Chart for gift of insurance proceeds
Chart for gift of insurance proceeds
| Step-by-step Chart - Gifts of Life Insurance Proceeds | Approved by and/or signatures | Date Completed | Notes |
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Develop gift acceptance policies |
Board of Directors |
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When approached at the time of being named the beneficiary, advise donor to obtain independent professional advice. |
Donor's life insurance agent, financial planner |
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Give charity's correct legal name to donor and to agent. Notify the donor of any charity contact or address changes |
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On the death of the donor, issue a tax receipt to the donor's estate for the proceeds received under the policy. |
Indicate on receipt that it represents cash value of the life insurance policy donated, with the insurance company's name and policy number. |
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On death of the donor, notify the life insurance company so they know the death benefit is payable (and where to send it). |
Life insurance company will require death certificate before releasing proceeds. Ask executor to supply. |