After your loved one dies, you may discover that there are many unique aspects to administering an estate. Your loved one may have left behind standard assets like a family home and a checking account. However, he or she may also have left other valuable assets that you might not immediately consider. Examples of this include rewards points, airline miles, and season tickets to sports teams. For the beneficiaries of the estate, these assets may be just as important as any other type of asset.
3 Tips Relating to Rewards Points and Memberships During Estate Administration
How should these unique assets be handled during an estate administration? The following are three helpful tips:
- Typically, most airlines, sports teams, country clubs, hotels, and other companies do not require that points or memberships be specifically mentioned in the will or trust. However, if these assets are addressed specifically within the estate documents, it may be an easier process to transfer them to the beneficiaries during the estate administration.
- Every plan and program is unique. Some may allow the transfer of points or memberships upon death, while others do not. As the estate administrator, you must contact these companies individually to address the transfer of the asset.
- In many cases, a transfer fee may apply. However, if the asset is valuable, it may be well worth it to pay this fee. For example, if the decedent left behind enough airline points to earn a free plane ticket, it often makes sense to pay a small transfer fee in order to allow the decedent’s beneficiary to redeem the points.
The good news for those in charge of administering an estate is that it does not have to be done alone. We can help you address all of the questions that arise during this often confusing process. To learn more about how we have helped others, we encourage you to check out our client testimonials page today.