When a family member passes away, many families set up memorial funds in that person's name. Friends, family members and others often choose to contribute money to this fund. In order to do this, the family sets up an account at the bank under the name of the memorial. To accept donations in the memorial fund, people can visit the bank or give checks to the family. If people give you checks made out to the memorial, you must deposit them into the designated account.
Open an account. If you have a loved one pass away and choose to set up a memorial fund in that person's name, visit a bank and open an account. Memorial funds are opened as savings or checking accounts. The money that accumulates in the fund goes for a specific purpose, such as a scholarship.
Invite people to donate. This account should be opened as soon as the person passes away. The information regarding the memorial should be on funeral documents. This informs the guests at the funeral about the memorial. The memorial fund information needs to be in the person's obituary in the newspaper or online.
Accept donations. When a memorial fund is set up, people can either make deposits into the account by visiting the particular bank that holds the account or people can give checks or cash directly to the family.
Ask the bank for instructions. It is always important to ask the bank for its preference when endorsing these types of checks.
Endorse the checks. If people give you checks for the memorial, they are typically made out to the name of the memorial fund. The wording may vary, depending on the fund's name. For example, if the fund is named "For the Family of John Smith" it is endorsed by an authorized account holder writing this title on the back of the check. Underneath the title, the person depositing the money should also sign.
Deposit the checks. After the checks are endorsed, you must fill out a deposit slip, attach the checks to it and make the deposit.