Loyalty points: what happens when you die?
Bills, finances, property, funerals, heirlooms... there is a lot to think about upon the death of a loved one. With so much going on, it can be easy to forget about another kind of asset, one that’s unseen – loyalty points. The cashback siteTopcashback.co.uk estimates that adults in the UK accumulate a total of £5.7billion worth of points per year, or £112 per person. Though easy to overlook, loyalty points can be valuable for loved ones. Here’s what you need to know.
What you’ll need to transfer loyalty points
National loyalty schemes such as Tesco Clubcard, Boots Advantage points and Costa Coffee are well known and much loved. But would you know what to do with the loyalty points built up by a loved one?
Generally speaking, to transfer points from a deceased person’s account you can expect to provide the retailer with certain details. For example, their name, membership number and date of death. While each retailer’s rules will vary, the process will involve contacting the relevant customer services by phone, email or online and providing the details requested.
Bear in mind that each scheme is different. Large loyalty schemes run by national supermarkets, for example, will have clear terms and conditions designed to protect the retailer as well as the consumer. Terms vary by retailer and some schemes may not permit the transfer of points; check with the operator to make sure.
Claiming a loved one’s loyalty points – why bother?
So why bother claiming loyalty points? They have no cash value, after all. While that is true, there could be hundreds of pounds worth of points gathering digital dust. Your loved ones accumulated them and intended to help their family, so why not make use of the points to buy the essentials you need?
There’s the emotional aspect too. A coffee bought with a loved one’s transferred Costa points brings comfort. Some toiletries purchased with the Boots points of a cherished relative can brighten an upsetting time.
Loyalty points: what to do now
The Boots Advantage Card scheme allows members to nominate a beneficiary for your points, so it may be worth exploring if other schemes offer this. You can also make family aware of the schemes you’re part of, so they know where to look.
Preparing for death: asking the right questions
It’s natural to want to care for the people you love. And while passing on loyalty points may not be the first thing you think of, it’s worth thinking about as the points can be worth a substantial amount of money. And perhaps this article has raised questions about other non-physical assets? Digital downloads and subscriptions for example? There are as many variations as there are retailers that provide goods. A qualified professional will ask the right questions and offer impartial advice. Call My Family Legacy on 0117 2795507 and we’ll do all we canto answer your questions about any aspect of estate planning.