A person’s estate consists of assets they own at the time of their death. Common assets include cash, real property, sports paraphernalia, and jewelry. It can be difficult to characterize some property, though. For example, if you own season tickets for any sports team, passing them on to the next generation can be tricky.
Season Tickets as an Asset?
Under some circ*mstances, anything of value can be considered an asset. For season tickets, thought, it really comes down to the terms and conditions imposed by the team that sold the season ticket. In one Colorado bankruptcy case, Colorado Avalanche season tickets came into play. The team’s terms and conditions stated:
“Any Colorado Avalanche ticket purchased under this invoice is a revocable license . . .”
The hockey team retained rights over the tickets and restricted resale and transfer of them. Most other professional teams do the same. Season tickets are an asset with strings attached.
Terms and Conditions Apply.
Some teams restrict transfer of season tickets to spouses and children of the ticket holder. Others state the tickets can only be inherited by children of the ticketholder if the children agree on who gets the tickets. If the kids can’t come to an agreement, the tickets revert to the team. One thing that usually doesn’t happen is that the tickets pass to heirs through the ticket owner’s Will.
One Way Out.
Most teams do not allow season tickets to be inherited, except possibly to a surviving spouse or children.
However, many teams permit season ticket holders to complete an official form that transfers the tickets upon the death of the ticket holder. Even then, some teams restrict the transfer to immediate family only. Still, using a transfer-on-death-type form may be the only way to keep your season tickets in the family.
Season Ticket or Seat License?
Some teams require fans to purchase a seat license before buying season tickets. Typically, those licenses can be transferred, sold, or passed through an estate with few restrictions.
Are All Your Assets Inheritable?
At Virtus Law, we listen to our client’s concerns and offer actionable advice. Contact us by calling 612.888.1000 or by emailing us at info@virtuslaw.com. We look forward to helping you in one of our conveniently-located offices in Minneapolis, Edina, Mendota Heights, and Red Wing.
If the deceased person's will doesn't mention the season tickets, they will pass under the "residuary clause" of the will—that is, the clause that names someone to inherit all assets not specifically left to another beneficiary.
Instant access to all your season tickets through Account Manager on the Bills Mobile app or www.buffalobills.com. The ability to manage, transfer or sell your tickets at any time.
Bereavement and Critical Illness Exception Requests. Tickets may be considered for refund in the event of the death of the customer, immediate family, or traveling companion.
Many airlines offer “bereavement fares” to immediate family members escorting a body on a plane and immediate family members attending a funeral with little advance notice. Generally, bereavement fares are a percentage off the normal ticket price, with discounts ranging from 5% to 25%, depending on the airline.
In the United States and Canada, a bereavement flight is a flight purchased when a close relative has died or is dying. Bereavement fares used to be offered by many airlines, but as of 2015, most have stopped providing them. A death certificate (example shown) is required as proof before some bereavement flights.
deceased, departed, and late apply to persons who have died recently. deceased is the preferred term in legal use. departed is used usually as a euphemism.
In the event of a death or imminent death (for international travel) in your immediate family, we understand that you may have to travel with short notice. We offer a bereavement policy which offers additional flexibility on the best published fare for your itinerary when unexpected travelis required.
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