Fall is quickly approaching. Fantasy football leagues are formed, and the pumpkin spiced latte is the beverage of choice. Welcome to football season! A time when people live and breathe their teams. We rush the work week along to get to the weekend. Tailgates are a family and friend tradition. If you are one of the lucky ones, you are the owner of coveted season tickets (and maybe some good parking, too!) It is a special time of the year for so many fans!
Season tickets are serious family business. The NFL’s Green Bay Packers have one of the most notorious season tickets waiting list. The current wait time for Packers season tickets is over thirty years! Yes, you read that right: over 30 years! The incredibly long wait time is due to Packers fans not only transferring their season tickets, but transferring their spot on the long waitlist. Now, that is team dedication!
So, here’s the question: what will happen to your coveted season tickets when you are no longer living? Your personal estate is made up of all the assets you own at your time of death. This could include real estate, cash, sports memorabilia, cars, and jewelry. There are so many more physical items that we can name, but what about those season tickets? Those tickets are real physical property, right?
In most circumstances, an asset can be anything of value. When it comes to tickets, it all depends on the team. Each team in the NCAA, NFL, and other leagues has established terms and conditions regarding the transfer of tickets. This varies for each organization. Some teams may heavily restrict the transfer of season tickets, while other teams embrace the process. It is important to research the terms and conditions of your team.
Some common restrictions may only allow transfer to surviving spouse or children of the season ticket holder. This could pose a challenge if there is no spouse, but multiple surviving children. The season tickets will return to the team if there is no clear heir. This would give another lucky fan the chance to buy the tickets. While you may indicate in your Will who the tickets should be transferred to, that small action will not ensure the transfer.
Always check your team’s terms and conditions regarding the transfer of season tickets. Season ticket holders may be allowed to complete an official form that will transfer the season tickets upon death to the specified survivor. By completing a transfer on death form, you significantly increase the possibility of keeping the season tickets in your family.
Never assume that your final wishes for your assets will be carried out when proper actions may not have taken place. It is always in your best interest to work with an estate planning attorney to ensure that all of your plans will be fulfilled. Tailgate conversations do not seal the deal when it comes to passing on your season tickets, or any other assets for that matter. By working with an estate planning attorney, you can rest assured that your concerns will be addressed while receiving actionable advice.
