My friend, Wendy, sent me a screen-shot of the terms of a Citibank Credit Card that talked about Treatment of Point Balances Upon Death. It states “Now our terms provide a way for a deceased member’s estate to obtain value from the member’s remaining points balance”. Family members probably fought for points under a credit card. Those points might be exchanged for “air miles,” “nights in a hotel,” or possibly other items of value.
It’s good that Citibank is working with families of the Card Member. They refer to the “Estate” which is the Probate Court. Hopefully they can make the points available to a named “Death Beneficiary.” That would be naming a person or Trust to receive the points. That is like naming a person or Trust to receive your Life Insurance death benefits when you pass on.
Many assets today are intangible. You can’t touch them like you can touch a sofa. “Credit Card Points” and “Digital Assets” are of value, but are not something you necessarily can hold in your hand.
Estate Planning continues to look at ways to move modern assets after someone passes on. “Digital Assets” is one of the areas of focus of new laws, especially in Estate Planning.
Our future blogs will discuss more about “Digital Assets” and how to move them after someone passes on. Those “Digital Assets” could include photographs, writings, memoirs, film, memberships on websites such as “Facebook” and similar type of websites. We look to have those “Digital Asset” articles coming out in the near future.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.