Life has become more digital over recent years, yet many people do not consider how to leave their digital assets on death, particularly loyalty points. In a report published by The Telegraph earlier this year, they suggested that unclaimed points equated to an approximate cash equivalent of £6 billion spread across the top ten loyalty schemes, but what happens to these on death?
Whether you are able to leave the points under the terms of your Will depends on the particular scheme. Unfortunately there is no standard practice governing all loyalty points. It is understood that Nectar, Boots and Tesco are some of the schemes which allow you to leave your points under the terms of your Will, whereas Avios state in their terms and conditions they retain the ownership of the points, which means these cannot be passed on death. There are however other air mile providers who say that it is at their discretion, so the devil is in the detail of the terms and conditions of the particular scheme.
Other digital platforms should not be forgotten, such as PayPal, where you could have accumulated money over a period of time, which could potentially be missed when dealing with your estate.
Many loyalty scheme providers do not advertise the transfer of loyalty points on death. It is up to the executors of your estate to do their due diligence to ensure that valuable points are not lost. Therefore, an additional benefit of including a specific legacy of your loyalty points or online money platforms in your Will is that the executors would be aware that the points existed which could have significant value for the ultimate beneficiaries of your estate.
If you have loyalty points of any significant value, it is worthwhile checking the terms and conditions of the points provider to see whether you can include these as a specific legacy under the terms of your Will. If the transfer of the points is permitted by the scheme provider, it is worth updating your Will to ensure these are not inadvertently overlooked by the executors of your estate.
For more information about Wills, please contact a member of our wills, trusts and tax planning team.