Tranferring HGVC Into Trust

[IrishDave]

Does any know if HGVC charges all of the transfer fees (transfer, activation, club, etc) if you transfer timeshare into a trust? My gut says yes but just checking!

 

[1Kflyerguy]

We did this a few years ago, and no they did not charge all those fees, at least back then.

My wife and I were the sole owners of the HGV timeshare, and we are the owners of the trust. Not sure how they would handle things if the trust had different ownership than the timeshare interval.

 

[IrishDave]

Thanks!

 

[vacationbear]

Thanks!

Please share your experiences once you have completed the transfer, I am about to finalize our trust and will do the same thing.
Thanks

 

[JohnPaul]

We own in NYC and it has proved complicated dealing w NY. Apparently we need a NY lawyer.

 

[bogey21]

Why doe one put TimeShare Points or Weeks into a Trust...

George

 

[IrishDave]

Why doe one put TimeShare Points or Weeks into a Trust...

George

Assuming I still own them when the time comes, I don't want my heirs to have to deal with probate in several different states

 

[1Kflyerguy]

Assuming I still own them when the time comes, I don't want my heirs to have to deal with probate in several different states

That is exactly the reason i did this. I have seen several messy estates with lots of loose ends and extra work for the family. I just want to make things easy. Of course i may or may not still own my timeshares but wanted to put things into the best possible position for my son.

 

[MPrince]

I contacted HGVC Title Services about transferring my timeshares to a trust. They quoted $500 for my Nevada timeshares, $1,400 for my DC timeshare, and said they couldn't do South Carolina because they are not authorized by the state to do transfers.

Those are outrageous fees, the recording fee in Clarke County Nevada is $42.

I emailed them again asking what the fee is if I handle all the paperwork, still waiting to hear back.

 

[vacationtime1]

Why doe one put TimeShare Points or Weeks into a Trust...

George

Assuming I still own them when the time comes, I don't want my heirs to have to deal with probate in several different states

Avoiding multiple probate proceedings is one good reason to hold timeshares in a trust.

Another good reason is to simplify management of your timeshares (i.e. empowering someone to sell them for you) in the event of your incapacity.

 

[NOLA47]

Does placing the timeshares in a trust obligate the child/children in the event they have no interest in them or if they can’t afford the maintenance fees?

 

[amirh]

Hello All,

Any thoughts about foreign TS? We own Craigendarroch Lodges which is RTU.

 

[MPrince]

Does placing the timeshares in a trust obligate the child/children in the event they have no interest in them or if they can’t afford the maintenance fees?

Depends on the terms of the trust. You can direct that all trust assets are to be liquidated, with the proceeds to be distributed to the beneficiaries. The successor trustee will sell all the assets held in the trust, including timeshares. Until such time as the timeshares are sold, they remain trust assets, and the maintenance fees would be paid from trust assets, not by the beneficiaries.

If the trust states that the timeshares are to be distributed to the beneficiaries, then they would be responsible for paying the maintenance fees, or they would need to sell the timeshares if they are not interested in owning them.

 

[vacationbear]

I contacted HGVC Title Services about transferring my timeshares to a trust. They quoted $500 for my Nevada timeshares, $1,400 for my DC timeshare, and said they couldn't do South Carolina because they are not authorized by the state to do transfers.

Those are outrageous fees, the recording fee in Clarke County Nevada is $42.

I emailed them again asking what the fee is if I handle all the paperwork, still waiting to hear back.

Those fees are beyond outrageous!
The attorney who drafted our Living Trust just sent us the paperwork to record our Hawaii & Oahu TS. We will pay the recoding fee only (not sure how much, yet) but she can do it.
So far, the process seems super simple, I have not- and will not- contact HGCV.
Will post again once I know time & costs...

 

[MPrince]

Just heard back from Title Services. If you do the transfer yourself HGVC does not charge a fee to update their records. Transferring title to a trust is just a matter of filling out the paperwork and getting it recorded, so shouldn't be a big deal.

 

[letsgobobby]

Good to know, for better or worse I bought my two units directly in trust to avoid transferring later .

 

[vacationbear]

Just heard back from Title Services. If you do the transfer yourself HGVC does not charge a fee to update their records. Transferring title to a trust is just a matter of filling out the paperwork and getting it recorded, so shouldn't be a big deal.

I signed the forms from my attorney and the forms are indeed very straight forward. Yet, I leave it to a professional to get this done correctly.
Will mail the forms back, current total costs: 50 cents of postage...

 

[IrishDave]

Please share your experiences once you have completed the transfer, I am about to finalize our trust and will do the same thing.
Thanks

So I finally executed the trust and HGVC did not charge anything because our lawyer worked the transfer of the deeds into the trust. All I had to do was email them a scan of the trust document and recorded deeds and a couple of weeks later our ownership reflected "trustee". Surprisingly painless. When I called to ask, they did offer to do the transfer, which would have had fees, but my deeds were already transferred (with my lawyer charging of course!).

 

[ernststarhemberg]

When HGV deeds are transferred to a trust, bequeathed to the kids, how does it work after the kids inherit the trust?

If there are, say, three kids, do they all show as 'trustee' on the HGV trust? Is it up to them to split the MFs three ways or figure out how they want to handle them otherwise?

For purposes of HGV Max tier, which is determined by the total deeded points, is it beneficial to maintain all deeds in a trust to maintain that point level/Max tier? Would all trustees (three) then receive the same Max tier (e.g. Premier+ or Centum)?