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). a. Spouse Beneficiary. Your spouse beneficiary may have the beneficiaries of the qualifying trust are treated as the beneficiaries of