Common use of Spouse Beneficiary Clause in Contracts

Spouse Beneficiary. Notwithstanding Article V, a spouse beneficiary shall be permitted all the beneficiary options allowed under law or applicable regulations. The default election for a spouse beneficiary is the life expectancy method. If your surviving spouse fails to take the required minimum distribution, he/she is deemed to have treated your Xxxx XXX as his/her own. If your surviving spouse is your sole beneficiary, your spouse may treat your Xxxx XXX as his/her own Xxxx XXX and would not be subject to the required minimum distribution rules.