Common use of Death Benefit Default Provisions Clause in Contracts

Death Benefit Default Provisions. If the Depositor dies and the beneficiary does not select a method of distribution described in Article V, Section 5.01(a) or (b) by the December 31st following the year of the Depositor's death, then distributions will be made pursuant to the single life expectancy of the designated beneficiary determined in accordance with IRS regulations. However, no payment will be made until the beneficiary provides Kingdom Trust with a proper distribution request acceptable in form and substance to Kingdom Trust and other documentation that may be required by Kingdom Trust. A beneficiary may at any time request a complete distribution of his or her remaining interest in the custodial account. Kingdom Trust reserves the right to require a minimum balance in the account in order to make periodic payments from the account.

Death Benefit Default Provisions. If the Depositor depositor dies and the beneficiary does not select a method of distribution described in Article V, Section 5.01(a) or (b) by the December 31st following the year of the Depositordepositor's death, then distributions will be made pursuant to the single life expectancy of the designated beneficiary determined in accordance with IRS regulations. However, no payment will be made until the beneficiary provides Kingdom Trust with a proper distribution request acceptable in form and substance to Kingdom Trust and other documentation that may be required by Kingdom Trust. A beneficiary may at any time request a complete distribution of his or her remaining interest in the custodial account. Kingdom Trust reserves the right to require a minimum balance in the account in order to make periodic payments from the account.