Help! Our Museum has a donor who has taken
out an insurance policy naming the Museum as his beneficiary. Now the man
could die tomorrow (Heaven forbid, he's a great volunteer) or he could die in 20
years. He would like to restrict his gift. But since it's insurance
and not part of a will - the Museum will eventually just get a check. How
do I assure him that his wishes will be followed or is that
impossible? Other than a "Look here when you get money" file - I'm
not sure what to do. Bear in mind that he is not restricting the money in
any unusual way - if he were to give us a cash gift today, we could follow
through on his request without any difficulty.
Has anyone run into this
situation before? How did you handle it? And what policy or
practices did you put in place? Should we handle this as we
would a pledge to a capital campaign that is paid yearly? As
always any advice is always greatly appreciated. Respond through the list
or off-list as you see fit.
Bronwen A. Sanders
Executive
Director
Mifflinburg Buggy Museum
570-966-1355