Transferring portfolio points to family

[dahntahn]

We are long time HVC members/owners who started out with resale legacy weeks. Converted to all portfolio 4 years ago so that our kids could travel on them at different times [they are teachers] and for shorter stays than a week at a time. Now that we are finding travel much more difficult and unpredictable due to advancing age [in our 80s], we would like to transfer title of the points to our two daughters but are uncertain how this can be done. Have any other owners had experience doing this? We are long time tuggers who love the info and advice we have found on the site.

 

[heathpack]

We are long time HVC members/owners who started out with resale legacy weeks. Converted to all portfolio 4 years ago so that our kids could travel on them at different times [they are teachers] and for shorter stays than a week at a time. Now that we are finding travel much more difficult and unpredictable due to advancing age [in our 80s], we would like to transfer title of the points to our two daughters but are uncertain how this can be done. Have any other owners had experience doing this? We are long time tuggers who love the info and advice we have found on the site.

How problematic is it to just give them access to the points without changing the deed? Portfolio points are something of a liability and your passing could be an exit strategy for your daughters if negative trends at Hyatt Vacation Club continue. If you transfer now, they may be stuck with a liability whereas if the deed transfers upon your death (which will hopefully not be for another 20 years!), then your daughters will have the option as to whether they want the timeshare ownership to transfer to them.

When I was trying decide whether to get rid of my Hyatt vs keep it, one option I considered was transferring ownership to my 85 year old mother. The idea was I would pay all costs and still use the ownership but when she passes, I could opt out of continued ownership if I wanted. In the end I did not do this, I sold one contract and deeded the other back. But personally, I think putting/keeping ownership in the hands of an elderly relative is one way to ensure there's a timeshare exit strategy.

 

[dahntahn]

So upon our deaths the ownership of the deed would automatically pass to them? If so, then your solution will be just fine. We will continue to pay the maintenance fee and they can do the vacationing [which they have begun doing]. Thanks for the info.

 

[heathpack]

So upon our deaths the ownership of the deed would automatically pass to them? If so, then your solution will be just fine. We will continue to pay the maintenance fee and they can do the vacationing [which they have begun doing]. Thanks for the info.

Actually I know the deed for the owned units is inherited. I am not sure exactly what is means to “convert to portfolio”. If that involved giving up your deeds, then I’m not sure how portfolio points are handled upon death. The key distinction I think is whether you still own the deeds, and then how the portfolio portion of the ownership is written. Sorry I was thinking of the traditional form of ownership when I was writing, preportfolio.