Worth accepting Worldmark inheritance?

[daviator]

My mom recently passed away, and one of the assets in her trust is her WorldMark ownership. She owns 9,000 WM points every year.

I have only a vague understanding of the WM system (I own MVC and Vistana and understand those systems well) and am trying to understand if it's worth accepting the WM points or not. I've stayed at a few of their properties over the years, I'd say the properties are okay (some are "meh" but not unacceptable, and at least a few of them are quite nice) and they do have some locations not served by MVC. It has also seemed like it was always pretty easy for my mom to book stuff, even last minute.

I don't even know what the annual MFs are but I think they are not too bad. Don't know if they've been increasing like crazy like MVC fees have been.

Is it worth accepting these points? If I do, I'm really going to have more timeshares that I can use for the next few years. Is there a mechanism for renting Worldmark units or points? Is that cost-effective? Are there any issues with or benefits lost when transferring ownership from deceased parent to child?

I have a sister who might also be interested. If she is, can the points be split and transferred (half to her, half to me) or must they be kept as one ownership?

Are the WM points deeded (like in a trust) or ??? I think I read that they are transferred through the developer, how does that work?

I'm presuming that if I accept the ownership, I'll be stuck with it forever, probably, so trying to figure out what to do.

 

[easyrider]

Yes, imo. You could always use it, exchange it, sell it or rent out the credits or rent out a unit. The renting thing has a learning curve. 9000 credits isn't enough to split unless some one wants to do an every other year use dealio. There would be one owner as a best senario. WM is a membership with no deed. The transfer is completed through WM and can take a bit of time. You would use the WM website or call WM for the transfer paperwork. Wyndham is who manages WM. WM memberships are able to be given back to WM when there is no loan.

Bill

 

[CO skier]

Is it worth accepting these points? If I do, I'm really going to have more timeshares that I can use for the next few years.

You answered your question right there.

 

[Eric B]

The minimum contract size with WM is 5,000 credits and they don’t do EOY, so it can’t really be split. You could both be co-owners, but that has its own issues.

The system is fairly easy to understand if you decide to accept it and the credits are good for several years. If you decide not to, the contract may have a fair amount of value depending on when it was purchased - some of the old ones are exempt from the housekeeping tokens/fees and resell for more than the current ones. If you are able to provide additional details about it here folks can probably better inform you.

 

[daviator]

Thanks for the useful info. I'll get more details on the contract and post it in a day or so.

 

[BingoBangoBongo]

Can’t help you with any of your WM questions, but just wanted to express condolences on the passing of your mother.

 

[geist1223]

A WM Account that Passes to a Child retains all the original Benefits. The costs of transferring to your Name is suppose to be Zero. Though it can take months. Renting out all the Credits will not cover all the MF. It is very importent to know when your Mother acquired the Account. If very old it could be a no Housekeeping Account which increases its sale value to about $15,000. If not that old but acquired prior to November 2006 the Credits would be WM+A. This would give you access to Wyndham South Pacific Resorts; and, Wyndham Resorts through Club Pass. Though 9,000 Credits is not really enough to use Club Pass. Wymdham South Pacific includes several Resorts in Europe. WM Credits are good for about 25 months. You can Book out 13 months if for a full week. If not an old NonHouse Keeping Account with 9,000 Credits the Account gets a free Housekeeping and a free Guest Certificate per year. You also get 4 active Wait Lists.

Checkout www.wmowners.com. It is by WM owners for WM owners.

 

[tony_i]

Worldmark is very flexible, good value, and you have received a lot of good information. Other things to consider:

Many WM locations are close to state/nationals parks, and many are on locations that not many other timeshares are located. So WM complements other systems very well.

WM has great trading power on interval international. With your Marriott II account you will have priority on Marriott exchanges, and WM will again complement nicely. Check wmowners.com for sightings and get an idea of the inventory we are pulling.

You can book 1 nights, so if traveling between timeshares, you might find a WM in between resorts to spend the night. This is very useful on west coast trips.

You can also book with cash offers. I use these a lot. Monday madness is a good way to put together a road trip for example. And works good if your account has to pay housekeeping fee for every reservation (housekeeping is included when booking cash deals).

If the 9k credits account is a non housekeeping account, it has excellent resale value and you can actually add more credits to it and enjoy same benefits on the new credits (even resale), further increasing its value if you ever want to sell.

I can keep listing benefits and positives, but you have a lot of useful info from everyone here, and we can help answer any other questions.

Best of luck!


Sent from my iPhone using Tapatalk

 

[Eric B]

If the 9k credits account is a non housekeeping account, it has excellent resale value and you can actually add more credits to it and enjoy same benefits on the new credits (even resale), further increasing its value if you ever want to sell.

My understanding on NHK accounts is that if you combine them with credits from an account that is subject to the housekeeping token usage rules the account would lose its NHK status. Have you got any actual experience or know of any that shows otherwise?

 

[loosefeet]

I see you are from SF. I live in the North Bay, and find the WM SF a great value, and nice building by Chinatown. We usually stay there when we visit the city--can't beat location or price. We also use the resorts in San Diego to visit our sons, who live in that area. So, look to see where these resorts are, and decide if you would use if you have access. 9000 credits will not get you much (as not enough for a full week in a 2 BR at most WM resorts), but the maintenance fees will be low. You will need to pay housekeeping fees, which adds to your reservation costs. If it's a no housekeeping fees, definitely keep, as that allows for short stays at low cost.
You keep the NHK contract as primary, then add under that. I did that (years ago)--had regular contracts (2), then bought NHK contract--made it primary, and then added 2 more contracts after that. So, now have a large NHK contract. I have not, however, added since they changed to WM-A, etc--it's been quite a few years since this was done (?10 yrs or so).

 

[bizaro86]

My understanding on NHK accounts is that if you combine them with credits from an account that is subject to the housekeeping token usage rules the account would lose its NHK status. Have you got any actual experience or know of any that shows otherwise?

You can purchase another account and combine it with your NHK to make it a bigger NHK. Obviously being VERY careful to make sure they have the surviving account correctly.

But if you transfer one-time use credits into an NHK account those credits require housekeeping be paid, so it isn't recommended.

 

[bizaro86]

To the OP: I would take it and try and use it unless you're totally maxed out in terms of cost/vacation time. WM is a good system with quite a bit of flexibility. You could easily use a 9000 point account as an EOY or even a triennial as the credits have a 3 year total life span and 9000 isn't that many.

If it isn't for you getting rid of it won't be a big hassle - WM has positive value although small, so if you put it up in bargain deals for free it would go instantly. So the downside to trying it for a year or two is pretty low.

 

[sue1947]

To the OP: I would take it and try and use it unless you're totally maxed out in terms of cost/vacation time. WM is a good system with quite a bit of flexibility. You could easily use a 9000 point account as an EOY or even a triennial as the credits have a 3 year total life span and 9000 isn't that many.

If it isn't for you getting rid of it won't be a big hassle - WM has positive value although small, so if you put it up in bargain deals for free it would go instantly. So the downside to trying it for a year or two is pretty low.

This. WM accounts have value. A 9000 credit one is worth around $1000 give or take depending on how many credits are available to use vs available to borrow. If it hasn't been used, you may have credits you can rent out to other owners (renting means transferring from one owner's account to another for a fee). Go to wmowners and check the credits for rent and memberships for sale threads.
bottom line, take the account and either sell it or learn how to use it. The wmowners website is your best source for either.

 

[Eric B]

There are definitely some very nice WM resorts that are tough to get or impossible elsewhere. We’ll be making our second trip to Marina Dunes this year, for example - it’s a great alternative to Highlands Inn, is on the beach, and costs less. We also make good use of our WM ownership to trade in ThirdHome as a supplement to the other systems we own.

 

[daviator]

Can’t help you with any of your WM questions, but just wanted to express condolences on the passing of your mother.

That’s really kind of you. I’m keeping myself busy on all the logistical stuff so I don’t just wallow in grief, but it’s a tough time, and even nice words from a stranger are a reminder that we are all connected. Thanks.

 

[BingoBangoBongo]

That’s really kind of you. I’m keeping myself busy on all the logistical stuff so I don’t just wallow in grief, but it’s a tough time, and even nice words from a stranger are a reminder that we are all connected. Thanks.

I lost my Mom about two years ago and miss her dearly. She moved to a house within a 10 minute walk about 8 years before she passed away, so we had an opportunity to spend some great time with her and help her out when she needed it. My FIL died about a month after that, so we had a bit of a run there. About a month ago I found a really nice pic of my mom when she graduated from Nursing School with a beautiful note on the back to my father (who passed in 2001). It was definitely a bittersweet moment for me.

Hopefully the days get easier for you as time passes.

Be well!

 

[rickandcindy23]

WorldMark is a great product, but 9,000 points isn't much. That's my opinion. I would take it but would add it to my already owned 46,000 points. If you own nothing WM, I would let it go.

 

[rickandcindy23]

That’s really kind of you. I’m keeping myself busy on all the logistical stuff so I don’t just wallow in grief, but it’s a tough time, and even nice words from a stranger are a reminder that we are all connected. Thanks.

You never get over losing your mom or dad. I don't care how old you are, memories will flood back at the the strangest times.

Rick's mom used to buy him a box of Brach's cordial cherries every year for Christmas. She didn't have much, but she knew what he liked. We were at WalMart before Christmas, and there was a huge display of those just ahead of the checkout. Rick lost it. She died in 1997 at the age of 71. Yeah, too young to die.

We miss all of our parents dearly, and Rick's stepmom was a dear. My stepdad is still alive and kicking, but at 89, he is becoming out of touch with reality. None of our birth parents lived long enough to suffer dementia.

 

[marmite]

WM has great trading power on interval international. With your Marriott II account you will have priority on Marriott exchanges, and WM will again complement nicely. Check wmowners.com for sightings and get an idea of the inventory we are pulling.

I agree that WM has great trading power and is very capable in OGS. Even the low-season 3 bed weeks I have deposited to Interval pull a lot, and will certainly get me the 2BR Marriott/Vistana Hawaii weeks I want (provided they're out of preference). Just 4000 points for any trade within the Flexchange period can't be beat. If you're flexible enough to take advantage of that, the 9,000 point contract is getting you two weeks.

No need to go over to WM Owners for sightings though, when you have great sightings right here on TUG (okay, I'm a bit biased). All the sightings I post are continually being cross-checked for preference with my WM ownership (if they are Vistana/Marriott weeks).

What I have most enjoyed with owning WM, is access to the cash-stay rates -- it is nice to fill in a night or two between weeks reservations with other timeshares. Those rates can be significantly cheaper than hotels in an area, and less than using your own points.

Even so, when you have too many timeshares it is probably smart to let it go unless you're up for learning a new system and getting some use out of it. It is not a significant investment should you want to buy a WM contract at a future date.

 

[sparty]

What I have most enjoyed with owning WM, is access to the cash-stay rates -- it is nice to fill in a night or two between weeks reservations with other timeshares. Those rates can be significantly cheaper than hotels in an area, and less than using your own points.

Agreed - One example is nearby you - I like taking cruises out of Vancouver BC and staying at WM Canadian. Similar for Seattle, LA, and San Diego Cruises, but often in these places hotels can be competitive on amenities and price.

 

[nightnurse613]

I didn't see it mentioned directly but, many of the WM Resorts are located in the West and, if you are living in SF, they are a convenient one or two day drive...