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shadyl  
#1 Posted : Monday, May 27, 2013 3:44:38 PM(UTC)
shadyl

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Do you recommend that investment club members have a beneficiary designation in case of their death?

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gerlach  
#2 Posted : Tuesday, May 28, 2013 7:40:09 AM(UTC)
gerlach

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Posted By Sandra Weikel on 05/27/2013 7:44 PM

Do you recommend that investment club members have a beneficiary designation in case of their death?


No. In the case of a partner's death, if the club pays out to a "beneficiary" but the deceased member's will has some other provision for distributing that individual's assets, then the club could be liable to make payment to the appropriate entity and hopefully try to retrieve the funds distributed incorrectly.

The recommended procedure is to simply withdraw the partner as per your partnership agreement, making the check payable to the name of the partner and delivering it to the partner's address or next of kin. There will be no problem for the partner's family or executor to deposit the check, without involving the partnership in any potential problems or contestation of the deceased's estate.

Doug

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