Common use of Transfer on Death Registration Clause in Contracts

Transfer on Death Registration. With transfer on death (“XXX”) registration, you designate a beneficiary or beneficiaries who will receive all monies, securities, or other assets held in your account at the time of your death (or upon the death of the last surviving account holder, if this is a joint account). You can change your beneficiary designation at any time by filling out a new Beneficiary Designation form. We will rely on the latest Beneficiary Designation in our possession. You cannot change your beneficiary by will, codicil, or trust or other testamentary document. If we consider it necessary, we may request additional documents from any beneficiaries before we transfer assets to them from your account. Note that although NFS may hold in a nominee name securities that are in a XXX account, NFS has no responsibility to determine the registration or ownership of the account as a whole, either before or after your death. Note that Per Stirpes designation rules may vary from state to state. It is your responsibility to consult with an estate-planning attorney to determine whether this designation is available and/or appropriate. By checking the Per Stirpes box associated with a given beneficiary, you are agreeing that if that beneficiary predeceases you, his or her share of the account will pass through to his or her descendants as determined by state law. If more than one person is named and no share percentages are indicated, payment will be made, in equal shares, to your primary beneficiary or beneficiaries who survive you. If a percentage is indicated for a primary beneficiary who does not survive you, and if you have not checked the Per Stirpes box, the percentage of that beneficiary’s designated share will be divided equally among the surviving primary beneficiaries. If there is no primary beneficiary living at the time of your death, you hereby specify that the balance is to be distributed to the contingent beneficiary or beneficiaries listed. Neither we nor NFS will advise you on whether XXX registration is appropriate for your tax or estate-planning purposes. Registering a securities account in XXX form is legal only in certain states, so it is important to consult your own legal or tax advisor before establishing or revoking a XXX registration.

Transfer on Death Registration. With Registering a securities account in transfer on death (“XXX”) form is legal only in certain states, so it is important to consult your own legal or tax advisor before establishing or revoking a XXX registration. With transfer on death registration, you designate a beneficiary or beneficiaries who will receive all monies, securities, or other assets held in your account Brokerage Account at the time of your death (or upon the death of the last surviving account holderAccount Holder, if this the account is a registered as joint accounttenants with right of survivorship). The XXX instructions of your Brokerage Account do not apply to annuities, insurance policies, guaranteed investment contracts, and other products that are not held in your Brokerage Account. You can change your beneficiary designation for your Brokerage Account at any time by filling out a new Beneficiary Designation formform for your Brokerage Account. We will rely on the latest Beneficiary Designation in our possession. You cannot change your beneficiary Beneficiary Designation by will, codicil, or trust or other testamentary document. If we consider it necessary, we may have the right, in our sole discretion, to request additional documents from any beneficiaries before we transfer assets to them from your account. Note that although NFS may our Clearing Firm shall, from time to time, hold in a nominee name securities that are in a XXX account, NFS our Clearing Firm and/or TIS has no responsibility to determine the registration or ownership of the account as a whole, either before or after your death. Note that the meanings of the term “Per Stirpes designation rules may Stirpes”, used in XXX Beneficiary Designations vary from state to state. It is your responsibility to consult with an estate-estate planning attorney to determine whether this designation is available and/or appropriate. By checking the “Per Stirpes Stirpes” box associated with a given beneficiary, you are agreeing that if that beneficiary predeceases you, his or her share of the account will pass through to his or her descendants as determined by state law. If more than one person is named and no share percentages are indicated, payment will be made, in equal shares, to your primary beneficiary or beneficiaries who survive you. If a percentage is indicated for a primary beneficiary who does not survive you, and if you have not checked the Per Stirpes box, the percentage of that beneficiary’s designated share will be divided equally among the surviving primary beneficiaries. If there is no primary beneficiary living at the time of your death, you hereby specify that the balance is to be distributed to the contingent beneficiary or beneficiaries listed. Neither we nor NFS our Clearing Firm will advise you on whether XXX registration is appropriate for your tax or estate-estate planning purposes. Registering a securities account purposes or is available in XXX form is legal only in certain states, so it is important to consult your own legal or tax advisor before establishing or revoking a XXX registrationstate of residence.