Before the festive period, a survey was released highlighting the increased importance people are placing into digital assets.
The poll by YouGov emphatically revealed how important our digital presence is to many people. Over a quarter of the recipients wanted to pass on their ‘digital inheritance’ to a beneficiary after they have died.
Facebook and other social media platforms are no longer dispensable communication; they now have years of our memories wrapped up in our photographs and 26% of respondents want them passed on to loved ones in the future.
Facebook responded to these concerns by ‘memorialising’ the accounts of the deceased and allowing an executor to act as a legacy contact.
Whilst many companies are beginning to consider the mortality of their online customers and their digital assets, the concept of loyalty cards and loyalty points accumulated by customers before they die can offer slightly less rights to the donor when they look to pass on these loyalty savings.
Recent data by Topcashback has emphasised that British shoppers have accumulated the annual equivalent to £5.7 billion in loyalty points from high street retailers.
This total, if divided between the customers involved with Britain’s five largest loyalty schemes, adds up to an impressive £122 per loyalty member.
Although passing on your supermarket loyalty points may not be a priority when going through the grieving process, the businesses offering digital loyalty schemes are developing their policies to consider the points and how they are distributed upon death.
93% of the public is unaware that loyalty points can be passed on to a beneficiary in many cases. However, only 5% of recipients over 55-years-old have mentioned them in their Wills.
Those of us with Tesco Clubcards can pass on loyalty points after death even if the supermarket has not been notified prior to initiating the change. Boots will also allow members to pass on their points after they die; however, the member will need to notify Boots of their intended beneficiary before they die. If the member has died without providing this information, the points will be lost.
Nectar points can be transferred but the process is a lot more invasive. The company requires a death certificate before the deceased’s points can be transferred. People that collect air miles through Avios will also be relieved to hear that despite the company claiming points cannot be transferred, they will consider claims to transfer points when the member has died.
Whilst Sparks points at Marks & Spencer do not carry a clear monetary value, the sales and discount incentives, that customers may accrue, cannot be passed on to a beneficiary. The company was clear that they constantly review their policies and insist the offers are designed for individuals.
As the population continues to embrace digital assets and digital schemes, it is comforting that companies are increasingly considering how these digital incentives are dealt with upon the user’s death.
Have you or your clients considered loyalty points when making Wills? Will this become more important in the future?
