As the glory (or agony) of spring sports is in full swing, have you considered that those coveted season tickets may be part of your estate plan? Sports fans with season tickets may want their families to enjoy the tickets after they are gone but passing on these tickets may not be simple.
Getting season tickets to your favorite sport is not always an easy task. Season tickets for some teams can cost a lot of money and require time on a waitlist. It makes sense that you may want family or friends to be able to take advantage of tickets that are still usable after you pass away. However, most teams place limits on how you can transfer the tickets both before and after death.
A season ticket is a contract between the purchaser and the team, so the team can put any restrictions it wishes in the contract. This includes setting limits on when and how the tickets can be transferred to someone else. Teams may explicitly state that the tickets cannot be transferred by will or trust, allow transfers only to a spouse or close family members, or require that ticket holders follow certain procedures in order to transfer the tickets.
For example, some teams have a form that you will need to fill out, designating a beneficiary to inherit your tickets. Other teams state that only a spouse can use a deceased fan’s season tickets. Still others allow transfers only to a parent, spouse, child, or sibling. If there is no surviving family member who can take over the tickets, the tickets go back to the team.
Note that some teams require fans to purchase a seat license before buying season tickets. This means the fan pays a large fee to buy a license for particular seats and then has the right to buy season tickets for those seats. A seat license, unlike a season ticket, is generally transferable via a will or trust.
If you own season tickets, don't ignore them in your estate planning. Your attorney may need to review the relevant contract (for tickets) or license agreement (for a seat license) to determine the best way to transfer those assets. The attorneys at Linville Law would be happy to discuss this specialized planning with you. We are conveniently located in south Charlotte – feel free to set up an in-office or on-line consultation today.