DISTRIBUTION TO BENEFICIARY UNDER AGE TWENTY FIVE Sample Clauses

DISTRIBUTION TO BENEFICIARY UNDER AGE TWENTY FIVE. If any property comprising part of the Trust Estate shall be payable to a person under the age of twenty- five (25) years, the share of such beneficiary (being hereinafter referred to as “Beneficiary”) shall not be conveyed or distributed to Beneficiary but instead shall be given to the Trustee named under sub-paragraph (d) below and held by the Trustee, in trust, pursuant to the following provisions: (i) Trustee shall hold, manage, invest and reinvest each share set aside for Beneficiary in a separate trust for the benefit of Beneficiary and shall pay so much or all of the net income from such trust to or for the benefit of Beneficiary thereof, for the health, education, maintenance and support of Beneficiary, to such extent and at such time or times and in such manner as may be determined in the sole discretion of Trustee. Any net income not so paid shall be accumulated and added to principal at least annually and thereafter shall be held, administered and disposed of as a part thereof. (ii) Trustee may pay to or for the benefit of Beneficiary, for the health, education, maintenance and support of Beneficiary, from the principal of Beneficiary's trust, such amounts, including the whole thereof, as determined by Trustee in his or her sole discretion. (iii) When Beneficiary shall attain age of twenty-five (25) years, the trust for Beneficiary shall terminate and any remaining principal and income shall be paid and distributed to Beneficiary, discharged of trust. If Beneficiary dies before said termination of trust, such principal and income shall be paid and distributed to, or held in further trust for the benefit of, such one or more persons, corporations or other entities (other than Beneficiary, creditors of Beneficiary, the estate of Beneficiary, or creditors of the estate of Beneficiary), to such extent, in such amounts and proportions and in such lawful interests or estates, whether absolute or in trust, as Beneficiary may appoint by specific reference to this power of appointment in the Last Will and Testament of Beneficiary, executed after attaining majority and admitted to probate, or absent such appointment (or absent Trustee receiving notice of the existence of such a Will within three months after the death of Beneficiary), such principal and income shall be paid and dis- tributed to any then living issue of such Beneficiary, in equal shares, per stirpes, or if Beneficiary has no issue, to Grantor’s then living issue, in equal shares, per stirp...
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Related to DISTRIBUTION TO BENEFICIARY UNDER AGE TWENTY FIVE

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • When Must Distributions from a Xxxx XXX Begin Unlike Traditional IRAs, there is no requirement that you begin distribution of your account during your lifetime at any particular age.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Xxxx Individual Retirement Custodial Account The following constitutes an agreement establishing a Xxxx XXX (under Section 408A of the Internal Revenue Code) between the depositor and the Custodian.

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