Common use of Designated Death Beneficiary Clause in Contracts

Designated Death Beneficiary. 1. At any time after the opening of the Custodial Account, and notwithstanding the designation of one or more Designated Death Beneficiaries by the Contributor, the Responsible Individual shall be entitled to designate the Designated Death Beneficiaries of the Custodial Account on a form acceptable to the Custodian; provided, however, only Family Members of the original Designated Beneficiary who are under 30 years of age at the time of designation may be designated as Designated Death Beneficiaries.