Common use of Administration for Sole Benefit of Designated Beneficiary Clause in Contracts

Administration for Sole Benefit of Designated Beneficiary. Each Trust Account shall be held for the exclusive benefit of the Designated Beneficiary of that Trust Account during his lifetime. The Trustee shall not use assets in a Trust Account for the benefit of a Designated Beneficiary of another Trust Account or for any purposes not set forth in this Trust Agreement. No Remainderman shall have a present interest in the Trust Account until the death of the Designated Beneficiary. The Trustee shall consider the interests of a Remainderman to be subordinate to those of the Designated Beneficiary during his lifetime. No Remainderman need be cited in an accounting proceeding during the Designated Beneficiary’s lifetime.

Administration for Sole Benefit of Designated Beneficiary. Each Trust Account shall be held for the exclusive benefit of the Designated Beneficiary of that Trust Account during his lifetime. The Trustee shall not use assets in a Trust Account for the benefit of a Designated Beneficiary of another Trust Account or for any purposes not set forth in this Trust Agreement. No Remainderman shall have a present interest in the Trust Account until the death of the Designated Beneficiary. The Trustee shall consider the interests of a Remainderman to be subordinate to those of the Designated Beneficiary during his lifetime. No Remainderman need be cited in an accounting proceeding during the Designated Beneficiary’s 's lifetime.