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 circumstances, 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 firstname.lastname@example.org. We look forward to helping you in one of our conveniently-located offices in Minneapolis, Edina, Mendota Heights, and Red Wing.