Common use of Payment Upon Death Clause in Contracts

Payment Upon Death. In the event of the death of the Annuitant and upon verification of a benefit entitlement under Applicable Tax Legislation, the Trustee will take instructions from the Annuitant’s beneficiary or, if the Annuitant has no beneficiary, the executor or personal representative of the Annuitant’s estate, as to whether the Fund will be: (a) distributed in kind to the Annuitant’s beneficiary or estate, as applicable; or, (b) sold and the proceeds from the Fund distributed to the Annuitant’s beneficiary or estate, as applicable. The Trustee will require, in its sole discretion, satisfactory evidence of the death of the Annuitant and any other documents pertaining to the Annuitant’s death prior to proceeding with a request to distribute the Fund or the proceeds of the Fund less any tax under Applicable Tax Legislation and any other related fees or costs. If the Annuitant has designated more than one beneficiary of the Fund, the Trustee will distribute the Fund or the proceeds from the Fund to each beneficiary in the amounts designated by the Annuitant. If the Trustee cannot establish a valid designation of beneficiary or beneficiaries, the Trustee will distribute the Fund to the Annuitant’s estate. Once the Fund is transferred or the proceeds of the Fund paid, the Trustee will no longer have any further liability or duty to the Annuitant’s heirs, executors, administrators or legal representatives.

Payment Upon Death. In the event of the death of the Annuitant and upon verification of a benefit entitlement under Applicable Tax Legislation, the Trustee will take instructions from the Annuitant’s beneficiary or, if the Annuitant has no beneficiary, the executor or personal representative of the Annuitant’s estate, as to whether the Fund will be: (ai) distributed in kind to the Annuitant’s beneficiary or estate, as applicable; or, (bii) sold and the proceeds from the Fund distributed to the Annuitant’s beneficiary or estate, as applicable. The Trustee will require, in its sole discretion, satisfactory evidence of the death of the Annuitant and any other documents pertaining to the Annuitant’s death prior to proceeding with a request to distribute the Fund or the proceeds of the Fund less any tax under Applicable Tax Legislation and any other related fees or costs. If the Annuitant has designated more than one beneficiary of the Fund, the Trustee will distribute the Fund or the proceeds from the Fund to each beneficiary in the amounts designated by the Annuitant. If the Trustee cannot establish a valid designation of beneficiary or beneficiaries, the Trustee will distribute the Fund to the Annuitant’s estate. Once the Fund is transferred or the proceeds of the Fund paid, the Trustee will no longer have any further liability or duty to the Annuitant’s heirs, executors, administrators or legal representatives.