Common use of Optional Percentage for Other Trust Beneficiaries Clause in Contracts

Optional Percentage for Other Trust Beneficiaries. The Account Founder and/or the Beneficiary or his or her legal representative, if any, may choose to have some or all of the funds remaining in the Beneficiary’s Individual Trust Account be retained by the Trustee and held in the BIAWA Pooled First Party Special Needs Trust for the benefit of other beneficiaries. The Trustee will determine the timing and amount paid to the other beneficiaries. If the Account Founder and/or the Beneficiary or his or her legal representative, if any, make this choice, the percentage designated will not be available to reimburse Medicaid for what it has paid for the Beneficiary’s care and will not be available for distribution under a Will, a Power of Appointment, or the laws of Intestate Succession. If the Account Founder and the Beneficiary or his or her legal representative, if any, disagree upon a choice under this Paragraph V(C), the choice of the Beneficiary or his or her legal representative, if any, shall control.

Optional Percentage for Other Trust Beneficiaries. The Account Founder and/or the Beneficiary or his or her legal representative, if any, may choose to have some or all of the funds remaining in the Beneficiary’s Individual Trust Account be retained by the Trustee and held in the BIAWA Pooled First Party Special Needs Trust for the benefit of other beneficiaries. The Trustee will determine the timing and amount paid to the other beneficiaries. If the Account Founder and/or the Beneficiary or his or her legal representative, if any, make this choice, the percentage designated will not be available to reimburse Medicaid for what it has paid for the Beneficiary’s care and will not be available for distribution under a Will, a Power of Appointment, or the laws of Intestate Succession. If the Account Founder and the Beneficiary or his or her legal representative, if any, disagree upon a choice under this Paragraph V(C), the choice of the Beneficiary or his or her legal representative, if any, shall control.. Percentage Retained by Trust for Other Beneficiaries: %