Common use of Distribution on Death of Beneficiary Clause in Contracts

Distribution on Death of Beneficiary. If funds remain in the Individual Trust Account when the Beneficiary dies, the remaining funds will be paid in the following order: 1. Taxes and other reasonable fees and costs for administration of the Individual Trust Account; 2. Other expenses associated with the winding up and closing of the Individual Trust Account; 3. Supplemental funeral and burial expenses; 4. The Account Founder may leave some or all of the remaining funds in the Beneficiary’s Individual Trust Account i. as a charitable donation to the general operating account of the BIAWA; OR ii. to be held for the benefit of other beneficiaries of the BIAWA Pooled Third Party Special Needs Trust. See Paragraph V (C) below; and 5. If any funds remain, they will be passed to the Final Remainder Beneficiaries. See Paragraph V(E) below.

Distribution on Death of Beneficiary. If funds remain in the Individual Trust Account when the Beneficiary dies, the remaining funds will be paid in the following order: 1. Taxes and other reasonable fees and costs for administration of the Individual Trust Account; 2. Other expenses associated with the winding up and closing of the Individual Trust Account; 3. Supplemental funeral and burial expenses; 4. The Account Founder may leave some or all of the remaining funds in the Beneficiary’s Individual Trust Account i. as a charitable donation to the general operating account of the BIAWA; OR ii. to be held for the benefit of other beneficiaries of the BIAWA Pooled XXXXX Xxxxxx Third Party Special Needs Trust. See Paragraph V (C) below; and 5. If any funds remain, they will be passed to the Final Remainder Beneficiaries. See Paragraph V(E) below.