Designated survivor definition

Designated survivor means the person who will assume account ownership in the event of the account owner's death.
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Designated survivor means the person who will assume account ownership in the event of the
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Designated survivor is the person who will assume Account ownership in the event of the Account Owner’s death. The Designated Survivor may be named by the Account Owner on the Application or by the Account Owner by submitting a Designated Survivor form. At the time they are named as such, Designated Survivors must be eligible to become Account Owners pursuant to the terms of this Agreement. The Designated Survivor does not have any control over or access to information about the Invest529 Account until and unless they become the Account Owner.
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Examples of Designated survivor in a sentence

  • Account Owners may change this designation at any time by submitting a Designated Survivor Form to Virginia529.

  • Virginia529 may request additional information from a Designated Survivor in order to complete identification verification processes.

  • If, after the 30-year period specified above, an Account has a remaining balance, no extension has been requested and Virginia529 cannot locate the Account Owner, the Beneficiary, or any Designated Survivor within the requisite time period, Virginia529 shall report the unclaimed amounts to the State Treasurer as unclaimed property pursuant to the relevant sections of the Code of Virginia (1950), as amended.

  • Accounts owned by trusts, corporations or other entities do not need a Designated Survivor, but should provide a successor trustee or other contact.

  • If an Account does not have a valid Designated Survivor at the time of the Account Owner’s death, Virginia529 reserves the right to designate the current Beneficiary of the Account as the new Account Owner.

  • Custodial Accounts under Uniform Transfers to Minors/Uniform Gifts to Minors (UTMA/UGMA) statutes shall name the Beneficiary’s estate as the Designated Survivor.

  • When you open an Account, you must name a Designated Survivor, who is an individual or entity who becomes the Account Owner in the event of your death.


More Definitions of Designated survivor

Designated survivor means the person who will assume Contract ownership in the event of the Account Owner’s death. The Designated Survivor may be named by the Account Owner on the Application or by the Account Owner sending Virginia529 a written and signed notification. At the time they are named as such, Designated Survivors must be eligible to become Account Owners pursuant to the terms of this Contract. The Designated Survivor does not have any control over or access to information about the Prepaid529 Contract until and unless they become the Account Owner.
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Related to Designated survivor

  • Eligible Survivor means the Insured Employee's:

  • Survivor s Option' means, where applicable, the right of a holder of a Note to require the Company to repay such Note prior to its Stated Maturity upon the death of the owner of such Note, subject to the provisions hereof relating to such option."

  • Domestic Partner means an opposite or a same-sex partner who is at least 18 years of age and has met all of the following requirements for at least 6 months:

  • designated sporting event generally means any association football match, whether national or international. The full legal definition of the different classes of designated sporting events may be found in the Sports Grounds and Sporting Events (Designation) (Amendment) Order 2011, under Article 2(1) and 2(2) of Schedule 2.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • 'Survivor's Option means, where applicable, the right of a holder of a Note to require the Company to repay such Note prior to its Stated Maturity upon the death of the owner of such Note, subject to the provisions hereof relating to such option."