Common use of Beneficiary Designations Clause in Contracts

Beneficiary Designations. If the IRA Owner dies before he or she receives all of the amounts in the IRA, payments from the IRA will be made to the Beneficiary(ies) of the IRA. The IRA Owner may designate one or more person(s) or entity(ies) as Beneficiary of the IRA. This designation can only be made on a form provided by or acceptable to the Custodian and it will only be effective when it is filed with the Custodian during the IRA Owner’s lifetime. Unless otherwise specified, each Beneficiary designation the IRA Owner files with the Custodian will cancel all previous ones. The consent of a Beneficiary(ies) shall not be required for the IRA Owner to revoke a Beneficiary designation. If the IRA Owner has designated both primary and contingent Beneficiaries and no primary Beneficiary(ies) survives the IRA Owner, the contingent Beneficiary(ies) shall acquire the designated share of the IRA Owner’s IRA. If the IRA Owner does not designate a Beneficiary, or if all of the IRA Owner’s primary and contingent Beneficiary(ies) predecease the IRA Owner, the IRA Owner’s estate will be the Beneficiary. The Custodian may allow, if permitted by state law, an original IRA Beneficiary(ies) (the Beneficiary(ies) who is entitled to receive distribution(s) from an inherited IRA at the time of the IRA Owner’s death) to name a successor Xxxxxxxxxxx(ies) for the inherited IRA. This designation can only be made on a form provided by or acceptable to the Custodian, and it will only be effective when it is filed with the Custodian during the original IRA Beneficiary’s(ies’) lifetime. Unless otherwise specified, each Beneficiary designation form the original IRA Beneficiary(ies) files with the Custodian will cancel all previous ones. The consent of a successor Beneficiary(ies) shall not be required for the original IRA Beneficiary(ies) to revoke a successor Beneficiary(ies) designation. If the original IRA Beneficiary(ies) does not designate a successor Beneficiary(ies), his or her estate will be the successor Beneficiary. In no event shall the successor Beneficiary(ies) be able to extend the distribution period beyond that required for the original IRA Beneficiary.

Beneficiary Designations. If the IRA XXX Owner dies before he or she receives all of the amounts in the IRAXXX, payments from the IRA XXX will be made to the Beneficiary(ies) of the IRAXXX. The IRA XXX Owner may designate one or more person(s) or entity(ies) as Beneficiary of the IRAXXX. This designation can only be made on a form provided by or acceptable to the Custodian and it will only be effective when it is filed with the Custodian during the IRA XXX Owner’s lifetime. Unless otherwise specified, each Beneficiary designation the IRA XXX Owner files with the Custodian will cancel all previous ones. The consent of a Beneficiary(ies) shall not be required for the IRA XXX Owner to revoke a Beneficiary designation. If the IRA XXX Owner has designated both primary and contingent Beneficiaries and no primary Beneficiary(ies) survives the IRA XXX Owner, the contingent Beneficiary(ies) shall acquire the designated share of the IRA XXX Owner’s IRAXXX. If the IRA XXX Owner does not designate a Beneficiary, or if all of the IRA XXX Owner’s primary and contingent Beneficiary(ies) predecease the IRA XXX Owner, the IRA XXX Owner’s estate will be the Beneficiary. The Custodian may allow, if permitted by state law, an original IRA XXX Beneficiary(ies) (the Beneficiary(ies) who is entitled to receive distribution(s) from an inherited IRA XXX at the time of the IRA XXX Owner’s death) to name a successor Xxxxxxxxxxx(iesBeneficiary(ies) for the inherited IRAXXX. This designation can only be made on a form provided by or acceptable to the Custodian, and it will only be effective when it is filed with the Custodian during the original IRA XXX Beneficiary’s(ies’) lifetime. Unless otherwise specified, each Beneficiary designation form the original IRA XXX Beneficiary(ies) files with the Custodian will cancel all previous ones. The consent of a successor Beneficiary(ies) shall not be required for the original IRA XXX Beneficiary(ies) to revoke a successor Beneficiary(ies) designation. If the original IRA XXX Beneficiary(ies) does not designate a successor Beneficiary(ies), his or her estate will be the successor Beneficiary. In no event shall the successor Beneficiary(ies) be able to extend the distribution period beyond that required for the original IRA XXX Beneficiary.

Beneficiary Designations. In the event of your death, the balance of your custodial account shall be paid to the primary beneficiaries who survive you in equal shares (or in the specified shares, if indicated). If the IRA Owner dies before he or she receives all none of the amounts primary beneficiaries survive you, the balance of your account shall be paid to the contingent beneficiaries who survive you in equal shares (or in the IRAspecified shares, payments from the IRA if indicated). If you name multiple primary beneficiaries and a beneficiary does not survive you, such interest is terminated, and that percentage will be made divided proportionately among the remaining primary beneficiaries. Similarly, unless you have specified ot herwise, if no primary beneficiary survives you and you have named multiple contingent beneficiaries and a beneficiary does not survive you, such interest is terminated, and that pe rcentage will be divided proportionately among the remaining contingent beneficiaries. You may change your beneficiaries at any time by giving written notice to the Beneficiary(ies) of the IRA. The IRA Owner may designate one or more person(s) or entity(ies) as Beneficiary of the IRA. This designation can only be made on a form provided by or acceptable to the Custodian and it will only be effective when it is filed with the Custodian during the IRA Owner’s lifetime. Unless otherwise specified, each Beneficiary designation the IRA Owner files with the Custodian will cancel all previous ones. The consent of a Beneficiary(ies) shall not be required for the IRA Owner to revoke a Beneficiary designationCustodian. If the IRA Owner has designated both primary and contingent Beneficiaries and no primary Beneficiary(ies) survives the IRA Owner, the contingent Beneficiary(ies) shall acquire the designated share of the IRA Owner’s IRA. If the IRA Owner does you do not designate a Beneficiarybeneficiar y, or if all designated beneficiaries predecease you, your surviving spouse will become the beneficiary of the IRA Owner’s primary and contingent Beneficiary(ies) predecease the IRA Owner, the IRA Owner’s estate will be the Beneficiaryyour Xxxx XXX. The Custodian may allow, if permitted by state law, an original IRA Beneficiary(ies) (the Beneficiary(ies) who is entitled to receive distribution(s) from an inherited IRA If you do not have a surviving spouse at the time of your death, your estate will become the IRA Ownerbeneficiary of your Xxxx XXX. If a trust is designated as a beneficiary, you must provide both the date of the trust and the name(s) of the trustee(s) . You agree that if you are subject to community property or marital property state requirements, your spouse may be required to consent to any beneficiary you designate who is not your spouse, or who is in addition to your spouse. You also understand that any beneficiary designation you make, other than your spouse, may not be effective without your spouse’s death) consent. You certify, under penalty of perjury, if you are married and you have not named your spouse as your sole Primary Beneficiary, you have consulted a qualifi ed tax or legal professional about the need to name a successor Xxxxxxxxxxx(ies) for the inherited IRA. This designation can only be made on a form provided by or acceptable to the Custodiandocument spousal consent, and it will only be effective when it is filed with about the Custodian during the original IRA Beneficiary’s(ies’) lifetime. Unless otherwise specified, each Beneficiary designation form the original IRA Beneficiary(ies) files with the Custodian will cancel all previous ones. The consent consequences of a successor Beneficiary(ies) shall not be required for the original IRA Beneficiary(ies) to revoke a successor Beneficiary(ies) designation. If the original IRA Beneficiary(ies) does not designate a successor Beneficiary(ies), his or her estate will be the successor Beneficiary. In no event shall the successor Beneficiary(ies) be able to extend the distribution period beyond that required for the original IRA Beneficiaryobtaining your spouse’s consent.