Common use of Successive income beneficiary Clause in Contracts

Successive income beneficiary. (i) If the income beneficiary of a QSST who made a QSST election dies, each suc- cessive income beneficiary of that trust is treated as consenting to the election unless a successive income beneficiary affirmatively refuses to consent to the election. For this pur- pose, the term successive income bene- ficiary includes a beneficiary of a trust whose interest is a separate share with- in the meaning of section 663(c), but does not include any beneficiary of a trust that is created upon the death of the income beneficiary of the QSST and which is a new trust under local law.