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.
Are Season Tickets an Asset?
Anything of value could be considered an asset, but the question remains: who owns it? For an asset like season tickets, it comes down to the terms and conditions imposed by the team that sold the ticket.
Colorado Avalanche season tickets came into play in a Colorado bankruptcy case. The team’s terms and conditions stated:
“Any Colorado Avalanche ticket purchased under this invoice is a revocable license . . .”
The “ticket” was actually a license. The team retained rights over the tickets, including the power to restrict resale and transfer. Many other professional sports teams have similar terms. As an asset, season tickets come with strings attached.
Terms and Conditions Do Apply.
The terms offered by some teams do allow transfer, with some restrictions. Season tickets often may be transferred only to spouses and children of the official ticket holder. Other teams allow children of the ticketholder to inherit, but only if the children agree on who actually gets them. When the heirs can’t agree, the tickets go back to the team to be sold to another lucky fan. Tickets typically are not allowed to pass to heirs through the ticket holder’s Will.
Making an End Run.
Some teams, professional or college, allow season ticket holders to transfer tickets upon their death by completing an official form. Even using the team’s form, though, doesn’t mean the ticket holder can give the tickets to just anyone. Some teams restrict the transfer to immediate family only. Restrictions or not, a transfer-on-death form may be the best way to keep your season tickets in the family.
But Is it a Ticket or License?
Sports teams sometimes require fans to buy a seat license before they are allowed to buy season tickets. Licenses can be transferred, sold, or passed through an estate with very few restrictions.
Are All Your Assets Inheritable?
Season tickets are not the only unusual assets that may make it into your estate. Make sure your assets can be handed off to the right person.
The attorneys at the Dillon Law Group, PLC, can help you develop a comprehensive estate plan that covers all your assets. Give us a call at 757-962-4796 to set up an appointment or contact us online by using our convenient Contact Form. We assist clients in Virginia Beach, Newport News, and surrounding communities.