Common use of Allocation of Assets Among Beneficiaries Clause in Contracts

Allocation of Assets Among Beneficiaries. Upon the death of a Participant, the balance in a Participant’s Custodial Account shall be paid in equal percentages to the named Primary Beneficiaries who have not predeceased the Participant or disclaimed their beneficial interests in the Participant’s Custodial Account unless an unequal percentage allocation or some other method of allocation of the assets remaining in a Participant’s Custodial Account has been specified in writing, and in a form or manner deemed acceptable to the Custodian pursuant to this section. If no Primary Beneficiaries are living as of the date of the Participant’s death, the balance in the Participant’s Custodial Account shall be paid in the same manner to the Contingent Beneficiaries named, if any. If no Beneficiary has been designated or if all Primary and Contingent Beneficiaries so named have predeceased the Participant as of the time of his or her death, the proceeds of the Custodial Account shall be paid to the Participant’s spouse, if married and if not married, the Beneficiary shall be deemed to be the Participant’s estate . Notwithstanding the preceding, the balance of a Participant’s Custodial Account may be allocated among Beneficiaries in accordance with a Beneficiary designation containing “per stirpes” provisions provided such designation is executed and submitted to the Custodian in a form or manner deemed administratively acceptable to the Custodian. For purposes of this Agreement, the term “per stirpes” shall mean that the Participant’s account will be divided into as many shares as there are surviving lineal descendents of the Participant’s or his or her named Beneficiary within the next immediate generation. The share of any deceased descendent that leaves no surviving descendents shall be divided in the same manner. A descendent that predeceases the Participant and who has no descendents shall be disregarded as a Beneficiary. 2011 AMENDMENT OF THE XXXXXXX XXXXX & ASSOCIATES, INC. TRADITIONAL AND XXXX XXX CUSTODIAL AGREEMENTS Xxxxxxx Xxxxx & Associates, Inc. (Xxxxxxx Xxxxx) is amending the Xxxxxxx Xxxxx Traditional and Xxxx Individual Retirement Custodial Account Agreements as shown below, effective November 1, 2011. It is very important that you retain this amendment with your permanent IRA account records. Please contact your financial advisor if you have any questions or need any additional information. Section 8, entitled “Notices,” of Article VIII of the Traditional Individual Retirement Custodial Account Agreement and of Article IX of the Xxxx Individual Retirement Custodial Account Agreement is amended in its entirety to read as follows.

Allocation of Assets Among Beneficiaries. Upon the death of a ParticipantDepositor, the balance in a ParticipantDepositor’s Custodial Account shall be paid in equal percentages to the named Primary Beneficiaries who have not predeceased the Participant Depositor or disclaimed their beneficial interests in the ParticipantDepositor’s Custodial Account unless an unequal percentage allocation or some other method of allocation of the assets remaining in a ParticipantDepositor’s Custodial Account has been specified in writing, and in a form or manner deemed acceptable to the Custodian pursuant to this section. If no Primary Beneficiaries are living as of the date of the ParticipantDepositor’s death, the balance in the ParticipantDepositor’s Custodial Account shall be paid in the same manner to the Contingent Beneficiaries named, if any. If no Beneficiary has been designated or if all Primary and Contingent Beneficiaries so named have predeceased the Participant Depositor as of the time of his or her death, the proceeds of the Custodial Account shall be paid to the ParticipantDepositor’s spouse, if married and if not married, the Beneficiary shall be deemed to be the ParticipantDepositor’s estate estate. Notwithstanding the preceding, the balance of a ParticipantDepositor’s Custodial Account may be allocated among Beneficiaries in accordance with a Beneficiary designation containing “per stirpes” provisions provided such designation is executed and submitted to the Custodian in a form or manner deemed administratively acceptable to the Custodian. For purposes of this Agreement, the term “per stirpes” shall mean that the ParticipantDepositor’s account will be divided into as many shares as there are surviving lineal descendents of the Participant’s Depositor or his or her named Beneficiary within the next immediate generation. The share of any deceased descendent that leaves no surviving descendents shall be divided in the same manner. A descendent that predeceases the Participant Depositor and who has no descendents shall be disregarded as a Beneficiary. 2011 AMENDMENT OF THE XXXXXXX XXXXX & ASSOCIATESCertain subsections of Section 4, INC. TRADITIONAL AND XXXX XXX CUSTODIAL AGREEMENTS Xxxxxxx Xxxxx & Associates, Inc. (Xxxxxxx Xxxxx) is amending the Xxxxxxx Xxxxx Traditional and Xxxx Individual Retirement Custodial Account Agreements as shown below, effective November 1, 2011. It is very important that you retain this amendment with your permanent IRA account records. Please contact your financial advisor if you have any questions or need any additional information. Section 8, entitled “Notices,” of Article VIII of the Traditional Simple Individual Retirement Custodial Account Agreement and entitled “Designation of Article IX of the Xxxx Individual Retirement Custodial Account Agreement is Beneficiaries” are being amended in its entirety to read as follows. For your convenience, the sentences containing the amended language appear in italics and the actual language being amended appears in bold.

Allocation of Assets Among Beneficiaries. Upon the death of a ParticipantDepositor, the balance in a Participantthe Depositor’s Custodial Account shall be paid in equal percentages to the named Primary Beneficiaries who have not predeceased the Participant Depositor or disclaimed their beneficial interests in the ParticipantDepositor’s Custodial Account unless an unequal percentage allocation or some other method of allocation of the assets remaining in a ParticipantDepositor’s Custodial Account has been specified in writing, and in a form or manner deemed acceptable to the Custodian pursuant to this section. Section V. If no Primary Beneficiaries are living as of the date of the ParticipantDepositor’s death, the balance in the ParticipantDepositor’s Custodial Account shall be paid in the same manner to the Contingent Beneficiaries named, if any. If no Beneficiary has been designated or if all Primary and Contingent Beneficiaries so named have predeceased the Participant Depositor as of the time of his or her death, the proceeds of the Custodial Account shall be paid to the ParticipantDepositor’s surviving spouse, if married and if not married, the Beneficiary shall be deemed to be the ParticipantDepositor’s estate estate. Notwithstanding the preceding, the balance of a ParticipantDepositor’s Custodial Account may be allocated among Beneficiaries in accordance with a Beneficiary designation containing “per stirpes” provisions provided such designation is executed and submitted to the Custodian in a form or manner deemed administratively acceptable to the Custodian. For purposes of this Agreement, the term “per stirpes” shall mean that the Participant’s account will be divided into as many shares as there are surviving lineal descendents of the Participant’s or his or her named Beneficiary within the next immediate generation. The share of any deceased descendent that leaves no surviving descendents descendants shall be divided in the same manner. A descendent that predeceases the Participant Depositor and who has no descendents descendants shall be disregarded as a Beneficiary. 2011 AMENDMENT OF THE XXXXXXX XXXXX & ASSOCIATESUpon the death of the Depositor, INC. TRADITIONAL AND XXXX XXX CUSTODIAL AGREEMENTS Xxxxxxx Xxxxx & Associates, Inc. (Xxxxxxx Xxxxx) is amending xxx sell any assets that cannot be divided into negotiable amounts and distribute the proceeds of such sale to the beneficiaries. Xxxxxxx Xxxxx Traditional xxx divide fractional shares in any manner it deems appropriate and Xxxx Individual Retirement Custodial Account Agreements as shown belowdistribute them, effective November 1or the proceeds from them, 2011to beneficiaries, unless directed otherwise by unanimous written consent from all beneficiaries. It is very important that you retain this amendment with your permanent IRA Under no circumstances shall Xxxxxxx Xxxxx be obligated to sell any asset in the account recordsunless requested to do so by the unanimous written consent of all beneficiaries. Please contact your financial advisor if you Xxxxxxx Xxxxx shall have no liability to any questions beneficiary for any loss or need any additional information. Section 8, entitled “Notices,” fluctuation in the value of Article VIII assets held in the account after the death of the Traditional Individual Retirement Custodial Account Agreement owner and before transfer of Article IX assets to beneficiaries. Without limiting the foregoing, the owner understands and agrees that any options in the account may sustain a substantial decline in value or expire worthless during the period that the assets are being transferred to the beneficiaries and Xxxxxxx Xxxxx shall have no liability for any such loss. Xxxxxxx Xxxxx shall, in its sole discretion, determine a reasonable method for transferring or otherwise administering all assets, payments or dividends received into the account after the death of the Xxxx Individual Retirement Custodial Account Agreement owner or last owner. Occasionally, beneficiaries desire to divide assets among themselves in a manner that differs from that specified in the owner’s agreement (for example, by types of asset). Such requests will be accepted only with the written instruction and consent of all beneficiaries. Xxxxxxx Xxxxx shall have no duty to locate beneficiaries or per stirpes beneficiaries, to determine the marital status of the owner at any time, or to determine any other fact that may affect a transfer called for under this agreement. For accounts containing the per stirpes provision, Xxxxxxx Xxxxx xxx rely on the identification of lineal descendants by the deceased beneficiaries’ executor (and if none exists), the deceased Depositor’s executor (and if none exists), any other means Xxxxxxx Xxxxx xxxxx appropriate. If per stirpes beneficiaries cannot be identified within a reasonable time (i.e., within 90 days from the date Xxxxxxx Xxxxx is amended notified of the beneficiary’s death), Xxxxxxx Xxxxx shall presume no lineal descendants exist. Xxxxxxx Xxxxx shall have no liability to any beneficiary for making a transfer provided in this agreement. Xxxxxxx Xxxxx xxx require an indemnity bond for its entirety benefit prior to read as followsmaking a transfer provided in this agreement. The preceding provisions of this paragraph shall not affect the rights of the beneficiaries among themselves.