Posted by: Heinz Brisske
The Chicago Tribune reports that each year U.S. travelers earn as many as 3 trillion frequent flier miles. What most travelers don’t realize is that, if they are proactive, they may be able to retain these miles after they pass away. Most travel and credit-card programs allow their customers to leave ther frequent flier miles to heirs.
If you want to leave points or miles to your heirs, you should first decide whether to leave them in a will. Such a step guarantees that all assets will be properly identified in your Will, but it may bring additional scrutiny to the process and add to the cost of your estate plan. On the other hand, such a step may avoid family squabbles and help your fiduciary make sure the points or miles get distributed appropriately.
Another option is to distribute points and miles in a separate document, outside your will. If you choose this option, be very specific in listing all account numbers and other information related to the award points or miles.
Valuation of these assets is a final hurdle. Loyalty points and accumulated miles are notoriously difficult to value. It is always best to consult a professional in making bequests of assets, and miles and points are no exception.
If you participate in a frequent flier program, consider taking action to ensure these miles are passed to your love ones to enjoy on your behalf!
For more information, please read the article in the Chicago Tribune and contact our office to learn more.