inheriting DVC ownership

[cinderaimee]

I am sure this has been covered, but I have some questions and I'm hoping you all will be nice enough to answer them

I have a family friend I call my Fairy Godmother. She gave my family DVC points for our trip to Disney last year. She has hinted around that she was thinking about leaving me/giving me her DVC. I don't want to ask her these questions yet because I don't want to seem like I am expecting her to give me anything. I know her membership is paid off, and that she seems to have a good number of points (her and her husband have gone on multiple Disney cruises in one year, and usually stay CL at the Grand Californian when they go to DL). She and her husband are older and her husband has been having health issues that have prevented them from travelling much the last few years.

So my questions are:
- Can a DVC be willed/gifted to a non-family member? She has one adult daughter who has no interest in Disney
- How much could I expect to owe in fees?
- Is it worth it to rent points, could I make enough to cover my dues or other trips?

I am sure if she does decide to give it to me, she would tell me first and make sure it's something I want to take on, but I wanted to just see what anyone else might think. Thank you!

 

[gmboy95]

I will take a stab at this....she probably should put your name on the contract now, so that if she does pass you will be able to continue making reservations and paying the dues. The dues are easily looked up for any resort,as it is a different per point cost based on resort. we often rent points that are left over, and if you have enough, it most definitely can cover your dues at about $12-$14 a point

 

[cinderaimee]

I will take a stab at this....she probably should put your name on the contract now, so that if she does pass you will be able to continue making reservations and paying the dues. The dues are easily looked up for any resort,as it is a different per point cost based on resort. we often rent points that are left over, and if you have enough, it most definitely can cover your dues at about $12-$14 a point

Thanks! I'm not sure if it's something she's decided on, or just thinking about. Or maybe just joking about? I didn't realize the dues varied. Her home resort is the Boardwalk. I guess I'm just still deciding that IF she does approach me about it, if it's something we'd want to take on as far as things like taxes and fees are concerned. I love the idea of it and I'm honestly stunned my friend has even suggested it.

 

[chalee94]

...it's something we'd want to take on as far as things like taxes and fees are concerned. I love the idea of it and I'm honestly stunned my friend has even suggested it.

Unless you are close enough to have some really awkward conversations about death, I'd just put it on the back burner unless it is offered.

It can be willed to family or friends.

You might owe around $7 per pt each year in dues (increasing every year).

A BWV contract is valuable - you should definitely accept it if offered. It would be worth $100 per pt or so if you sell it.

Most timeshares have little or no resale value but DVC is different.

 

[disneynutz]

If she doesn't gift you the ownership prior to her passing, expect a fight from other family members even if they don't want to go to Disney. The ownership has a monetary value, the contract can be sold and the proceeds become part of her estate.

Bill

 

[bobbiwoz]

Because of the high maintenance fees, we did ask my Dsis if she wanted the points after we pass. She did. We also asked DVC if we willed them, if they would be the same sort of points, grandfathered or originally bought direct. We were told yes.

 

[Dean]

I am sure this has been covered, but I have some questions and I'm hoping you all will be nice enough to answer them

I have a family friend I call my Fairy Godmother. She gave my family DVC points for our trip to Disney last year. She has hinted around that she was thinking about leaving me/giving me her DVC. I don't want to ask her these questions yet because I don't want to seem like I am expecting her to give me anything. I know her membership is paid off, and that she seems to have a good number of points (her and her husband have gone on multiple Disney cruises in one year, and usually stay CL at the Grand Californian when they go to DL). She and her husband are older and her husband has been having health issues that have prevented them from travelling much the last few years.

So my questions are:
- Can a DVC be willed/gifted to a non-family member? She has one adult daughter who has no interest in Disney
- How much could I expect to owe in fees?
- Is it worth it to rent points, could I make enough to cover my dues or other trips?

I am sure if she does decide to give it to me, she would tell me first and make sure it's something I want to take on, but I wanted to just see what anyone else might think. Thank you!

It can be willed, you'd need a new deed to change it over. It's not worth buying to rent the points but it might be worth renting out if you have enough extra yo don't need. I doubt they're doing all the cruises and DL Club level on points alone. If they were they'd likely be throwing away in excess of ten of thousands $$$ for those years in the situation you describe. Plus to do all of this they'd have to own a boatload of points, likely 1000 or more. Obviously this is a delicate subject but it they formally tell you they are going to leave it to you, you might discuss with them adding you as an associate just in case. Otherwise you likely couldn't use it until the estate were settled which can take a year or more with points expiring and fees accumulating. A delicate discussion no doubt but if the situation arises, it'd be good to have your thoughts together.

 

[DVC Sue]

I've often wondered these questions because my kids want my points. thanks for posting.

 

[cinderaimee]

Unless you are close enough to have some really awkward conversations about death, I'd just put it on the back burner unless it is offered.

It can be willed to family or friends.

You might owe around $7 per pt each year in dues (increasing every year).

A BWV contract is valuable - you should definitely accept it if offered. It would be worth $100 per pt or so if you sell it.

Most timeshares have little or no resale value but DVC is different.

thank you for the info. I am definitely not bringing it up to her, just trying to do some research to be prepared IF she ever approaches me with a serious conversation about it.

If she doesn't gift you the ownership prior to her passing, expect a fight from other family members even if they don't want to go to Disney. The ownership has a monetary value, the contract can be sold and the proceeds become part of her estate.

Bill

Eeek, I didn't even think about that! Hopefully her family would respect her wishes with whatever she decides to do with her properties.

It can be willed, you'd need a new deed to change it over. It's not worth buying to rent the points but it might be worth renting out if you have enough extra yo don't need. I doubt they're doing all the cruises and DL Club level on points alone. If they were they'd likely be throwing away in excess of ten of thousands $$$ for those years in the situation you describe. Plus to do all of this they'd have to own a boatload of points, likely 1000 or more. Obviously this is a delicate subject but it they formally tell you they are going to leave it to you, you might discuss with them adding you as an associate just in case. Otherwise you likely couldn't use it until the estate were settled which can take a year or more with points expiring and fees accumulating. A delicate discussion no doubt but if the situation arises, it'd be good to have your thoughts together.

I didn't even consider that they might be paying partially OOP for all of their trips, but that is certainly a possibility. Thanks for your input, those are some great points.

 

[Shellyred8]

I rented out my points this year using Davids DVC Rental (site sponsor). It was super easy and I had a renter for my points in about 2 hours from the time they were listed. Dues are around $7 a point (a little less at BWV right now). You can rent your points through David's for $13 - 14 a point. So, you could rent out about 1/2 of your points to cover the cost of the dues and then use the other half of your points for yourself. Or, you could just rent them all out and use the proceeds for a totally different vacation. At this point in time, there is a pretty solid market for rented DVC points, so you should be OK from that perspective, at least for a little while.

I would agree with other posters here that have mentioned putting you on the contract now. If the subject comes up with her, this is something that should be discussed.

 

[jbh275]

It's about $750 to add you to the deed. Just keep that in mind. Our kids are too young to be added to our deed, but once both kids are over the age of 18 we will add them to our deed. But it's not free and for others considering this, its $750 each time, so better to wait until all kids are over the age of 18. This gives them a blue discount card, which they will not have if they are traveling without us when they are adults

 

[EvilDrPorkchop21]

If you're interested in knowing her home resort and point amount you can look it up here:
https://officialrecords.occompt.com/recorder/eagleweb/docSearch.jsp

 

[Dean]

It's about $750 to add you to the deed. Just keep that in mind. Our kids are too young to be added to our deed, but once both kids are over the age of 18 we will add them to our deed. But it's not free and for others considering this, its $750 each time, so better to wait until all kids are over the age of 18. This gives them a blue discount card, which they will not have if they are traveling without us when they are adults

For OC you can do it yourself for under $40 for a single contract or get someone else to do it for under $200.

 

[hakepb]

I've often wondered these questions because my kids want my points. thanks for posting.

FWIW, 1 contract cannot be split into multiple, smaller contracts, so splitting for future inheritance needs to be done at purchase time (buying multiple, smaller contracts)

 

[keishashadow]

It's about $750 to add you to the deed. Just keep that in mind. Our kids are too young to be added to our deed, but once both kids are over the age of 18 we will add them to our deed. But it's not free and for others considering this, its $750 each time, so better to wait until all kids are over the age of 18. This gives them a blue discount card, which they will not have if they are traveling without us when they are adults

For OC you can do it yourself for under $40 for a single contract or get someone else to do it for under $200.

Confused - had planned on adding an adult child to separate contracts, down the road.

What fee(s)? Big difference between $40 & $750 per

 

[supersnoop]

Confused - had planned on adding an adult child to separate contracts, down the road.

What fee(s)? Big difference between $40 & $750 per

The difference is if you do it yourself or if you pay someone to do it for you. Lawyers and title companies are expensive.

 

[Dean]

The difference is who does the work and the deed options. At $40 you're doing it all yourself, for the rest it's just who does it. LT transfers will be $125 plus mailing plus recording. $450 is a more usual amount for full service for OC, SC & HI tend to be more, not sure about CA.