Excellent advice!!I

raS1@aol.com wrote:
> Do NOT do this!!! You are looking for trouble. Any beneficiary designation will not be binding on the partnership and any attempt by the partnership to follow the instructions of such a designation may open the partnership to a suit from the executor of the estate or legitimate or presumed heirs to the estate. A partnership interest is NOT a trust account like an IRA, 401(k), insurance policy or pension. It becomes part of the estate of the deceased and can only be disposed of in accordance with the terms of a will or similar document.
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> Additionally, from the club's perspective, why would you want this? Do you want a new member, perhaps unknown to the other members, who may have no interest in adhering to your club's philosophy and methods? Better to adopt language in your bylaws that treats death as a request for a full withdrawal. Process the withdrawal and issue a check payable to the decedent or his/her estate.
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> Ira Smilovitz
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> Ira Smilovitz
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> In a message dated 07/17/03 8:47:57 PM Eastern Daylight Time, baburgess10@bivio.com writes:
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> Do any of you guys have a beneficiary form completed by each
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> partner.  My club is considering having each partner
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> complete a beneficiary form and let the secretary keep this
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> on file.  We will also scan these documents into a computer.
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> I was thinking of going to Office Depot to see if they have
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> a forn on hand.  Any thoughts?