The check should be made payable to the decedent and mailed to his/her last known address. Having your member's ID who to speak with is unreliable because the only one who has any legal standing in handling the affairs of a decedent is the executor of the estate. That may or may not be the surviving spouse or family member and you have no way of knowing who that person is until the courts appoint him/her.

 

You can find standard language in the BI model partnership agreement.

 

Ira Smilovitz

 

From the The Clubhouse forum at StockCentral.com, Donald Maurer writes:

I find nothing in our partnership or by-laws regarding how to handle communications or payout arrangements should a club member pass away.  I know that the member's value should be frozen as of the date of death.  However, is there any standard information/process regarding how and to whom the payout check should be handled?  I'm trying to get our members to ID who they'd want us to communicate with, should this need arise, but realize that who the check is made out to could be as important as process.  How have other treasurer's handled this, or put into by-laws etc.?

Thanks.

Don Maurer - Treasurer, WeVest Investment Club (Wisconsin)

dmauman@earthlink.net

 

 

----------
Posted by: Donald Maurer
----------
To view the complete topic, reply, or unsubscribe to this topic please visit: http://www.stockcentral.com/community/tabid/143/view/topic/postid/5965/ptarget/5965/language/en-US/Default.aspx