Common use of Successor Beneficiary Designation Clause in Contracts

Successor Beneficiary Designation. If we allow you to name successor beneficiaries, you may complete the appropriate section on the corresponding Beneficiary IRA application and designate any person(s) as your successor beneficiary to receive your Beneficiary IRA assets upon your death. You may also change or revoke an existing designation in such manner and in accordance with such rules as we prescribe for this purpose. If there is no successor beneficiary designation on file at the time of your death, your Beneficiary IRA assets will be paid to your estate. We may rely on the latest successor beneficiary designation on file at the time of your death, will be fully protected in doing so, and will have no liability whatsoever to any person making a claim to the Beneficiary IRA assets under a subsequently filed designation or for any other reason.

Successor Beneficiary Designation. If we allow you to name successor beneficiaries, you may complete the appropriate section on the corresponding Beneficiary IRA application (or other beneficiary designation form approved by us) and designate any person(s) as your successor beneficiary to receive your Beneficiary IRA assets upon your death. You may also change or revoke an existing designation in such manner and in accordance with such rules as we prescribe for this purpose. If there is no successor beneficiary designation on file at the time of your death, your Beneficiary IRA assets will be paid to your estate. We may rely on the latest successor beneficiary designation on file at the time of your death, will be fully protected in doing so, and will have no liability whatsoever to any person making a claim to the Beneficiary IRA assets under a subsequently filed designation or for any other reason.