Designation by Relationship Only Clause Samples

Designation by Relationship Only. Any designation of a Beneficiary only by statement of relationship to the Depositor will be effective only to designate the person or persons standing in such relationship at the Depositor’s death.

Designation by Relationship Only. (1) Any designation of a Beneficiary only by statement of his/her relationship to you will be effective only to designate the person or persons standing in such relationship at the time of your death. If a Beneficiary is designated by rela- tionship only, we may require legal confirmation of the Beneficiary at the time of your death, and may hold all investments comprising the Account on the date of your death until such legal confirmation is provided, and/or may liquidate the assets of the Account and invest them in an interest bearing account or money market fund until such legal confirmation is provided. (2) Unless you have otherwise specified in the Beneficiary des- ignation, “issue” means all persons who are lineal descen- dants of the person whose issue are referred to, including legally adopted descendants and their descendants but not including illegitimate descendants and their descendants; “child” means an issue of the first generation; and “per stripes” means in equal shares among living children of the person whose issue are referred to and the issue (taken collec- tively) of each deceased child of such person, with such issue taking by right of representation of such deceased child.