I am going through a divorce. My ex does not want our 2 OKW contracts. What is the easiest & least expensive way to make the account in my name alone? Can we do a quit deed?
I am going through a divorce. My ex does not want our 2 OKW contracts. What is the easiest & least expensive way to make the account in my name alone? Can we do a quit deed?
If you do it yourself the cost for WDW will be under $100 for 2 contracts. I'd do it yourself. If you don't want to do so, LT transfers will be around $350 pit the door for the 2.I am going through a divorce. My ex does not want our 2 OKW contracts. What is the easiest & least expensive way to make the account in my name alone? Can we do a quit deed?
Greetings! While I am not divorcing, I did want to change the titles on three contracts (I am the sole owner and an attorney advised me to add a second owner "just in case".) I contacted the Disney preferred company, First American Title Insurance Company, and received an email informing me that the cost is $475 per contract! Needless to say, I dropped the ball and didn't proceed. The lawyer I spoke with advised me to locate an attorney familiar with the process in FL but I am in MA so that is easier said than done. Dean, where did you get your estimate?If you do it yourself the cost for WDW will be under $100 for 2 contracts. I'd do it yourself. If you don't want to do so, LT transfers will be around $350 pit the door for the 2.
That doesn’t sound like a very good reason. I’d seek a second opinion or get a better understanding of why he thinks it’s a good idea.an attorney advised me to add a second owner "just in case"
Well, it is a good reason because, if I die, the contracts would need to go through probate, etc. and the cost and aggravation would take away much of the value.That doesn’t sound like a very good reason. I’d seek a second opinion or get a better understanding of why he thinks it’s a good idea.
I'm not a lawyer but I've found that unless a lawyer has knowledge of timeshares, they are generally less than a knowledgeable timeshare person in such areas. You could add associates so they could use the contract in the interim if something were to happen. I'm not sure spending money to change the deed now would avoid future probate. But what it does is make the other party responsible. That can be good for benefits like discounts but bad in that it commits them where if it were willed, they could refuse it. IMO this is not a good reason to do this unless you're going to put it in a trust or have other reasons to add names now outside a legacy situation.Greetings! While I am not divorcing, I did want to change the titles on three contracts (I am the sole owner and an attorney advised me to add a second owner "just in case".) I contacted the Disney preferred company, First American Title Insurance Company, and received an email informing me that the cost is $475 per contract! Needless to say, I dropped the ball and didn't proceed. The lawyer I spoke with advised me to locate an attorney familiar with the process in FL but I am in MA so that is easier said than done. Dean, where did you get your estimate?
If there's no one else to worry about the ownership and it's in your name and his with right of survivorship, I wouldn't worry about it. You can use it and let it expire. It can be sorted out on your passing if needed. I've seen instances where DVC has removed the name with a death certificate but this doesn't change the deed. If you need to add a person(s) later, you can do it all at one time. Whether probate is required may be a different matter but I wouldn't fool with it if the only thing for FL is DVC.Di I need to do something similar with the death of my spouse? We were co-owners.
I don't think such a change negates the need for probate unless you do a trust now. But you can do it for $40 per contract if they're all WDW.Well, it is a good reason because, if I die, the contracts would need to go through probate, etc. and the cost and aggravation would take away much of the value.
What do you mean by co-owners? Deeds can be written in several ways. Sometimes it can even depend on your state of residence. Generally speaking, when someone passes, you need to remove their name from the deed. That may or may not require their estate to go through probate in Florida.Di I need to do something similar with the death of my spouse? We were co-owners.
Why would one need to remove a name if someone passes. It doesn't affect usage. Obviously if one wants to sell or add names, it could be an issue but just to do it because one "needs to" doesn't make sense to me.What do you mean by co-owners? Deeds can be written in several ways. Sometimes it can even depend on your state of residence. Generally speaking, when someone passes, you need to remove their name from the deed. That may or may not require their estate to go through probate in Florida.
Still cheaper than doing a Living trust. Technically this is a transfer of ownership. So ROFR which will clear automatically in this situation, new deed recorded then send in the appropriate info to DVC. You can do it for about $40 per contract if you do it yourself, $175 per if you want someone else to do it assuming it's WDW. Even if you do a Living will, you'll still have to change the deed to make it applicable.We have also been trying to decide if we wanted to add our adult children (just in case) because we were also advised by DVC that the probate process can be long and expensive. This gave us two options, either a living trust or just add the kids to it. Thoughts? Also is there a form to do this? The one mentioned about is more of a transfer of ownership.
Remember, if you add your children, and one of them gets divorced, there may be a fight over your contracts.....We have also been trying to decide if we wanted to add our adult children (just in case) because we were also advised by DVC that the probate process can be long and expensive. This gave us two options, either a living trust or just add the kids to it. Thoughts? Also is there a form to do this? The one mentioned about is more of a transfer of ownership.
Remember, if you add your children, and one of them gets divorced, there may be a fight over your contracts.....