Contingent) Designation Clause Samples
A Contingent Designation clause establishes a process for naming a person or entity to a specific role or position, but only if certain conditions or events occur. In practice, this means that the designation is not immediate; instead, it becomes effective if a triggering event—such as the incapacity, resignation, or unavailability of the primary designee—takes place. This clause ensures continuity and preparedness by pre-selecting alternates, thereby minimizing disruption and uncertainty if the original appointee cannot fulfill their duties.
Contingent) Designation. Name of the Trust: Execution Date of the Trust: Name of the Trustee: Beneficiary(ies) of the Trust: (please indicate the percentage for each beneficiary): Name(s): Name(s): Is this an Irrevocable Life Insurance Trust? ¨ Yes ¨ No (If yes and this designation is for a Joint Beneficiary Designation Agreement, an Assignment of Rights form must be completed.)
Contingent) Designation s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ 12/15/95 ------------------------------ ----------------------------- ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Date