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Transferring ownership for equal use by three children

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 PostPosted: Sat 07 Sep 2019 10:59 am   

Joined: Sat 07 Sep 2019 10:05 am
Posts: 1
Anyone have advice on transferring ownership to children? Worldmark suggest that you can only transfer to a single owner but we have three children that want to share as co-owners. My wife and I currently have both of our names on our ownership so the idea of a single owner does not sound right. Wonder if WM would allow ownership in a trust? Any thoughts or advise would be greatly appreciated.

 PostPosted: Sat 07 Sep 2019 11:30 am   
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Joined: Mon 11 Jul 2005 7:22 pm
Posts: 187
Location: Port Orchard, WA
Worldmark only allows a max of two names on an account that preside at the same address. I don't believe there are any exceptions. A quick call to the Transfers Department will confirm - 1-800-537-6497.

Henri Moreau
Timeshare Properties Inc.

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 PostPosted: Sat 07 Sep 2019 5:15 pm   
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Joined: Tue 11 Nov 2008 1:20 pm
Posts: 4579
Location: San Antonio, TX
While the 2 member limit still exists, the "same address" restrictions (what used be paragraph E1) was dropped from the Guidelines last year... not that it was ever really enforced in recent years.

This is from the 2016 Guidelines:
Snip20190907_3.png [ 137.64 KiB | Viewed 233 times ]

This is the latest Guidelines:
Snip20190907_2.png [ 38.09 KiB | Viewed 233 times ]


 PostPosted: Sun 08 Sep 2019 6:02 am   

Joined: Tue 08 Apr 2008 7:34 am
Posts: 12445
Location: San Francisco Bay Area, CA
Most timeshares no longer allow an ownership placed in trust.

In the past, when a timeshare owner wanted to longer pay on their timeshares, Exit Companies would help timeshare owners, put the timeshare in a Trust and walk away. Once in a Trust, the original owner would stop paying and the Timeshare company could only go after the Trust for repayment. Since the Trust was just a sham, the Timeshare would have go through the expense, time and loss of dues, to foreclose on the timeshare.

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 PostPosted: Sun 08 Sep 2019 10:27 am   

Joined: Sun 03 Feb 2008 1:16 am
Posts: 28
Location: Northern CA
Depending upon how many total annual points you have, perhaps you could either split the account into 3 equal accounts, note: your total dues will increase a bit.
Or, perhaps, in your will, you could transfer the one account to one of your children with explicit instructions in your will to create two additional accounts for the other two, with instructions regarding the split of the total number of points. This way, if one of your kids isn’t interested in the upkeep of paying the dues, they could work that out amongst themselves regarding the split of their share, prior to the creation of additional accounts, which will require transfer fees.

I definitely think you should contact the Transfers department for suggestions of all possible options along with conceivable pros & cons.

Whatever you do, I hope you include with your will a memory dvd or photo album of your vacations to your children with personal notes or video of what these memories meant to you.
Best of luck!

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