Common use of Death of XXX Owner Clause in Contracts

Death of XXX Owner. Before January 1, 2020 – Your designated beneficiary is determined based on the beneficiaries designated as of the date of your death, who remain your beneficiaries as of September 30 of the year following the year of your death. If you die on or after your required beginning date, distributions must be made to your beneficiaries over the longer of the single life expectancy of your designated beneficiaries, or your remaining life expectancy. If a beneficiary other than a person or qualified trust as defined in the Treasury Regulations is named, you will be treated as having no designated beneficiary of your XXX for purposes of determining the distribution period. If there is no designated beneficiary of your XXX, distributions will commence using your single life expectancy, reduced by one in each subsequent year. If you die before your required beginning date, the entire amount remaining in your account will, at the election of your designated beneficiaries, either (a) be distributed by December 31 of the year containing the fifth anniversary of your death, or (b) be distributed over the remaining life expectancy of your designated beneficiaries. If your spouse is your sole designated beneficiary, he or she must elect either option (a) or (b) by the earlier of December 31 of the year containing the fifth anniversary of your death, or December 31 of the year life expectancy payments would be required to begin. Your designated beneficiaries, other than a spouse who is the sole designated beneficiary, must elect either option (a) or (b) by December 31 of the year following the year of your death. If no election is made, distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of your death. Generally, if your spouse is the designated beneficiary, distributions need not commence until December 31 of the year you would have attained age 72 (age 70½ if you would have attained age 70½ before 2020), if later. If a beneficiary other than a person or qualified trust as defined in the Treasury Regulations is named, you will be treated as having no designated beneficiary of your XXX for purposes of determining the distribution period. If there is no designated beneficiary of your XXX, the entire XXX must be distributed by December 31 of the year containing the fifth anniversary of your death.

Death of XXX Owner. Before January 1, 2020 – Your designated beneficiary Designated Beneficiary is determined based on the beneficiaries Beneficiaries designated as of the date of your death, who remain remains your beneficiaries Beneficiaries as of September 30 of the year following the year of your death. If you die on or after your required beginning date, distributions must be made to your beneficiaries Beneficiaries over the longer of the single life expectancy of your designated beneficiariesDesignated Beneficiaries, or your remaining life expectancy. If a beneficiary Beneficiary other than a person or qualified trust as defined in the Treasury Regulations is named, you will be treated as having no designated beneficiary Designated Beneficiary of your Traditional XXX for purposes of determining the distribution period. If there is no designated beneficiary Designated Beneficiary of your Traditional XXX, distributions will commence using your single life expectancy, reduced by one in each subsequent year. If you die before your required beginning date, the entire amount remaining in your account will, at the election of your designated beneficiariesDesignated Beneficiaries, either (a) be distributed by December 31 of the year containing the fifth anniversary of your death, or (b) be distributed over the remaining life expectancy of your designated beneficiariesDesignated Beneficiaries. If your spouse is your sole designated beneficiaryDesignated Beneficiary, he or she must elect either option (a) or (b) by the earlier of December 31 of the year containing the fifth anniversary of your death, or December 31 of the year life expectancy payments would be required to begin. Your designated beneficiariesDesignated Beneficiaries, other than a spouse who is the sole designated beneficiaryDesignated Beneficiary, must elect either option (a) or (b) by December 31 of the year following the year of your death. If no election is made, distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of your death. Generally, if your spouse is the designated beneficiaryDesignated Beneficiary, distributions need not commence until December 31 of the year you would have attained age 72 (age 70½ if you would have attained age 70½ before 2020), if later. If a beneficiary Beneficiary other than a person or qualified trust as defined in the Treasury Regulations is named, you will be treated as having no designated beneficiary Designated Beneficiary of your Traditional XXX for purposes of determining the distribution period. If there is no designated beneficiary Designated Beneficiary of your Traditional XXX, the entire Traditional XXX must be distributed by December 31 of the year containing the fifth anniversary of your death.