In the process of signing contract

[heckp]

I'm in the process of signing contract on purchase of TS resale. I've asked to put my children's name in the deed since my intentions are for them to continue after. Am I complicating things? Is it easier to just put under our (husband) names first? My kids are knowledgeable and agreeable about the implications after.

 

[vacationhopeful]

Yes, you are getting into a rat's nest of problems.

First off - you and the kids are getting into where EVERYONE has a different opinion. And the courts look on real property as an asset - complete with appraisals required for things like DEATH, divorices, assets for nursing home, lawsuits, and then finally, to disposal via gift or a sale (ha, ha) ... another round of getting everyone to agree and then SIGN to do such.

Would you put all your kids on the recreational vehicle title? Or on a boat title?

Timeshares are great until the MFs increase, special assessment happens, families get larger, family feuds develop, and someone dies or stops paying their share of the debt.

So apply the K.I.S.S. principle of life .... you want, you own it and your name is on it.... then you decide usage and pay for the bills.

PS Give you another HINT ... no one gets FREE usage. So if the family member who has lost a job wants to go on vacation ... get them to PAINT your personal house with a contract and work gets done before VACATION time. Or if they make lesser income or have unexpected bills .... maybe, they should save better or get a second job. Or YOU take the grandkids and leave the parents home.

I take my nephews on solo trips over the last 10+ years. I fly them and I feed them; the parents usually give them $20-30 for pocket money and to bring home a gift to whoever.

I host adult family get-togethers (siblings with spouses, no kids) for 10+ days (premise is 2 weekends included to allow decent travel arrangements) ... that is 7-9 adults in attendance. I pay for the "roof" (the timeshare) and everyone pays for their travel to the timeshare. They buy everything else - so no rental car for me (I ride with them), no food expenses for me, no tickets expense for me - and I am NOT party to how they handle the various costs. Have done these trips to South Florida, Kauai, and last two were to Phoenix - referred to as "My Birthday Party Weeks" or "Spring Training Weeks". And very well attended ... lots of fun.

 

[bogey21]

You are unnecessarily setting them up for a potential problem when you don't have to. What if they don't want or can't afford the Weeks. The best thing to do is leave the TS Weeks to them in your will. That way they can choose to accept or decline them when they are older and presumably know if they want them or not.

George

 

[Talent312]

None of this may ever be an issue for you, but it could be:
1. What if you ever want/need to sell it? You'd need their signatures on the deed, or their heirs'
2. What if any of them want's out? He/she might have to sue the others for partition.
3. What if any of them suffer a judgment? Their creditor(s) could attach their share.

We thought about adding a son to a 2nd home which he "rents" from us, but he has an ex who is
not above using his assets for legal claims. We thought it best not become entangled in that drama.

 

[TSPam]

I'm in the process of signing contract on purchase of TS resale. I've asked to put my children's name in the deed since my intentions are for them to continue after. Am I complicating things? Is it easier to just put under our (husband) names first? My kids are knowledgeable and agreeable about the implications after.

Hi,
I am in the process of adding our two adult daughters to our Disney contract. We have a small contract and it finishes in 2042. I am able to add them for a minor cost but I think that I would have rather put them on the deed when we bought it. We are adding them to get the added perks that an owner gets.

I am not likely to add them, or our sons, to our timeshare that doesn't have an end point. For that one I want them to have the choice to NOT take it when we die.

Pam

 

[heckp]

Thank you! I will have to ask them again then to make sure. My daughters are 20 and 22 and they love travelling as well because we've always taken them with us and until now they're still looking forward to the next vacation we've booked. I did explain to them that if their names are in the deed, they will have no choice but to take over if anything happens to us. They also know that MFs only goes higher. Although now things are clearer, I like the idea of them being able to have a choice of keeping it or not when that time comes.
We didn't add them to our other TS though. We were too amateurs then, we didn't know what questions to ask

 

[PigsDad]

Ask yourself this: what advantage is there to adding them to the deed? If there are no real owner benefits (such as Disney in the above post), why would you add them? If your goal is to share the timeshare with your family, you can do that just as easily if it is in only the parents' name. When you are gone (which hopefully is several decades from now), your children could still have the timeshare via their inheritance -- but it would then give them an "out" if they didn't want it. Putting it in their name now removes that option.

Again I ask: what advantage is there to adding them to the deed? I don't see any.

Kurt

 

[VegasBella]

The advantages:
- they can use the week without you and without paying for a guest certificate
- won't have to pay any transfer fees later
- they get day use or other benefits for owners


Disadvantages:
- they won't need your approval to deposit the week for exchange
- the timeshare could be lost if one of them goes bankrupt or severe debt
- they may not agree after your gone and one might stop paying MF etc, saddling the other with a burden

 

[theo]

Yessa!

None of this may ever be an issue for you, but it could be:
1. What if you ever want/need to sell it? You'd need their signatures on the deed, or their heirs'
2. What if any of them want's out? He/she might have to sue the others for partition.
3. What if any of them suffer a judgment? Their creditor(s) could attach their share.

We thought about adding a son to a 2nd home which he "rents" from us, but he has an ex who is
not above using his assets for legal claims. We thought it best not become entangled in that drama.

As always, Talent312 has provided sound and wise advice not to be taken lightly.

OP: Don't put the kids on that deed, believing (possibly very incorrectly) that you are somehow providing them with a future "gift".
That "gift" could instead later become an unwelcome and smelly albatross, involuntarily hung around their necks without their prior knowledge or consent.

 

[Ty1on]

Thank you! I will have to ask them again then to make sure. My daughters are 20 and 22 and they love travelling as well because we've always taken them with us and until now they're still looking forward to the next vacation we've booked. I did explain to them that if their names are in the deed, they will have no choice but to take over if anything happens to us. They also know that MFs only goes higher. Although now things are clearer, I like the idea of them being able to have a choice of keeping it or not when that time comes.
We didn't add them to our other TS though. We were too amateurs then, we didn't know what questions to ask

Also, please do consider this: At 20 or 22, did you know what your life would look like and what you would want/need at 50? 40? The fact that they are onboard may be more an indicator that they can't see the potential pitfalls of their name being on.