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Donald Maurer
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| 07/07/2008 11:08 PM |
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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
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rip west
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| 07/07/2008 11:52 PM |
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<>
This is a common misconception. As Ira pointed out, the
partnership agreement should prevail. In the NAIC/BI standard agreement, the
date of death is treated as the notification date that the dececent's account
should be paid out. Such date merely determines what valuation date will be used
to compute the amount to be paid. So the actual amount finally paid could
be more or less than the value as of the date of death.
Rip West
Saint Paul,
MN
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Donald Maurer
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| 07/07/2008 11:53 PM |
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This is an automatic reply from dmauman@earthlink.net.
I'm sorry, but your email address isn't in my "permitted" email access
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ture you won't get this message. Sorry for this incovenience.
DM
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