Death During Distribution Period Clause Samples
The 'Death During Distribution Period' clause outlines what happens if a beneficiary or recipient dies while assets are being distributed from an estate or trust. Typically, this clause specifies whether the remaining undistributed assets should pass to the deceased beneficiary's heirs, estate, or another named party, and may set out procedures for reallocating distributions. Its core function is to ensure clarity and prevent disputes by providing a predetermined plan for asset distribution in the event of a beneficiary's death during the payout process.
Death During Distribution Period. If the Executive dies after Separation from Service while entitled to or receiving benefit distributions under this Agreement, the Bank shall distribute to the Beneficiary the Executive’s remaining benefit in a lump sum within sixty (60) days following the date of the Bank’s receipt of the Executive’s death certificate. The lump sum benefit shall be distributed in lieu of the benefits described under Article 2.