Just when you thought you have had enough of the Anthony Bourdain life saga, there’s still more good stuff to be read (and understand). Not from a gossip perspective but from the legal perspective. As with any celebrity, there are lots of rumors and then there are the facts. Since Anthony’s death, more and more of the facts have come out in the open, which makes it much easier to comment on and use as an example for others.
There’s something about a rebel who lives life on his own terms that is like a magnet: it’s sometimes hard to turn away and that’s how many are responding to celebrity Anthony Bourdain’s passing, according to the Forbes’ article “How Anthony Bourdain’s Estate Plan Reflected the Two Most Important Parts of His Life.”
One thing that certainly grabbed most people’s attention was the report that his net worth was only $1.2 million. While it certainly came as a surprise to most people, it really shouldn’t have surprised anyone if they understood his background and story. It was no secret that Bourdain often said that until his 40s he lived paycheck-to-paycheck. Perhaps the most interesting part, from the estate planning perspective, is how he expressed his wishes in his will. The details of his will and settlement became public since it was probated.
Bourdain made provisions for his only child who will go on to inherit the bulk of his wealth. Known as a prolific traveler, he traveled extensively during his career. Possibly one of the more interesting parts of this estate plan was what he did with his massive amount of frequent flyer miles. His will showed that he passed his frequent flyer miles to his estranged wife with instructions “to dispose of in accordance to what she believes to be his wishes.”
This one issue brings up a key message for all of us to consider and remember. Those who travel often and have numerous frequent flier miles, award points and perks in their accounts often overlook them as part of their estate plan. They are usually quite valuable and they should be addressed in your estate planning. If they aren’t, there is a high likelihood they will just expire and the airline will essentially be the beneficiary of this gift.
However, passing along airline points is not as easy as filling out a beneficiary form. Each airline has their policies on how they treat these so you may have to fill out a form for each one. Loyalty programs are basically contracts with a company and you’ll need to read the fine print since not all airlines allow their points to be assigned. The selection of beneficiaries also may be limited by the airline.
Bourdain’s very public profile makes it unlikely any airline would refuse to honor his request to transfer his points. Since he carefully documented his desire to leave his frequent flier miles to a specific beneficiary, it’s even more likely his points will transfer without too much fuss. From an airline perspective, it is yet another marketing opportunity for them to be exposed (in a positive way) to millions of people. So while Anthony’s miles might be easy to transfer, yours may not be quite so easy. Do your homework and find out what it takes and if possible, make the transfer while they are still alive.
Bourdain is proof that even rebels make sure to put estate plans in place. His will reflects his personality of authenticity and relentless curiously about the world around him. The final message he left us with is to take care of those we love, regardless of whether or not you are a global traveler.