DVC and Your Will

[nuts]

My wife and I are updating our will and am trying to figure out how to handle DVC. We have 200 pts (currently) with 4 kids. Should we will 50 points each? Setup a trust with the DVC points to be managed as a whole by all four? What are you folks doing?

 

[Pooh's Pixie]

I may be wrong, but I think if it is one contract you can't break it up. So maybe a trust is the way to go. I am also curious, since I have 300 points and 3 kids...wish I had lurked around here before I purchased because I probably would have learned I should do 3 contracts!

 

[hellerjw]

My understanding is that unless you have (4) 50 point contracts they will all have to be part of the single, main contract. I didn't think they would split up a single contract into multiple smaller ones. A trust like you mentioned may be a good option but then you have to worry about the situation where some of the kids might want out.

It is a good question, one I would like to know more about myself, so hopefully somebody with first-hand knowledge will jump in.

 

[salmoneous]

Given the cost and complexity of a trust, I would just have your DVC be a generic asset of the estate. Note that this will most likely result in the contract being sold, with the proceeds split however the generic assets are split.

 

[Deb & Bill]

You can give them to my Will (my son).

 

[JimC]

The contract cannot be split. Your options are probably limited to re-title, or use a trust. Best to consult legal advice as to what might be appropriate for your state and personal circumstances.

I suspect that while many may like the idea of including their membership in their estate; it might be better to let the estate liquidate the points and allow the heirs to do as they please.

 

[pilferk]

Our will (which we're just modifying) leaves them in trust, currently. We have 200 points and 3 children (YOUNG children, which is why we did the trust, since someone will have to oversee it anyway).

Over the next 20 years or so, our intent is to end up with an additional allotment of points....at least 300, possibly as many as 400. We'll then will a contract (or combination of them) to each child and disolve the trust.

You'll want to seek legal advice, though, before making any decisions. We figure the trust can liquidate the points and evenly distribute the proceeds OR they can use them. Once the trust is disolved, again, each child can decide which option best suits them.

 

[keishashadow]

Another reason that we went with a initial smallish resale & added on at another resort (no problems splitting each sub-contract or even selling it off if we choose). Now we only need to addon once more for our 3rd son.

Of course if it's @ one of the newer resorts, he'll have the extra years' advantage...will give them something to bicker about after we're gone.

 

[Wendy1953]

We only have one child (we are in our 50's) so no problem with who gets how many of what for us!

 

[justjudy]

We only have one child (we are in our 50's) so no problem with who gets how many of what for us!

Us too!