Common use of Beneficiary Determination Clause in Contracts

Beneficiary Determination. Named beneficiaries who completely distribute their interests in your IRA, or completely disclaim their interests in your IRA under IRC Section 2518, will not be considered when designated beneficiaries are determined. Named beneficiaries who die after your death but before the determination date (September 30 of the year following the year of your death) will still be considered for the sake of determining the distribution period. If any named beneficiary that is not an individual, such as an estate or charity, has an interest in your IRA on the determination date, and separate accounting does not apply, your IRA will be treated as having no designated beneficiary (i.e., not a designated beneficiary).

Beneficiary Determination. Named beneficiaries who completely distribute their interests in your IRAthe IRA by the determination date, or who completely disclaim their interests in your the IRA under IRC Section 2518, will not be considered when designated beneficiaries are determined. Named beneficiaries who die after your the IRA owner’s death but before the determination date (September 30 of the year following the year of your death) will still be considered for the sake of determining the distribution period. If any named beneficiary that is not an individual, such as an estate or charity, has an interest in your the IRA on the determination date, and separate accounting does not apply, your the IRA will be treated as having no designated beneficiary (i.e., not a designated beneficiary).