Common use of SPOUSAL BENEFICIARY DESIGNATION IN THE EVENT OF DIVORCE Clause in Contracts

SPOUSAL BENEFICIARY DESIGNATION IN THE EVENT OF DIVORCE. In the event of a divorce or legal separation, the Custodian will not automatically remove the former spouse as the designated beneficiary without court appointment. If your life circumstances have changed, we suggest you submit an IRA Beneficiary Designation Form. The current beneficiary designation on file with the Custodian will be deemed valid and in full force until such date as the Custodian receives a signed IRA Beneficiary Designation Form, in good order. SPOUSAL PROVISIONS FOR SAME SEX COUPLES In accordance with federal regulations, where an individual is lawfully married to another individual, regardless of sex, both individuals shall be treated as a “spouse” for federal tax purposes. Individuals in a civil union or domestic partnership will not be treated as spouses for federal tax purposes.