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Old 03-18-2017, 09:14 AM   #11
Lamima
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If you already have the two contracts in two membership numbers, would they change that?

I am thinking of just re-deeding my contracts to have kids names on them. Same with house and bank accounts eventually. My grandfather did that, put his two kids' names on all his accounts and properties before he passed. Though he did it to avoid paying inheritance tax... he must have had a hefty estate (I wouldn't know exactly because my dad passed before grandpa and my aunt got grandpa to remove my dad's name from everything so she walked away with it all... but at the time estates a million and over were taxed). I digress.... can you tell I'm bitter???
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Old 03-18-2017, 09:16 AM   #12
dicriseg
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Originally Posted by WDWGoof View Post
$1,400 is actually a great price. Around here, lawyers were quoting me $3,500 to $3,800 for a very simple trust.
I hate bringing this up online, but it's relevant to the conversation, I am a lawyer and no longer practice. Lawyers now come out with a ton of debt, many of which need to go solo because there aren't enough firm jobs, so you can't even save a few dollars by giving someone new a shot - they've got $1500 a month in student loan payments to make.

$3500 is a lot of money for a simple trust in absolute terms, but it may very well be the market rate given the costs of practice.
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Old 03-18-2017, 11:07 AM   #13
DVCjj
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Quote:
Originally Posted by Lamima View Post
If you already have the two contracts in two membership numbers, would they change that?

I am thinking of just re-deeding my contracts to have kids names on them. Same with house and bank accounts eventually. My grandfather did that, put his two kids' names on all his accounts and properties before he passed. Though he did it to avoid paying inheritance tax... he must have had a hefty estate (I wouldn't know exactly because my dad passed before grandpa and my aunt got grandpa to remove my dad's name from everything so she walked away with it all... but at the time estates a million and over were taxed). I digress.... can you tell I'm bitter???
Very sorry that happened to you. Families can get very complicated for sure.
I had been advised by many knowledgeable people, 2 banks and 2 attorneys not to put my children's names as joint on anything. Answer was to put into a Revocable Trust. As Joint Owners of anything, it can get very complicated due to the inheritor(s) life situation. (divorce, lawsuits, etc).

I was definitely leaning toward Joint on the Timeshares. Both sets of parents (I'm old) put our names as Joint on everything and when they passed away recently, it was extremely easy for us. BUT, we kept getting told they should not have done it that way. That is was very risky.
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Old 03-18-2017, 11:16 AM   #14
DVCjj
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Quote:
Originally Posted by Lamima View Post
If you already have the two contracts in two membership numbers, would they change that?

I am thinking of just re-deeding my contracts to have kids names on them. Same with house and bank accounts eventually. My grandfather did that, put his two kids' names on all his accounts and properties before he passed. Though he did it to avoid paying inheritance tax... he must have had a hefty estate (I wouldn't know exactly because my dad passed before grandpa and my aunt got grandpa to remove my dad's name from everything so she walked away with it all... but at the time estates a million and over were taxed). I digress.... can you tell I'm bitter???
Forgot to answer your first question. Yes, I fear they would move those non-Trust contracts into the Membership #of the Trust contracts, thus eliminating the benefits of 2 Membership #'s. Disney65 thinks this will happen also.

I'm going to call again to DVC Monday and hopefully get someone who can very clearly explain the downfalls of leaving timeshares in a Will situation vs a Trust. I know the first answer will be Probate. I know for sure I am not putting any timeshare/house/bank accounts into a Joint Account as I've been advised by many.

I am going to get this settled for once and for all.
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Old 03-18-2017, 11:41 AM   #15
dicriseg
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Originally Posted by DVCjj View Post
Very sorry that happened to you. Families can get very complicated for sure.
I had been advised by many knowledgeable people, 2 banks and 2 attorneys not to put my children's names as joint on anything. Answer was to put into a Revocable Trust. As Joint Owners of anything, it can get very complicated due to the inheritor(s) life situation. (divorce, lawsuits, etc).

I was definitely leaning toward Joint on the Timeshares. Both sets of parents (I'm old) put our names as Joint on everything and when they passed away recently, it was extremely easy for us. BUT, we kept getting told they should not have done it that way. That is was very risky.
I'm careful not to give legal advice online, and don't take this as any - not your lawyer, not licensed in your state and all that. I left practice to do technical work anyway, and trusts are way outside of my zone of knowledge. But, I agree, I've seen in my extended family too much fighting come out of a trust with 5 sibling beneficiaries. It's more work on you to settle 5 trusts ahead of time or whatever number that is, and more cost, but more efficient on the back end in some ways (and less efficient in others).

Here are some points I'd raise with your lawyer for discussion: One trust per beneficiary vs a joint trust - pros/cons, including professional management versus having the beneficiaries also serve as trustees. Form of trust (living/revocable, irrevocable, testamentary, etc). Settlement - meaning how to get your assets in there, such as while you're living, as part of your will, etc. All of this will have various implications on taxes now, estate, etc.

This, IMHO, is why you pay a lawyer. The documents are easy to draft, the hard part is figuring out what to draft. If the lawyer's not listening and helping you weigh the various approaches, find a different one. You're really paying for the advice, so make sure you're comfortable.
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Old 03-20-2017, 12:03 PM   #16
DVCjj
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Update in case anyone interested.

Called DVC Membership Admin 3 times to verify and found out if I put the non-Trust contracts into the Trust, I CAN keep the same membership.
Thus, I can continue to have 2 separate Membership #'s, which I like.

I was told members do it all the time and I should simply write the request and the # on all the forms they are emailing me.

It was confirmed that a Will needs to go through Probate in Florida and that would delay and cost $ for my children and a Trust would be far better/easier/cheaper, so it's a Win-Win for us all around.
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