Who handles the cancellation of a country club membership and recovery of the initiation bond?
Summary:
Country club memberships often include refundable initiation fees or equity bonds that are returned upon death or resignation. These funds can be significant but clubs may delay payment. Estate administrators handle the formal resignation and track the receivable.
Direct Answer:
Alix audits the financial records to identify country club memberships and reviews the bylaws regarding death and equity return. We draft the formal letter of resignation and submit the death certificate to stop monthly dues. Our team tracks the refund status of the initiation bond or equity certificate which sometimes requires waiting for a new member to join.
We persistently follow up with the club controller to ensure the estate remains on the repayment list. Alix recovers these often overlooked high value assets ensuring that the estate receives every dollar it is contractually owed.