Minor Beneficiary Clause Samples
The Minor Beneficiary clause designates a person under the legal age as the recipient of certain benefits or assets under an agreement or policy. In practice, this clause typically requires that a guardian or trustee be appointed to manage the assets or benefits on behalf of the minor until they reach the age of majority. Its core function is to ensure that benefits intended for minors are properly managed and protected, addressing legal limitations on minors' ability to directly control or receive such assets.
POPULAR SAMPLE Copied 21 times
Minor Beneficiary. For purposes of this Section (E), any amount paid to a child of the Participant will be treated as if it had been paid to the surviving Spouse if the amount becomes payable to the surviving Spouse when the child reaches the age of majority.
Minor Beneficiary. Robinhood does not permit minors to open accounts and does not support custodial accounts. Therefore, Beneficiaries must be at least 18 years old, and of legal age under the laws of the jurisdiction where they reside. If a Beneficiary is a minor upon the death of the Account Owner, Robinhood will treat the minor as though they predeceased the Account Owner, and the Account Assets shall be equally divided among the surviving Beneficiaries to the extent possible, or shall pass to the Account Owner’s Estate if no surviving Beneficiaries are named.
Minor Beneficiary. If a Guardian or Custodian exercises the above power of appointment on behalf of a minor beneficiary, any amounts so withdrawn for the benefit of the minor beneficiary, shall be held under the Uniform Transfers (Gifts) to Minors Act. The foregoing power shall not be exercisable by a donor as Guardian or Custodian of any minor child or grandchild of the Grantor.
Minor Beneficiary. In the event a payment is to be made hereunder to a ----------------- minor Beneficiary, then the Claims Reviewer may direct that such distribution be paid to a custodian for such minor's benefit under the applicable Uniform Transfer to Minors Act, said custodian being the person so designated in Executive's will or, if none, designated by the personal representative of Executive's estate.