM -conversation requesting that it be moved.

Thanks for the information.

 

[fcrawford]

I can relate... we have 3 adult children, each now married with kids. We gave each couple 2 week-long stays to use during their honeymoon or later. Since then, each couple/family has loved using our Wyndham points on occasion and they reimburse us for maint fees and guest cert fees (if any). So we looked for ways to reduce guest cert fees too. But we've found that as long as we/they were using points to book 3-4 night stays or longer, we generally have had enough free guest certs each year. As they've gotten more familiar with the reservation/cancellation procedures, it's been less of a hassle for us (me) to handle making their reservations.

Another option for them is to let them know about alternative ways to book timeshare rental vacations for themselves as non-members... ExtraHolidays.com (Wyndham and many RCI resorts), SkyAuction.com (RCI & hotel resorts), CondoDirect.com (II resorts), etc. No guest certs required. Make sure to read fine print about additional mandatory fees and cancellation policy (usually no refunds).

Thanks for sharing your experience. This certainly helps me in making a conscious decision.

 

[fcrawford]

I'm in the no one has access to our account but me camp. My husband, son and daughter-in-law all have log ins that I set up but haven't given them. DH and son know where to look for that information should something happen to me. I put the phone number and our owner number in DH's phone and he knows he could call in if I needed him to.

If the time comes that our son and DIL are paying the maintenance fees on the points they use I would be willing to give them access to the account. I should live that long, Lol. Who wouldn't rather call their mother or MIL and say we want to go here, have her arrange it, pay the maintenance fees on the points and then book and pay for the flights as a Christmas, birthday or anniversary present. I'm also in the I'd rather have our son and his family enjoy what we can provide while we're here to see it than when we're dead and gone camp.

I should also say that I don't do presents at Christmas, birthdays or anniversaries. Their vacations and flights are their presents. DH and I started this with each other years ago. Not that I'm counting or anything but only 17 more days left before we see our son, DIL and two granddaughters ages 4 and 9. This was their Christmas present. We're staying at Reunion resort in Orlando and the day they arrive is also our 43rd anniversary!

Thank you. Good idea

 

[fcrawford]

Fun Wyndham stories when your adult child is an owner.

When our son was in college he worked at Best Buy. He's exceptionally good at sales, was one of the few people in the store qualified to sell in every department and knows how to chat up a customer. He had a customer he had been specifically asked to help who had a Wyndham silver VIP hat on. So he commented on it saying he's a Wyndham owner too. The man looked at him and said in a very disparaging tone "Like you'd know what that is" meaning the silver VIP. Our son looked him dead in the eye and replied " Actually I do know because my hat says platinum." He has another fun story about being a PR owner at the age of 25.

One year as an early birthday present I paid for our son's flight to Las Vegas for a long weekend and bought him a ticket to a U2 concert. He'd seen U2 in concert in Vegas at UNLV when he was 14, his first concert. It's a whole neat story. The manager of the Best Buy store he worked at was planning a trip with friends to see that concert and our son suggested more than once that he contact me about staying at the resort but he never did. At our son's request I was holding a two bedroom deluxe unit and had given our son a price on it to tell his manager.

Since we own at Grand Desert I gave our son the limo driver's phone number to call to reserve the limo to take him to the concert. I don't know if the resort still has the limo but you had to own there to be able to use it. The driver worked for tips so I told our son to offer to share the limo so the driver made more. Our son's waiting outside the front door of the resort for the limo and sees a group of four nicely dressed, early to mid 30's aged men waiting for a taxi to the concert and offers to share the limo with them. One of the men is a doctor, one a lawyer, one a CEO and I forget what the 4th one did; all friends from their college days. They're really impressed that he rates the limo and during the ride shared their very expensive vodka with him. Our son was 23 and was equally impressed with their pricey vodka, lol.

Anyhow fast forward to our son's return to work and the next time he's talking to the store manager. They're talking about the concert and the store manager says he and his buddies missed the first 45 minutes of the concert because the line of traffic into Boyd Stadium was so backed up. Not only that but he and his buddies shared a hotel room at the MGM and paid through the nose for it. I don't remember the details but it wasn't a particularly enjoyable experience. Our son tells him what he missed in the concert, about what a good time was had by all in the limo, who he shared it with and what else we did that weekend that the manager and his buddies could have joined in. The manager said he really, really wished he'd called me.

Thanks for sharing those stories. Love them.

 

[fcrawford]

Fwiw, OP said "young adult children". They may very well not actually be minors.

That aside, I personally think that it is a uniquely bad idea to unilaterally assign legal co-responsibility to other family members now --- for something which those adult children may want nothing to do with later. Why unilaterally place that particular burden on their shoulders now, thereby (permanently) making them co-equally responsible for all of the associated contractual obligations?

To each their own, of course. This is just my viewpoint and personal opinion.

Appreciate your viewpoint. Thanks

 

[fcrawford]

There are two key factors in my suggestions let them know about the yearly M/F cost and the Exchange Fees costs.
Really there are three factors, please let them know most timeshare resorts have no true market value. IMHO.

Thank you

 

[T_R_Oglodyte]

I add my two cents. Don't do it. Passing them on as a shared interest is almost certainly going to create friction and divisions among the children down the road. There will be disagreements about who gets to use the unit. What happens to the ownership when a couple divorces. Someone might want out and will sell their interest. Or that person - or surviving spouse will simply stop paying and will be unresponsive to attempts to get their name off the deeds.

The trust mentioned above could be a way of dealing with it. But the best solution is to work a way to pass it along in sole ownerships. You mentioned that you have several contracts. That creates the possibility for giving specific contracts to specific children.

 

[Jan M.]

I add my two cents. Don't do it. Passing them on as a shared interest is almost certainly going to create friction and divisions among the children down the road. There will be disagreements about who gets to use the unit. What happens to the ownership when a couple divorces. Someone might want out and will sell their interest. Or that person - or surviving spouse will simply stop paying and will be unresponsive to attempts to get their name off the deeds.

The trust mentioned above could be a way of dealing with it. But the best solution is to work a way to pass it along in sole ownerships. You mentioned that you have several contracts. That creates the possibility for giving specific contracts to specific children.

The OP never said if they have a VIP account. If so breaking it up would be the worst decision they or down the road their kids could make. Especially with the new VIP accounts no longer having unlimited housekeeping credits. It's important to educate your kids and family members about the value of what you and they have if it's a VIP account. That way they're smart enough to know what they have and not screw up.

Of the four resorts OP has listed that they own at Grand Desert likely has the lowest maintenance fees and depending on which building Ocean Boulevard might not be bad either. It isn't necessary to put the kids on every deed/contract in the account. They could also just pick up a cheap resale for a small number of points and put the kids on that. I'd go with CWA to round out their portfolio since it appears they don't already own any CWA. The kids are only responsible for the maintenance fees on the deeds or contracts their names are on.

Unless you own somewhere or something with the highest maintenance fees it really isn't that difficult to find someone to take a contract/deed off your hands with them paying the cost of the closing and transfer fees. It isn't unusual to see something even with high maintenance fees find a new home if you're offering to pay the closing and transfer fees of about $525 per deed or contract.

Why focus on the negative? Many, many families successfully share an account. You can have the maintenance fee payments go on more than one credit card so each family member pays their own portion. Of course there's the occasional family that can't successfully share an account. When that happens they work it out one way or another. When it comes to divorce or removing a family member only the uneducated owner thinks what they own has significant resale value. Again why it's important to educate your family. With a divorce who gets the timeshare if one party wants to keep it should be addressed in the separation/divorce agreement.. It's not that difficult to have the parties sign the paperwork in front of a notary to take one party off. Although if the situation was acrimonious I'd sure want to personally witness that envelope being put in the slot at the post office or a mail box.

 

[Rflow]

So, I'll post my 2 cents. Our additional family members have been added by purchasing an additional contract (as several have noted above). It's been really nice. They are not financially responsible for the whole kit and kaboodle, only the small contract they have been added to. One common name (on the original deed and the additional contract) will allow the contract to be added to the existing membership.

I bet we saved close to $1000 this month alone. Couple ski trips to Bentley Brook (I have sisters that live in the area, they and their kids are regulars there). Maybe 4 stays at Bentley Brook. Son went to New Orleans Mardi Gras week and stayed at La Belle Maison. Brother stayed at Ocean Walk Daytona 500 weekend. 3 nephews got together in Colorado for a ski week and stayed 4 nights in Avon. It was an unusual month, but there have been other times we've had heavy usage like this (as I often lament I am the only one not having fun somewhere, woe is me).

A not often mentioned advantage to being owners on the account is the extra flexibility it gives us to book. In New Orleans, I pieced things together. 2 nights + 2 more nights, etc, as I found them. I can do that with an owner. If the room types are the same, they stay in the same room. As an owner, there are no guest fees. If not an owner, it's cost prohibitive to piece things together as each piece needs a GC. In Avon, they had a 2 BR Pres 2 nights and a 1 BR Pres 1 night. Again, much more doable for an owner. (And often, if you are willing to voluntarily downgrade (in this case to a 1 BR Pres) they will keep in you the same room for all of your stay (I have no idea if my nephews did that)). It's nice for you (not to move) and saves on housekeeping, the resorts don't have to clean. A win-win for the owner and the resort.

Also worth noting, as people so often complain about not being able to book... we had someone staying in Daytona Beach (3 BR, BTW) during the Daytona 500, New Orleans during Mardi Gras, and skiing in Colorado President's week. (New Orleans and Avon were presidential units). All booked last minute.

We do have a lot of fun stories, we've certainly used and enjoyed the ownership. My daughter stayed at the Grand Desert in a 4BR Presidential with some friends, she was probably mid 20's at the time. Rode the elevator multiple times with the sales people on tours. Several times they were asked if they were they going to the correct (presidential) floor. So they enjoyed that. My son went to New Orleans, not for Mardi Gras, but for a wedding. One of his best friends 'eloped' and invited just a few people. The friend lives in New Orleans. Lundi Monday (hope I am saying that right) is a day of spontaneity? So they wandered about til they felt like getting married, and got married in Jackson Square. Son had a presidential suite at La Belle Maison, so that is where they ended up for the reception. I think 10 or so of them. He texted me to be sure to leave a good review for the front desk staff, he just couldn't believe how awesome they were. We have had countless family reunions -- Daytona Beach, Orlando (Bonnet Creek), Myrtle Beach, Tennessee, Oceanside, CA, Anaheim, CA (we did have Hawaii booked this year but had to cancel - hoping for next year). Having 5 or 6 rooms for the reunions, it sure is nice to be owners.

All the words of caution, taking on financial responsibility, families sharing, must be taken into consideration. Everyone's situation is different. For us, this is working, things will change over time. I predict some day one of my nephews will take over managing it, I don't expect my kids to (one of three is not an owner, she said no thanks, I'll pay the guest fee). I did my best to lay out the pros and cons, advantages and risks, and each family member made their own decision. The way it works today, whoever uses it pays the maintenance fees (at the going rate) for the points they use. Excess points are rented.

We are planning to do this with our kids in a small contract. Will they have access to all points we have or just the points that are a part of the small contract their name is on?

 

[Sandi Bo]

We are planning to do this with our kids in a small contract. Will they have access to all points we have or just the points that are a part of the small contract their name is on?

That's perfect. They will have access to all points. When you book a reservation, their names will be in the drop down to select who is checking in (as the traveler (they'll be in the owner name drop down)). When you add the contract, you can ask the seller (or broker) to make note to add it to your existing account. If they don't you can ask Wyndham to do it later. To be clear - your name needs to be on the small contact you purchase, too (that is what allows it to be added to your account).

 

[Rflow]

That's perfect. They will have access to all points. When you book a reservation, their names will be in the drop down to select who is checking in (as the traveler (they'll be in the owner name drop down)). When you add the contract, you can ask the seller (or broker) to make note to add it to your existing account. If they don't you can ask Wyndham to do it later. To be clear - your name needs to be on the small contact you purchase, too (that is what allows it to be added to your account).

Thank you
I will ask the broker to add them to this new contract. I’ll have to call Wyndham to put them together later because the first contract won’t be completely finished in time. Wyndham says 2-4 more weeks left in that contract. I’m excited to do this as a way to allow them to travel on our points if we know that we are not going to use them. They are young adults 19-28 and will enjoy using it. Will they have to sign the contract as well, because 2 are way at college and not physically here with us.

 

[Sandi Bo]

My best guess is what is needed may depend on the broker or the resort. For the most part, when I purchased something, I was able to send a copy of the driver's licenses for those on the deed - I'm not even sure they needed to sign anything. The last contract we purchased was in 2020 at Bali Hai. For that one, everyone on the contract had to sign and notarize (as well as send a copy of their driver's license). It wasn't too bad, as only one person wasn't local with me - my niece was in South Carolina (go Tigers), I sent the purchase agreement to her last, she got it notarized, and she forwarded it on to the broker. I don't recall doing that with any other contracts. Your broker should be able to outline for you what's needed and help you through it

BTW, my niece was 20 at the time. She could be on the deed - and yet most resorts (if not all) don't allow anyone under 21 to checkin. I don't know if they'd let an under 21 owner checkin if someone with them was over 21 (without using a guest confirmation). I don't think she ended up using it before she was 21. When my nephew was 19 or 20, he was firejumping in Arizona. And an owner. I looked into him staying at a Wyndham there and they said they'd figure out something (since he was an owner). In the end, it wasn't necessary, but the resorts are very reasonable to work with.