Common use of Types of Beneficiaries Clause in Contracts

Types of Beneficiaries. Under the rules for a person who died in 2020 or later, the different types of beneficiaries are designated beneficiaries, eligible designated beneficiaries and those that are not designated beneficiaries. Generally, each of these types of beneficiaries can have successor beneficiaries. Designated beneficiaries and eligible designated beneficiaries will each have separate rules. In some cases, different options or elections and distribution periods apply to different beneficiary types.