I'm late to the party here, but can pretty much confirm that the comments by George, easyride and CCDad are spot on.
My Dad had all of his contracts in his trust. In retrospect, I really don't see much value in that at all. Actually from an inheritance point of view, if they were in his name versus the trust, we would have had the option to not inherit the contracts. Since they are in the trust, we don't. Then again, there is Ovations and we could easily give them back, if we wanted to at any time.
I am too nervous, to change anything. At one time I was going to move it out of the trust and into my name. My understanding is that would be free using Ovations. But Ovations couldn't give me a definitive answer on what would happen to existing reservations. I don't see myself ever not having existing reservations nor do I see myself ever trusting Wyndham to not mess up something in the (free) transfer process. I don't plan to do anything, any time soon.
As far as who can use the rooms as owners - the rooms actually book as 'John Doe Trustee', and therefore only John Doe could check in. Anyone else would need to use a guest certificate. Our workaround was to add an additional (resale) contract with the rest of the family as owners. I picked up a very small resale contract, put 'John Doe Trustee' on the deed, as well as myself and my siblings. I've since added another contract with other family members (nieces and nephews, in-laws) that routinely use the points. I wanted more points, and that allowed additional family members use of the points. I suspect, but couldn't guarantee, that this limits their liability for maintenance to the small contract they are on (and not the whole 1.5M points).
We all get along, really well. We had a very clear understanding coming into this (I pay maintenance fees, they pay me for use, I rent excess points). It works for us.