Common use of Designation of Beneficiary or Beneficiaries Clause in Contracts

Designation of Beneficiary or Beneficiaries. The assets remaining in your XXX will be distributed upon your death to the designated Beneficiary or Beneficiaries named by you on record with the Custodian. Your designated Beneficiary or Beneficiaries may be confirmed to you periodically by the Custodian and upon your request, and may be changed by you in a form and manner acceptable to the Custodian. If there is no designated Beneficiary for your XXX in the Custodian’s records, your XXX will be paid in the following order of preference: (a) your surviving spouse, if any, (b) your surviving children, if any, in equal shares per stirpes, and if none, (c) your estate. Unless you designate otherwise, if a primary Beneficiary you designated predeceases you, the shares for that deceased Beneficiary will be divided equally among the surviving primary Beneficiary or Beneficiaries. If there is no primary Beneficiary living at the time of your death, payment of your XXX will be made to the surviving contingent Beneficiary or Beneficiaries designated by you. Unless otherwise specified in your designation, if a Beneficiary does not predecease you but dies before receiving his or her entire interest in the XXX, the remaining assets will be distributed to the Beneficiary or Beneficiaries designated by the deceased Beneficiary. If there is no Beneficiary designation of the deceased Beneficiary on file with the Custodian, his or her remaining interest in the XXX will be paid to the survivors of the deceased Beneficiary in the following order of preference: (a) the deceased Beneficiary’s surviving spouse, if any, (b) the deceased Beneficiary’s children, if any, in equal shares per stirpes, and (c) the deceased Beneficiary’s estate. For the rules governing mandatory distributions, see Section 3(h) of this Disclosure Statement.

Designation of Beneficiary or Beneficiaries. The assets remaining in your XXX IRA will be distributed upon your death to the designated Beneficiary or Beneficiaries named by you on record with the Custodian. Your designated Beneficiary or Beneficiaries may be confirmed to you periodically by the Custodian and upon your request, and may be changed by you in a form and manner acceptable to the Custodian. If there is no designated Beneficiary for your XXX IRA in the Custodian’s records, your XXX IRA will be paid in the following order of preference: (a) your surviving spouse, if any, (b) your surviving children, if any, in equal shares per stirpes, and if none, (c) your estate. Unless you designate otherwise, if a primary Beneficiary you designated predeceases you, the shares for that deceased Beneficiary will be divided equally among the surviving primary Beneficiary or Beneficiaries. If there is no primary Beneficiary living at the time of your death, payment of your XXX IRA will be made to the surviving contingent Beneficiary or Beneficiaries designated by you. Unless otherwise specified in your designation, if a Beneficiary does not predecease you but dies before receiving his or her entire interest in the XXXIRA, the remaining assets will be distributed to the Beneficiary or Beneficiaries designated by the deceased Beneficiary. If there is no Beneficiary designation of the deceased Beneficiary on file with the Custodian, his or her remaining interest in the XXX IRA will be paid to the survivors of the deceased Beneficiary in the following order of preference: (a) the deceased Beneficiary’s surviving spouse, if any, (b) the deceased Beneficiary’s children, if any, in equal shares per stirpes, and (c) the deceased Beneficiary’s estate. For the rules governing mandatory distributions, see Section 3(h) of this Disclosure Statement.