Distribution After Death Sample Clauses
The "Distribution After Death" clause outlines how a person's assets or estate will be allocated upon their passing. Typically, this clause specifies the beneficiaries who will receive particular assets, the proportions of the estate each beneficiary is entitled to, and any conditions or instructions for distribution. For example, it may direct that certain property goes to family members, charities, or trusts, and can address contingencies if a beneficiary predeceases the testator. The core function of this clause is to ensure that the decedent's wishes regarding their estate are clearly documented and legally enforceable, thereby minimizing disputes and confusion among heirs.
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Distribution After Death. Unless the Participant has made an appropriate election by December 31, 1983 to extend the period of distribution after his death and the, election has not been revoked or modified, the following provisions shall apply. If distribution of the Participant's benefit has begun and the Participant dies before his entire benefit has been distributed to him, the remaining portion of such benefit shall be distributed at least as rapidly as under the method of distribution being used as of the date of the Participant's death. If the Participant dies before the distribution of his benefit has begun, the entire interest of the Participant shall be distributed by December 31 of the calendar year containing the fifth (5th) anniversary of the death of such Participant, provided that if any portion of the Participant's benefit is payable to or for the benefit of a designated beneficiary and such portion is to be distributed in accordance with regulations issued by the Secretary of the Treasury over the life of, or over a period not extending beyond the life expectancy of such designated beneficiary, such distributions shall begin not later than December 31 of the calendar year immediately following the calendar year of the Participant's death or such later date as may be provided by regulations issued by the Secretary of the Treasury. If the designated beneficiary is the surviving spouse of the Participant the date on which the distributions are required to begin shall not be earlier than the later of December 31 of the calendar year immediately following the calendar year in which the Participant had died and December 31 of the calendar year in which the Participant would have attained age 70-1/2. If the surviving spouse thereafter dies before the distributions to such spouse begin and any benefit is payable to a contingent beneficiary, the date on which distributions are required to begin shall be determined as if the surviving spouse were the Participant. If the Participant has not specified the manner in which benefits are payable by the time of his or her death, the Participant's designated beneficiary must elect the method of distribution no later than the earlier of (1) December 31 of the calendar year in which distributions would be required to begin under this section, or (2) December 31 of the calendar year which contains the fifth anniversary of the date of death of the Participant. If the Participant has no designated beneficiary, or if the designated benefi...
Distribution After Death. (A) If an owner dies after distribution has begun but before his/her entire interest is distributed, the remaining portion will be distributed at least as rapidly as under the method being used at his/her death.
(B) If an owner dies before distribution has begun, the entire interest must be distributed within five years after the owner's death except to the extent that any portion of his/her interest
(i) is payable to (or for the benefit of) a designated beneficiary,
(ii) payment is made over the life (or the life expectancy) of such designated beneficiary,
(iii) and payment begins within one year after the date of the owner's death.
(C) If the owner's surviving spouse is a designated beneficiary, distribution of such surviving spouse's interest must begin not later than the later of
(i) the date which is one year after the owner's death or
(ii) the date that the owner would have attained age 70 1/2. If such surviving spouse dies before his/her distribution was to begin, the rules will apply as if the surviving spouse were the owner.
(D) Distributions are considered to have begun if distributions were made on account of the owner's having attained age 70 1/2, or if prior to April 1 of the year after the year in which the owner would have attained age 70 1/2, distributions irrevocably commenced over a period permitted and in an annuity form acceptable under the Internal Revenue Code regulations.
(E) Life expectancy is computed by use of the expected return multiples in Tables V and VI of Section 1.72-9 of the Internal Revenue Code regulations and the method of life expectancy calculation elected. The methods are (1) reduced by one for each calendar year which has elapsed since the date life expectancy was determined, or (2) annual recalculation. If a method of calculation is not elected, then the annual recalculation method will be used to determine life expectancy for minimum distribution.
Distribution After Death. Unless the Participant has made an appropriate election by December 31, 1983 to extend the period of distribution after his death and the election has not been revoked or modified, the following provisions shall apply. If distribution of the Participant's benefit has begun and the Participant dies before his entire benefit has been distributed to him, the remaining portion of such benefit shall be distributed at least as rapidly as under the method of distribution being used as of the date of the Participant's death. If the Participant dies before the distribution of his benefit has begun, the entire interest of the Participant shall be distributed by December 31 of the calendar year containing the fifth (5th) anniversary of the death of such Participant, provided that if any portion of the Participant's benefit is payable to or for the benefit of a designated beneficiary and such portion is to be distributed in accordance with regulations issued by the Secretary of the Treasury over the life of, or over a period not extending beyond the life expectancy of such designated beneficiary, such distributions shall begin not later than December 31 of the calendar year immediately following the calendar year of the Participant's death or such later date as may be provided by regulations issued by the Secretary of the Treasury. If the designated beneficiary is the surviving spouse of the Participant the date on which the distributions are required to begin shall not be earlier than the later of December 31 of
Distribution After Death. If you die after the date when payments must have begun (after you reach age 70 1/2), the payments to your beneficiary or estate must continue so that the funds will be distributed at least as rapidly as they would have been distributed if death had not occurred. If you die before the required beginning date, your beneficiary has the following options: