The recent death of famed travel journalist Anthony Bordain raised many questions about estate planning considerations that come with a jet-setting lifestyle. One of the questions asked on this topic was about what happens to Bordain's loyalty points and frequent flier miles during estate administration. Ontario travelers could benefit from keeping this topic in mind when drafting their own estate plans.
Bordain had accumulated enough frequent flier miles and loyalty points to have broached the topic in his will. He advised that his estranged wife should inherit these and use them as he would have wanted. But how exactly does one inherit loyalty points and miles?
It is a good idea for a program member to contact the specific program used to make sure the points are transferable after death. In some cases, points are disposed of upon death. Switching to a card or program where points can be willed to loved ones is a good idea for frequent travelers. It is also a good idea to clearly state intentions for who should get these points in a will. They can be listed under investments in estate plans.
During estate administration, an executor will be usually be tasked with distributing multiple different types of assets. Planners can help them to access these assets by clearly stating any necessary access information like passwords and by advising account administrators of their intentions. Those who wish to include frequent flier miles or other accumulated points in their wills should clarify their intentions with their executor as well as an Ontario estate planning and administration lawyer.