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How does a club document who the beneficiary is for a deceased member?
This is an interesting topic and raises lots of questions. We appreciate everyones input.

However, it's important to remember that if you have a concern, you should review the particulars of your investment club and member situations with at local attorney to get a definitive answer. Each situation may be different. It is important to realize that recommendations given here may apply differently depending on your specific club and member circumstances.

Laurie Frederiksen
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I've a recollection of reading (in Bivio?) a number of years ago, that assets of a deceased member should be turned over to the executor of the estate and not to any "beneficiary".  IRAs and life insurance have a named beneficiary; as a business partner I don't know that you can tell your other partners (i.e. the Investment Club members) who you want your club assets to go to in the event of your death.  Their will/living trust/ ... controls that and it's the executors responsibility to properly distribute the deceased's assets. I think you might get into a passel of trouble distributing assets to person A when their Will leaves all assets to their spouse.  (N.B. - I'm not a lawyer)


From: Kimberly Hazen <hazenfree@gmail.com>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Friday, October 10, 2014 6:36 AM
Subject: Re: [club_cafe] Re: How does a club document who the beneficiary is for a deceased member?

Same for us.  We have a "new member" form with SSN, beneficiary, address, etc.  I keep them in a locked file cabinet to protect the information.  



Kimberly Hazen
cell 608.444.6898
 



On Fri, Oct 10, 2014 at 7:34 AM, Jeanne E Tieken <jeannetieken@gmail.com> wrote:
We capture that information as soon as they join.  At tax
time we remind all
members to update that information if it has changed.  We
have not requested that the info be notarized.



Great Q. We used the Bivio recommended Partnership docs. Is there a Bivio recommended "new member application"?

Best, 
 Dave Nathanson
 Treasurer, Hawaiian Shirt Society


On Jul 2, 2015, at 10:34 AM, "VIA via bivio.com" <user*27500300001@bivio.com> wrote:

I've a recollection of reading (in Bivio?) a number of years ago, that assets of a deceased member should be turned over to the executor of the estate and not to any "beneficiary".  IRAs and life insurance have a named beneficiary; as a business partner I don't know that you can tell your other partners (i.e. the Investment Club members) who you want your club assets to go to in the event of your death.  Their will/living trust/ ... controls that and it's the executors responsibility to properly distribute the deceased's assets. I think you might get into a passel of trouble distributing assets to person A when their Will leaves all assets to their spouse.  (N.B. - I'm not a lawyer)


From: Kimberly Hazen <hazenfree@gmail.com>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Friday, October 10, 2014 6:36 AM
Subject: Re: [club_cafe] Re: How does a club document who the beneficiary is for a deceased member?

Same for us.  We have a "new member" form with SSN, beneficiary, address, etc.  I keep them in a locked file cabinet to protect the information.  



Kimberly Hazen
cell 608.444.6898
 



On Fri, Oct 10, 2014 at 7:34 AM, Jeanne E Tieken <jeannetieken@gmail.com> wrote:
We capture that information as soon as they join.  At tax
time we remind all
members to update that information if it has changed.  We
have not requested that the info be notarized.




When a new member joins the club , the club should obtain Tax ID on form W9. Scan it and save it 


Sent from my iPhone
Bharat Bhatt


On Jul 2, 2015, at 1:34 PM, VIA via bivio.com <user*27500300001@bivio.com> wrote:

I've a recollection of reading (in Bivio?) a number of years ago, that assets of a deceased member should be turned over to the executor of the estate and not to any "beneficiary".  IRAs and life insurance have a named beneficiary; as a business partner I don't know that you can tell your other partners (i.e. the Investment Club members) who you want your club assets to go to in the event of your death.  Their will/living trust/ ... controls that and it's the executors responsibility to properly distribute the deceased's assets. I think you might get into a passel of trouble distributing assets to person A when their Will leaves all assets to their spouse.  (N.B. - I'm not a lawyer)


From: Kimberly Hazen <hazenfree@gmail.com>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Friday, October 10, 2014 6:36 AM
Subject: Re: [club_cafe] Re: How does a club document who the beneficiary is for a deceased member?

Same for us.  We have a "new member" form with SSN, beneficiary, address, etc.  I keep them in a locked file cabinet to protect the information.  



Kimberly Hazen
cell 608.444.6898
 



On Fri, Oct 10, 2014 at 7:34 AM, Jeanne E Tieken <jeannetieken@gmail.com> wrote:
We capture that information as soon as they join.  At tax
time we remind all
members to update that information if it has changed.  We
have not requested that the info be notarized.