Successor beneficiary definition
Successor beneficiary means a person entitled to receive income or principal or to use property when an income interest or other current interest ends.
Successor beneficiary means a beneficiary that is not a qualified beneficiary on the date the beneficiary’s qualification is determined. The term does not include a person that is a beneficiary only because the person holds a nongeneral power of appointment.
Successor beneficiary means a beneficiary that is not a qualified beneficiary on the date the beneficiary's qualification is determined. "Successor beneficiary" does not include a person that is a beneficiary only because the person holds a nongeneral power of appointment.[PL 2021, c. 235, §1 (NEW).]
Examples of Successor beneficiary in a sentence
Notwithstanding any designation of a Successor Beneficiary, in the case of the death or divorce of the Beneficiary, the Authorized Person shall take any action reasonably required to effect the intent of section 530(d)(7) of the Code.
If the ESA is terminated as the result of the death of the Beneficiary, termination shall be effected by distributing the Account in a lump sum within 30 days after the date of death to the Successor Beneficiary, if any, named as provided in Section 1.05, to the extent such a distribution shall be permitted pursuant to section 530 of the Code or, if not so permitted and/or if no such Successor Beneficiary is named or eligible, to the estate of the Beneficiary.
More Definitions of Successor beneficiary
Successor beneficiary means a person entitled to receive
Successor beneficiary means a beneficiary that is not a qualified
Successor beneficiary means a person entitled to receive income or principal or
Successor beneficiary means a beneficiary that is not a qualified beneficiary on the
Successor beneficiary means a beneficiary other than a current or presumptive remainder beneficiary. The term does not include a potential appointee under a power of appointment held by a beneficiary.
Successor beneficiary means a beneficiary
Successor beneficiary means a beneficiary that