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Anyone put their HGVC into a trust?

1Kflyerguy

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Curious if anyone has successfully put their deed into a trust?

Ours is currently held as Joint Tenants, but we have almost everything else in a trust.

I found a few old threads where people we complaining of problems with HGVC deeds being held in trust.

I called Hilton and that said no problem. Knowing that people are much more likely to report problems than success, thought i would ask about success.

I can really see why it should matter,....
 

GregT

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Curious if anyone has successfully put their deed into a trust?

Ours is currently held as Joint Tenants, but we have almost everything else in a trust.

I found a few old threads where people we complaining of problems with HGVC deeds being held in trust.

I called Hilton and that said no problem. Knowing that people are much more likely to report problems than success, thought i would ask about success.

I can really see why it should matter,....

All of my HGVCs are in our trust and I have no issues (except that I always have to put in the guest information even when it's me). All of my timeshares are held by the trust - one was bought individually and I later put it into the trust.

Best,

Greg
 

1Kflyerguy

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All of my HGVCs are in our trust and I have no issues (except that I always have to put in the guest information even when it's me). All of my timeshares are held by the trust - one was bought individually and I later put it into the trust.

Best,

Greg

Thanks for the confirmation of no issues.

Can you add your self as a guest online or do you have to call?

Assume you don't have to pay for the guest certificate...
 

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Mine are all in a trust too.
 

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I'm curious about Greg's issue too, when we set up our family trust it was explained that either of us could sign our names and they are included with the name of the trust. I don't see why HGVC could not keep the names on the account and add in the trust.

We only put our accounts and property in the trust, we were provided the documents to transfer the timeshares but I haven't filed them. I did buy a GPR resort and had it recorded under the trust name, but their records have our names also and I just booked next years use with no problem. Not sure why HGVC are such sticklers about account matching deed.
 

GregT

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Thanks for the confirmation of no issues.

Can you add your self as a guest online or do you have to call?

Assume you don't have to pay for the guest certificate...

Yes, I typically add myself as the Guest, and there is no fee for the guest certificate.

I've made a reservation once for a third party, and I didn't have to pay a fee for them either.

I hope that helps!

Best,

Greg
 

buzglyd

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I've made reservations and told them my fiancé would get there before me and they let her check in. She's not in the trust (at least for another week). Kings land here we come!
 

1Kflyerguy

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thanks for the confirmation everyone. Will proceed with transferring the title when I make the other changes to my Trust.

Chris
 

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What kind of trust are we talking about? If all of my kids are beneficiaries I the trust can they all use the timeshare for free?
 

1Kflyerguy

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Ours is a Revocable Living Trust,

I believe the Trustee's, not the beneficiaries are allowed to use the Trust's assets, such as financial accounts and timeshares.
 

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I'm curious if folks are setting up trusts for their timeshares AND other assets, e.g. primary home, etc. OR a segregated trust just for the timeshares?

I have thought of setting up two trusts: (1) for all timeshares and (2) for other assets that appreciate and would definitely be left to our children. I'd like my children to have the choice of keeping or dumping our timeshares if they don't want them, say 20-30 years from now. If I simply leave them in our (me and wife's) names, then I believe they can refuse them if they don't want the burden of the MFs. Not sure how it would work if I placed them into a trust. I guess I could just keep the trust in me and my wife's name only for the timeshares?

Has anyone else went down this road for similar reasons?
 

1Kflyerguy

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We are using a single trust for everything. I am not a lawyer, how would putting the timeshares into a separate trust help? Can the beneficiaries accept or refuse each asset individually?

Or are you thinking they might want to just refuse all of the assets in the second trust?

From what i have heard, keeping them out of the trust and in your individual names would allow the kids to refuse them. However that would also require each property to probate in the state of its location.

My assumption is that my timeshares will have enough to value to be worth accepting, even if my son decides to sell it right away.
 

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Open season and trusts?

If those holding via trusts have to get themselves "guest certificates", then doesn't that imply that they can't book open season?
 

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Bit late to comment...

Under joint tenancy, the surviving spouse will obtain the whole title of the property automatically. So living trust is not necessary. That's my understanding. Also if timeshare is put in the living trust, the inheritance must take place. So that should be considered if the trust would be intended for passing the assets to children. They may not want timeshares.
 

CalGalTraveler

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We've owned HGVC under a revocable living trust and never had any issues. Our names are also on the account as trustees. Never had to fill in guest names. Does corporate treatment apply to revocable living trusts? We've never completed a guest certificate.
 

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We've owned HGVC under a revocable living trust and never had any issues. Our names are also on the account as trustees. Never had to fill in guest names. Does corporate treatment apply to revocable living trusts? We've never completed a guest certificate.
Mine is held in my name as "Trustee" of my trust. Just like title to my house. A "trust" cannot hold property or have title to property. It is the Trustee that holds title, and he/she holds it in the capacity as trustee as opposed to individually outside the trust. It's a bit of a legal concept, but that's how it works. (I'm an attorney.) Thus, the proper title would be something like, "X and Y, trustees, XY living trust dated xxxx."

I actually hold one in the name of my LLC. When I check in I have to give my business name for them to find it in the computer. I'm preparing now to quit claim that from my LLC to my trust.
 

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Mine is held in my name as "Trustee" of my trust. Just like title to my house. A "trust" cannot hold property or have title to property. It is the Trustee that holds title, and he/she holds it in the capacity as trustee as opposed to individually outside the trust. It's a bit of a legal concept, but that's how it works. (I'm an attorney.) Thus, the proper title would be something like, "X and Y, trustees, XY living trust dated xxxx." ....
:thumbup:
I recall the words " a trust is a relationship, not an entity". Legal nomenclature I often see is " Able Trustee, UTA 09/03/2017" (UTA being an abbreviation for "under a trust agreement").
What is customary or acceptable will depend on the location of the real estate.
 

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Could someone explain the pros/cons of doing this (putting your contracts/whatever into a trust)?

So far it seems:
Pros:
-If one of you croaks, the other can more easily get the contracts.
-Both can make reservations and not have to worry about a guest cert

Cons:
- Costs money to do this (I think) either in terms of setting up the trust, or getting HGVC to "redo" the contracts?
- If you rent out your unit, or have other relatives/friends/etc. use it, since there's no guest cert, they need to have your security questions/answers?

I could be wrong on all the above, so please set me straight (haha).

Thanks!
 

CalGalTraveler

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Could someone explain the pros/cons of doing this (putting your contracts/whatever into a trust)?

Thanks!

I wouldn't create a revocable living trust for the purposes of putting your HGVC contract in it. We had one already and were advised to put all real estate into it by the lawyer who set it up. Google "revocable living trust" and contact a lawyer as to whether it makes sense for your situation.

For the legal beagles in the crowd: can beneficiaries (our children) of a revocable living trust reject a timeshare if it is given to them upon death of the trustees? If not, is it possible to add language to the trust to enable this and would this be viewed as enforceable?
 

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Could someone explain the pros/cons of doing this (putting your contracts/whatever into a trust)?
That's really a broader question about the pros and cons of a living trust generally. Not sure there are ANY cons. The pros are avoidance of probate. Since I own something (my home, say) as the "trustee," if I die, it's a simple non-court matter to substitute another trustee in my place, such as my wife. The trust documents say who the next trustee will be. Trusts are largely about court and probate avoidance. You can do all the same things in a will, but a will must be court managed through probate.
 
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That's really a broader question about the pros and cons of a living trust generally. Not sure there are ANY cons. The pros are avoidance of probate. Since I own something (my home, say) as the "trustee," if I die, it's a simple non-court matter to substitute another trustee in my place, such as my wife. The trust documents say who the next trustee will be. Trusts are largely about court and probate avoidance. You can do all the same things in a will, but a will must be court managed through probate.


Hey folks, I am new to this blog. I was thinking about buying HGV 10K points in secondary market and putting it into a trust so that my kids would not be stuck with the timeshare after my death. My thought is that they can exercise their beneficiary rights under the trust or reject their rights and let the trust die and therefore no issues with HGV trying to make them assume the annual liability (or my estate for that matter). Any thoughts/confirmation???
 

SmithOp

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Hey folks, I am new to this blog. I was thinking about buying HGV 10K points in secondary market and putting it into a trust so that my kids would not be stuck with the timeshare after my death. My thought is that they can exercise their beneficiary rights under the trust or reject their rights and let the trust die and therefore no issues with HGV trying to make them assume the annual liability (or my estate for that matter). Any thoughts/confirmation???

Its not necessary, your kids can just decide not to accept the timeshare inheritance. You could just specify in your will that it be given back to HGVC if you meet an untimely end. Otherwise it will have some value and can be sold when you can no longer travel.

10k points are not worth enough to worry about probate either. Most peoples estates qualify for simple probate.

https://www.nolo.com/legal-encyclopedia/free-books/avoid-probate-book/chapter8-2.html

If you have a large enough estate to worry about probate you should be talking to a lawyer, not asking random strangers on the internet.


Sent from my iPad using Tapatalk Pro
 
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Remy

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Mine is held in my name as "Trustee" of my trust. Just like title to my house. A "trust" cannot hold property or have title to property. It is the Trustee that holds title, and he/she holds it in the capacity as trustee as opposed to individually outside the trust. It's a bit of a legal concept, but that's how it works. (I'm an attorney.) Thus, the proper title would be something like, "X and Y, trustees, XY living trust dated xxxx."

I actually hold one in the name of my LLC. When I check in I have to give my business name for them to find it in the computer. I'm preparing now to quit claim that from my LLC to my trust.

This is how mine is set up. It has my name as trustee on all the reservations, and it often appears as “Trustee” in the first name instead of my first name, but I’ve never had a problem checking in when that happens.
 

1Kflyerguy

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I think it all depends on your personal circumstances. I stated this thread, and did end up moving my HGV into our living trust. We already had the trust so the only expense was to re-title the deed into the trust, and some paperwork with HGV. Unfortunately i have been involved with a few messy estates, and i wanted to keep things as simple as possible for my heirs. From what i have heard you may force an "ancillary probate" if you own property in additional states. For example I live in California, if I own HGV deeds in Hawaii, Nevada my estate may have to probate in Ca, NV and HI unless everything is held in a trust.

If the goal is to allow your kids to disavow the timeshares, then SmithOp is correct, they can refuse the inheritance no matter how the ownership is titled.

Ultimately its an estate planning issue.
 

Denise L

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We have our timeshares listed in our trust on a separate page. So our timeshares aren't titled to the trust, but the timeshares are listed as assets. I think that our lawyer told us that we would be allowed a certain dollar amount and if they weren't worth more than that, then we didn't need to go through retitling everything. Now, it's been 18 months since we put the trust together, so who knows if we did the right thing, but we can always change it. We were assuming that we would like to sell off most of the timeshares before we die, but if we die before we do, then the lawyer said that the list would suffice. Of course, we've added our two HGVCs since the trust was done, so those are missing completely right now.
 
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