It’s a sad time for Leafs fans after the recent Game 7 loss to the Bruins. Leafs season ticket holders are more likely to be getting over this loss than thinking of what will happen to their season tickets when they die. Nonetheless, it is interesting to note how this asset can be dealt with on death.
There is an (apparently lengthy) wait list to become a Leafs season ticket holder. This, and the price of Leafs tickets generally, makes these tickets a very valuable asset for some fans. So if you are one of the lucky fans that have secured season tickets, what happens to them when you die?
Maple Leaf Sports and Entertainment (“MLSE”) allows season ticket holders to gift season tickets in their Will, provided they are only be gifted to a blood relative. In other words, they can be transferred to a sibling, a child, or a grandchild, for example, but they cannot be transferred to a spouse. So you can keep your Leafs tickets in the family, assuming you have a blood relative that survives you that you would want to give the tickets to at your death.
If the tickets are not transferred to a blood relative, the executor can sell the tickets on behalf of the estate, but there is a fee to do this if the ticket holder is not a license holder, and the sale must be done through Maple Leaf Sports & Entertainment (“MLSE”).
MLSE requires a death certificate and a copy of the Will appointing the executor to complete the transfer or sale of season tickets. It does not require the executor to produce a Certificate of Appointment of Estate Trustee (a.k.a. probate), provided there is Will appointing the executor. For those with multiple Wills, this means your Leafs tickets should be able to be dealt with in your Secondary Will. Accordingly, the value of your season tickets would not be subject to probate tax if they are transferred through a Secondary Will.
At Mills & Mills LLP our estates group can assist you in developing an estate plan that considers the above factors, among others, to best suit your needs. To learn more about how we may be able to assist you please reach out to us at (416) 863-0125.