DVC ownership when a spouse dies

[adjensen]

My beloved wife passed away three weeks ago, and I'm in the process of working through all of the financial issues. We didn't have a will (not a good thing, by the way, go get one if you don't -- Patti was healthy and only 46 years old when she died of a heart attack at home, it CAN happen to anyone, no matter how old you are,) but my lawyer doesn't see many issues.

One thing that I didn't have at the appointment this morning, however, was any paperwork associated with our 250 DVC points at Saratoga Springs. I have since turned it up, but didn't see anything obvious about how this is supposed to work, as far as taking her off the deed, so figured I'd ask here in case anyone has a general idea. Beats paying the lawyer $200 an hour to "mouse around" and figure it out from North Dakota.

Thank you!

 

[paults]

sorry for your loss. I can't help with your question

 

[Cap]

I'd suggest you call Member Services. With the number of DVC members, this must be something that they deal with frequently and they probably can tell you the easiest and lowest cost way to do it.

I'm sorry for your unexpected and sad loss of your wife.

 

[BLTtinkerbell]

I am so sorry for your loss. You are right that everyone should have a will. Member Services can help you.

 

[nordkin]

Sorry for your sudden and unexpected loss. Memer Services is great with these types of issues.

 

[LouisianaDisneyFan]

First and most importantly, we all are saddened by your news and hope that your family can find comfort and peace at this difficult time.

As for the DVC... when you first signed your paperwork, you would have filled out a form titled "Options for Taking Title to Vacation Club Ownership Interest." This is a required form for all deeded property in Florida, so you couldn't have closed without completing it. Your choices were:

Joint Tenants with Rights of Survivorship (where her ownership portion automatically comes to any listed co-owner on the deed upon her death... you just need to send Disney a certified death certificate in this case... property is not subject to probate in this situation)

Tenants in Common (where her ownership portion automatically vests in her estate upon her death... the DVC property is included in the succession and Judgment of Possession in this case)

Tenants by Entirety (basically the same as Joint Tenants with Rights of Survivorship, but only available to married couples... again, just send Disney a death certificate... property is not subject to probate in this situation)

If none of these terms is anywhere on your title, then the law automatically recognizes the title as Tenants in Common and the property will be included in the probate process.

 

[adjensen]

Okay, I will call them in the morning, they don't appear to be open after 5PM Eastern time.

Thank you all for the condolences, it's been a very difficult time. One thing I'll add to the importance of having a will is the importance of having a document somewhere that your spouse/parent/child knows about, which details out how to access your online information if you die. It's amazing what you wish you knew when you can't ask your wife even the simplest of questions. For want of a four digit number, I will have to wait several months to access a bank account my wife had set up before we married and we kept forgetting to update.

I wrote this up earlier in a blog post you might consider looking over:
adjensengrief.blogspot.com/2010/04/very-important.html

 

[cseca]

I'm so sorry for your loss... I can't imagine what you must be feeling. I hope you can get your DVC stuff straightened out quickly.

 

[adjensen]

As for the DVC... when you first signed your paperwork, you would have filled out a form titled "Options for Taking Title to Vacation Club Ownership Interest." This is a required form for all deeded property in Florida, so you couldn't have closed without completing it.

What I have here in a folder that my wife maintained is a copy of the Title Insurance, and a copy of the Deed. Neither has anything obvious regarding any of those options, so I guess that it will be the "Tenant in Common". With any luck Member Services will have access to that information tomorrow.

Thanks for the helpful description of the options!

 

[bumbershoot]

I'm so so sorry for your loss.

 

[toniosmom]

My deepest sympathy to you and your family during this horribly difficult time.

 

[Crystal_27]

My heart goes out to you -- I'm so sorry for your loss.

 

[nunzia]

I am so sorry for your loss. Thank you for the good advice.

 

[adjensen]

To update, for anyone else who might wonder about it, I talked to Member Services, who transferred me to Member Administration, and the fellow there said that because we had purchased it "as husband and wife", they will send me an affidavit of some sort, which I'll sign, have notarized and send back with a death certificate, and that's all that's required. They update their records, I become "surviving spouse", so that I can sell or will it in the future without Patti's signature, and that's it. They don't need to reissue the deed or anything, so no cost to me.

Thanks again for the help, and especially for the kind words. I can't begin to describe the grief that I've gone through in the past three and a half weeks, but every thought, prayer and bit of kindness helps God and Patti to lift my spirits and get through another day.

 

[Checkers]

I am so glad MS was able to help you with this. My deepest condolences to you and your family.

 

[Sandisw]

Thoughts and prayers to you and your family as you go through this difficult time. I am glad that at least this piece will be a bit easier.

 

[DisGeebs]

So sorry for your loss.

 

[jodifla]

Thanks for updating us. It's quite kind of you to take the time considering all you have on your plate.

So sorry for your terrible loss!!! We're about this same age, and it's always shocking -- as well as a wake-up call -- to hear of a contemporary passing away.

 

[dozerdog]

One thing I'll add ... is the importance of having a document somewhere that your spouse/parent/child knows about, which details out how to access your online information if you die.

We are so sorry for your loss and hope you find joy in the future looking back on all your Disney memories together.

You bring up a good point, my husband and I have created spreadsheets with all our important login and password information, which we have "password protected". In the event either of us needs the information all we have to remember is one password (our family safe code). We hope your loss will inspire others to get their affairs in order.

 

[drusba]

To update, for anyone else who might wonder about it, I talked to Member Services, who transferred me to Member Administration, and the fellow there said that because we had purchased it "as husband and wife", they will send me an affidavit of some sort, which I'll sign, have notarized and send back with a death certificate, and that's all that's required. They update their records, I become "surviving spouse", so that I can sell or will it in the future without Patti's signature, and that's it. They don't need to reissue the deed or anything, so no cost to me.

Thanks again for the help, and especially for the kind words. I can't begin to describe the grief that I've gone through in the past three and a half weeks, but every thought, prayer and bit of kindness helps God and Patti to lift my spirits and get through another day.

Sorry for your loss.

Some additonal points since info above given on joint tenancy and tenancy in common is not really correct for Florida: If you bought as husband and wife in Florida, you would have received a deed that says to you two as "husband and wife." It won't say a word about joint tenancy or any "tenancy" at all because it does not have to. What you have by law in Florida is "joint tenancy by the entirety." That is similar to joint tenancy with right of survivorship but even stronger protection for a married couple when it comes to creditors trying to get the interest. Even if for some reason an error was made and it fails to say "husband and wife" it is still the same unless you made a knowing choice at the time to reject joint tenancy by the entirety (it is automatic for husband and wife unless they expressly choose otherwise). When one of you passes, the other automatically becomes the sole owner.

You actually don't have to do anything now and would not have to do anything until you go to sell or otherwise transfer the property. However, Disney's easy and convient service sets it up so that it will have the records for future use and if you sell or transfer later you won't have any delay in the process.

It is also not an asset subject to probate. However, don't keep this one from the lawyer. Avoiding probate is not determinative of avoiding taxes. Since this is the no federal death tax year (it goes back into effect next year unless the democrats decide otherwise) it is unlikely you have an issue; nevertheless state tax laws can differ (and I do not know North Dakota's estate tax rules), although for most the decedent would need to have had a lot of assets before facing any tax, but you should pass it by the lawyer to assure there are no tax issues to worry about.