Designation by Relationship Only. Any designation of a Beneficiary only by statement of relationship to the Owner (or Beneficiary) will be effective only to designate the person or persons standing in such relationship at the Owner’s (or Beneficiary’s) death. If no Beneficiary designation is in force at the time of the Owner’s death, the Beneficiary shall be the spouse of the Owner. If there is no living spouse, the Beneficiary shall be the Owner’s estate.
Appears in 6 contracts
Samples: Custodial Simple Ira Participant Adoption Agreement, Custodial Individual Retirement Account Adoption Agreement, Custodial Roth Individual Retirement Account Adoption Agreement
