MULTIZ321
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- Jun 6, 2005
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- FT. LAUDERDALE, FL
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- BLUEWATER BY SPINNAKER HHI
ROYAL HOLIDAY CLUB RHC (POINTS)
What Happens To Your Airline Miles When You Die? - by Kara Brandeisky/ The Money Traveller/ Money/ time.com
"The official rules may say one thing, but heirs usually have options.
What would you do if you knew you had a potentially valuable asset that could vanish upon your death? Your bank account, empty. Your antique car, gone. Your grandmother’s jewelry, evaporated.
Globe-trotters appear to have that problem: Many airlines say officially that frequent flier miles are not your property and cannot be willed to your heirs upon your death.
“It is a big problem, because people accumulate lots of miles that they don’t use, and the policies of the different airlines are different,” says Gerry Beyer, a law professor at Texas Tech University School of Law. “They’re constantly shifting the policy, and sometimes it depends upon who you talk to and what you can get done.”
Frequent flier miles pose a bigger problem for estates than other loyalty programs because heavy travelers and rewards-card wizards can accumulate many hundreds of thousands (or even millions) of miles, Beyer says. And that adds up: By one estimate, 500,000 miles could be worth between $4,000 and $10,000, depending on the airline.
But can you pass your miles on? That depends. The secret is: Don’t take an airline’s written policy at face value. The terms of service often say one thing while the carrier’s practices offer another path..."
Getty Images—Getty Images/iStockphoto
Richard
"The official rules may say one thing, but heirs usually have options.
What would you do if you knew you had a potentially valuable asset that could vanish upon your death? Your bank account, empty. Your antique car, gone. Your grandmother’s jewelry, evaporated.
Globe-trotters appear to have that problem: Many airlines say officially that frequent flier miles are not your property and cannot be willed to your heirs upon your death.
“It is a big problem, because people accumulate lots of miles that they don’t use, and the policies of the different airlines are different,” says Gerry Beyer, a law professor at Texas Tech University School of Law. “They’re constantly shifting the policy, and sometimes it depends upon who you talk to and what you can get done.”
Frequent flier miles pose a bigger problem for estates than other loyalty programs because heavy travelers and rewards-card wizards can accumulate many hundreds of thousands (or even millions) of miles, Beyer says. And that adds up: By one estimate, 500,000 miles could be worth between $4,000 and $10,000, depending on the airline.
But can you pass your miles on? That depends. The secret is: Don’t take an airline’s written policy at face value. The terms of service often say one thing while the carrier’s practices offer another path..."
Getty Images—Getty Images/iStockphoto
Richard
