Common use of Successor Beneficiaries Clause in Contracts

Successor Beneficiaries. Our policy may allow your beneficiaries to of the Xxxx XXX as his/her own Xxxx XXX. name their own successor beneficiaries to your Xxxx XXX. A Under the single life expectancy, if your spouse is your only successor beneficiary would receive any of your Xxxx XXX assets that designated beneficiary on the determination date, or if there are remain after your death and the subsequent death of your multiple designated beneficiaries and separate accounting applies, beneficiaries. Generally, the beneficiary will have to distribute all the he/she will use his/her age each year to determine the life remaining Xxxx XXX assets within a ten-year period. expectancy divisor for calculating that year's RMD. If your 8. Separate Accounting (Multiple Beneficiaries). Our policies may spouse is the only designated beneficiary, or if there are multiple permit separate accounting to be applied to your Xxxx XXX for the designated beneficiaries and separate accounting applies, your benefit of your beneficiaries. If permitted, separate accounting must surviving spouse can postpone commencement of his/her RMDs be applied in accordance with Treasury Regulation 1.401(a)(9)-8, until the end of the year in which you would have attained age 72. Q&A 2 and 3. If there are multiple beneficiaries, a beneficiary is If your spouse chooses the ten-year rule, he/she is required to considered the only beneficiary of their share of the Xxxx XXX assets remove all assets from the Xxxx XXX by December 31 of the tenth if separate accounting applies. If separate accounting applies, the year following the year of your death. rules above apply based on the type of beneficiary (i.e., designated If your spouse is the only designated beneficiary, or if there are beneficiary, eligible designated beneficiary, not a designated multiple designated beneficiaries and separate accounting applies, beneficiary). he/she can treat your Xxxx XXX as his/her own Xxxx XXX after Federal Income Tax Status of Your Xxxx XXX.