Adding your grown kids to your account.

[jbh275]

There's a great discussing about TOWL and I wanted to see who out there has added their grown children to their DVC account.

I was planning on adding my 3 boys to our account when the youngest turns 18. Ultimately I wanted them to all have DVC cards so that anytime they are in the park, each one will have a 10%/20% discount on items. But I never thought about the fact that they could just call DVC and book a room in their name. One day they may inherit the contract and that will save some grief on transferring the names if I add them.

Personally, I'll probably add them to my DVC account. I probably won't give them the password to the online account and tell them that I will book rooms for them.

What are others thoughts on this?

 

[disneynutz]

If you add them to the deed for benefits, they have a legal right to the ownership just like you do.

Bill

 

[com_op_2000]

If one of them were to run into financial difficulties, that would require them to go into bankruptcy. The court could determine that DVC ownership is part of the settlement and force a sale.
Check with your legal adviser before adding them.
What I did was an add-on with my DDs names on that one contract, so they get the full membership but my other points would not be touched.

 

[_auroraborealis_]

And, depending on things, it is an asset for bankruptcy or divorce.

You cannot add someone to a deed without their knowledge. And if they are on the deed, they can call and get their own accounts set up, so your password withhold means nothing.

If you don't trust them with a password they don't belong on the deed.

Speak to your attorney about an estate plan if your concern is inheritance.

 

[mort1331]

Is the savings really worth the risk? Thats what you have to ask

 

[supersnoop]

In addition to bankruptcy and divorce, something closer may be financial aid for college. The boys’ real estate interest is an asset worth month in their name, much like cash in a bank account. Unlike a primary residence or personal vehicle, it’s not exempt when considering how much you can afford to pay.

 

[famgel]

My children are 30 and 28 and have been on our contract since they were 18. No one touches the points unless it’s discussed by the whole family. I don’t anticipate any issues in the future but for now it’s all good! They both have separate accounts for My Disney but not DVC I still make ressie but that’s how they like it! It’s definitely a personal choice!

 

[sgtdisney]

We have a shared account where the DVC ownership is held in trust and we're trustees of the trust which entitles you a membership card. It's another option that has some protection against the risk of having direct owners. The trust owns the real estate interest. YMMV, but it's something you could discuss with an attorney as to the benefits of holding it in trust.

 

[Boardwalk Tigger]

I’ve been checking into this too for the benefits like the recent annual pass savings that was offered. Have decided not to do it yet for many of the legal issues discussed above. BTW I was told that it costs about $600 to add them. I thought the idea of putting them on the smaller contract is brilliant. I may consider doing that soon.

 

[Meriweather]

I also have considered adding my children, each on a couple of contracts.

 

[jbh275]

That's a great idea. We have a 50 point SSR. I think you've just answered my problem!

 

[Murron]

I've also been thinking of adding my adult daughter (30) to our deeds. Does anyone know if there would be any tax implications for her if I do that?

 

[Deb & Bill]

There's a great discussing about TOWL and I wanted to see who out there has added their grown children to their DVC account.

I was planning on adding my 3 boys to our account when the youngest turns 18. Ultimately I wanted them to all have DVC cards so that anytime they are in the park, each one will have a 10%/20% discount on items. But I never thought about the fact that they could just call DVC and book a room in their name. One day they may inherit the contract and that will save some grief on transferring the names if I add them.

Personally, I'll probably add them to my DVC account. I probably won't give them the password to the online account and tell them that I will book rooms for them.

What are others thoughts on this?

They won't need your password. They can set up their own password and access to the account. All they do is call DVC and get it set up.

 

[sgtdisney]

They won't need your password. They can set up their own password and access to the account. All they do is call DVC and get it set up.

This is true. Once they are added to the deed as a legal owner, Disney will mail them a welcome package and ask them to create an account, etc. Anyone on the deed, whether a traditional owner or a trustee on a trust, has full access to the account. Just keep that in mind.

 

[Sleepy425]

I’ve been checking into this too for the benefits like the recent annual pass savings that was offered. Have decided not to do it yet for many of the legal issues discussed above. BTW I was told that it costs about $600 to add them. I thought the idea of putting them on the smaller contract is brilliant. I may consider doing that soon.

Thanks to some great posters on this board, we added my parents ourselves for less than $50. It took exactly 7 weeks from start to finish (could have been quicker but we slacked during Christmas. That added at least a week onto our timeline). Our guide told us to go through a title company and that it would take 3-5 months and cost $500. We really didn't find it difficult to do it ourselves - the Orange County Comptroller's office was very nice and walked us through everything for their end.

 

[Bellecruiser]

We have a shared account where the DVC ownership is held in trust and we're trustees of the trust which entitles you a membership card. It's another option that has some protection against the risk of having direct owners. The trust owns the real estate interest. YMMV, but it's something you could discuss with an attorney as to the benefits of holding it in trust.

This is what we did. We changed all of the deeds on our 10 contracts (THAT was a pain). It was a time consuming endeavor, but worthwhile I think. We did it ourselves working through a title company familiar with DVC vs going through Disney. It cost a fraction of what Disney would have charged us.

 

[Dean]

There's a great discussing about TOWL and I wanted to see who out there has added their grown children to their DVC account.

I was planning on adding my 3 boys to our account when the youngest turns 18. Ultimately I wanted them to all have DVC cards so that anytime they are in the park, each one will have a 10%/20% discount on items. But I never thought about the fact that they could just call DVC and book a room in their name. One day they may inherit the contract and that will save some grief on transferring the names if I add them.

Personally, I'll probably add them to my DVC account. I probably won't give them the password to the online account and tell them that I will book rooms for them.

What are others thoughts on this?

While I don't think it's a good idea for many for the reasons in this thread, we did it for my daughter (but not my son) but only for our smaller contract.

 

[Judique]

When I purchased in 2000, I included my daughter (then 21) in the purchase. She signed and I signed the paperwork. It was not an issue for me, as I trusted her and if she had a problem in her life I was there for her anyway. Just this past January, she set up her own DVC account. She made many trips but it was always Mom who took care of the business end.

The account needed to be set up because she forgot her DVC card at home and was upgrading a park hopper ticket to an annual pass to cover our upcoming November food and wine trip. She had to go in her account and show her DVC card via the account on her phone. It was a slight pain because MS was closed on MLK day and she had to wait to get a password for her account, just to set it up.

But, now she can fully access and is now learning how the points work and is more aware of the value of the membership. I am happy about that as I really don't want to be the one planning the trips when I'm 85!

 

[DeeCee735]

Adding them as owners on any deed also makes them responsible for paying MF in the case that we as the original owners (parents) cannot for any reason, doesn't it?

Also, with the new 75 point minimum purchase direct in order to get perks, does this have any effect on adding an adult child to a smaller contract, smaller than 75 points?

 

[snjmorrison]

Thanks to some great posters on this board, we added my parents ourselves for less than $50. It took exactly 7 weeks from start to finish (could have been quicker but we slacked during Christmas. That added at least a week onto our timeline). Our guide told us to go through a title company and that it would take 3-5 months and cost $500. We really didn't find it difficult to do it ourselves - the Orange County Comptroller's office was very nice and walked us through everything for their end.

I'm interested in doing this for my 3 adult children. If I call the Orange County Comptroller's office, will they walk me through the process?