Common use of Responsible Individual Clause in Contracts

Responsible Individual. The responsible individual is generally the parent or guardian of the designated beneficiary. However, the financial organization may establish a policy that permits someone other than the designated beneficiary’s parent or legal guardian to serve as the responsible individual. Unless otherwise indicated on the application, the responsible individual may not change the designated beneficiary. If the depositor has indicated on the application that the responsible individual may change the designated beneficiary, the responsible individual may change the designated beneficiary to another member of the designated beneficiary’s family. The responsible individual will perform the following duties. 1. Receive a copy of the plan agreement and disclosure statement, 2. Direct the custodian regarding the investment of contributions, including the ability to redirect the investment of the initial contribution, 3. Direct the custodian regarding the administration, management and distribution of the account, unless the plan agreement indicates otherwise, 4. Name a successor responsible individual if the need arises, 5. Notify the custodian of any address change for the individuals identified on the plan agreement, 6. Remove excess contributions made to the ▇▇▇▇▇▇▇▇▇ ESA. A. Contributions Not Deducted – No deduction is allowed for ▇▇▇▇▇▇▇▇▇ ESA contributions, including transfer and rollover contributions.

Responsible Individual. The responsible individual is generally the parent or guardian of the designated beneficiary. However, the financial organization may establish a policy that permits someone other than the designated beneficiary’s parent or legal guardian to serve as the responsible individual. Unless otherwise indicated on the application, the responsible individual may not change the designated beneficiary. If the depositor has indicated on the application that the responsible individual may change the designated beneficiary, the responsible individual may change the designated beneficiary to another member of the designated beneficiary’s family. The responsible individual will perform the following duties. 1. Receive a copy of the plan agreement and disclosure statement, 2. Direct the custodian regarding the investment of contributions, including the ability to redirect the investment of the initial contribution, 3. Direct the custodian regarding the administration, management and distribution of the account, unless the plan agreement indicates otherwise, 4. Name a successor responsible individual if the need arises, 5. Notify the custodian of any address change for the individuals identified on the plan agreement, 6. Remove excess contributions made to the ▇▇▇▇▇▇▇▇▇ ESA.. INCOME TAX CONSEQUENCES OF ESTABLISHING A ▇▇▇▇▇▇▇▇▇ ESA‌ A. Contributions Not Deducted – No deduction is allowed for ▇▇▇▇▇▇▇▇▇ ESA contributions, including transfer and rollover contributions.