Common use of Eligible Designated Beneficiary Clause in Contracts

Eligible Designated Beneficiary. An eligible designated beneficiary date (September 30 of the year following the year of your death) will is a designated beneficiary who is: 1) the Xxxx XXX owner's still be considered for the sake of determining the distribution period. surviving spouse; 2) a Xxxx XXX owner's minor child (through the If any named beneficiary that is not an individual, such as an estate age of majority); 3) disabled (as defined by law); 4) a chronically ill or charity, has an interest in your Xxxx XXX on the determination individual (as defined by law); or 5) an individual who is not more date, and separate accounting does not apply, your Xxxx XXX will be than 10 years younger than the Xxxx XXX owner. Certain qualifying treated as having no designated beneficiary (i.e., not a designated trusts can also be an eligible designated beneficiary. For a qualifying beneficiary). trust to be an eligible designated beneficiary, generally the qualifying 6. Qualifying Trusts. If you name a qualifying trust, which is defined trust beneficiaries must be eligible designated beneficiaries. in Treasury Regulations, as your Xxxx XXX beneficiary, the