In the event of the death of a non-vested individual, KWRI will make arrangements for the early vesting of an individual who has helped the system grow through the addition of associates, the opening of a Market Center and/or work promoting the growth of a Region, and KWRI will pay any applicable Profit Sharing to the deceased’s estate per guidelines which are established by the International ALC and KWRI.
NOTE: Do not make any changes to the profit share banking information or Tax ID number of a deceased associate until KWRI has given beneficiary approval. Until the beneficiary is approved by KWRI, profit share will continue to be distributed to the deceased associate.
|Use the Profit Share Transfer Request form at KWConnect and attached below to collect and provide the required information to KWRI.|
- Upon notification of the death of an associate, the Market Center should complete the following steps to ensure legal compliance and proper handling of the deceased associate’s record.
- Inform KWRI Legal via email at Legal@kw.com of the death of the associate including the name, MORE ID and other pertinent information.
- Contact the family and request the following documents be emailed to Legal@kw.com: Death Certificate AND either 3 or 4 below
- Probated Testamentary Documentation
- Designation of Beneficiary form (associates are advised to keep a copy of their beneficiary form with their estate documents and give one to their Market Center)
- Provide all details known, such as date of death and the name and contact details of family member providing deceased documentation, etc.
- Once KWRI Legal has reviewed the estate documentation and determined the appropriate beneficiary, KWRI will contact the Market Center MCA and provide:
- The beneficiary’s name, beneficiary mailing address, and profit share bank account information.
- The Market Center MCA will update the deceased associate’s WINMORE record with the beneficiary’s banking information and mailing address.
- Update the associate record with the beneficiary’s mailing address. All future mailing go to the beneficiary.
- Update the profit share tab with the correct bank name, bank account name, routing number, bank account number and bank account type that was provided by KWRI.
- When the beneficiary earns profit share, the Profit Share Statement should be sent, by the Market Center MCA, to the beneficiary within five business days of receipt of the profit share payment. All profit share is paid on the twenty-first day of each month.
- An annual renewal fee ($25.00) is due from the beneficiary. If the annual renewal fee is not paid, proper procedure should be followed to remove the record from the WINMORE system.