The Beneficiary Sample Clauses

The Beneficiary. This is the person or entity that will receive the income or principal from the trust. This can be the settlor (and the settlor’s spouse) during his or her lifetime and the settlor’s children (or anyone else or a charity the settlor chooses to name) after the settlor’s death. A trust is classified as a “living” trust when it is established during the settlor’s lifetime and as a “revocable” trust when the settlor has reserved the right to amend or revoke the trust during his or her lifetime. How is a Revocable Living Trust Created? There are two basic steps in creating a revocable living trust. First, an attorney prepares a legal document called a “trust agreement” or a “declaration of trust” or an “indenture of trust” which is signed by the settlor and the trustee. Secondly, the settlor transfers property to the trustee to be held for the benefit of the beneficiary named in the trust document. Can a Revocable Living Trust be Changed or Revoked? Yes. The settlor ordinarily reserves the right in the trust document to amend or revoke the trust at any time during his or her lifetime. This enables the settlor to revise the trust (or even terminate the trust) to take into account any change of circumstances such as marriage, divorce, death, disability or even a “change of mind.” It also gives the settlor the peace of mind that he can “undo” what he has done. Upon the death of the settlor, most revocable living trusts become irrevo- cable and no changes are then allowed (with some exceptions) to save taxes or improve administration. Sometimes the trust becomes irrevocable after the death of a spouse if the trust was jointly created by a married couple. Is a Revocable Living Trust an Adequate Substitute for a Will? No! A revocable living trust may be considered the principal document in an estate plan, but a will should accompany a revocable living trust. This type of will, referred to as a “pour over” will, names the revocable living trust as the principal beneficiary. Thus, any property which the settlor failed to transfer to the trust dur- ing his or her lifetime is added to the trust upon the settlor’s death and distributed to (or held for the benefit of) the beneficiary according to the trust instructions. The settlor may not be able to transfer all desired property to a revocable living trust during the settlor’s lifetime. For example, the probate estate of a person who dies as a result of an auto accident may be entitled to any insurance settlement pro- cee...
The Beneficiary. The Beneficiary is the person to whom we pay the Death Benefit if any Owner dies prior to the Annuity Commencement Date. See "Proceeds Payable to the Beneficiary" for more information. We pay Death Benefits to the primary Beneficiary (unless there are Joint Owners in which case the Death Benefit is payable to the surviving Owner). If the primary Beneficiary dies before the Owner, the Death Benefit is paid to the Contingent Beneficiary, if any. If there is no surviving Beneficiary, we pay the Death Benefit to the Owner's estate.
The Beneficiary. The Beneficiary is the person to whom we pay death proceeds if any Owner dies prior to the Annuity Commencement Date. See Proceeds Payable to the Beneficiary for more information. We pay death proceeds to the primary Beneficiary (unless there are joint Owners in which case the Death Benefit proceeds are payable to the surviving Owner). If the primary Beneficiary dies before the Owner, the death proceeds are paid to the Contingent Beneficiary, if any. If there is no surviving Beneficiary, we pay the death proceeds to the Owner's estate. INTRODUCTION TO THIS CONTRACT (continued) -------------------------------------------------------------------------------- One or more persons may be named as primary Beneficiary or contingent Beneficiary. In the case of more than one Beneficiary, we will assume any death proceeds are to be paid in equal shares to the surviving Beneficiaries. You can specify other than equal shares. You have the right to change Beneficiaries, unless you designate the primary Beneficiary irrevocable. When an irrevocable Beneficiary has been designated, you and the irrevocable Beneficiary may have to act together to exercise the rights and options under this Contract. When naming or changing the Beneficiary(ies), you may specify the form of payments of the Death Benefits. We will honor the specified form of payment to the extent permitted under section 72(s) of the Internal Revenue Code. If the form of payment is not specified, the Beneficiary(ies) may determine the manner of payment, to the extent allowed by the Code. CHANGE OF OWNER OR BENEFICIARY During your lifetime and while this Contract is in effect you can transfer ownership of this Contract or change the Beneficiary. To make any of these changes, you must send us written notice of the change in a form satisfactory to us. If there are joint Owners, both must agree to the change. The change will take effect as of the day the notice is signed. The change will not affect any payment made or action taken by us before recording the change at our Customer Service Center. A Change of Owner may affect the amount of Death Benefit payable under this Contract. See Proceeds Payable to Beneficiary and Benefit Option Packages. GA-IA-1108 7 PREMIUM PAYMENTS AND ALLOCATION CHANGES -------------------------------------------------------------------------------- INITIAL PREMIUM PAYMENT The Initial Premium Payment is required to put this Contract in effect. The amount of the Initial Premium Payment is sh...
The Beneficiary. The Beneficiary is the person to whom we pay death proceeds if any Owner dies prior to the Annuity Commencement Date. See "Proceeds Payable to the Beneficiary" for more information. We pay death proceeds to the primary Beneficiary (unless there are joint Owners in which case the Death Benefit proceeds are payable to the surviving Owner). If the primary Beneficiary dies before the Owner, the death proceeds are paid to the Contingent Beneficiary, if any. If there is no surviving Beneficiary, we pay the death proceeds to the Owner's estate. One or more persons may be named as primary Beneficiary or contingent Beneficiary. In the case of more than one Beneficiary, we will assume any death proceeds are to be paid in equal shares to the surviving Beneficiaries. You may specify other than equal shares.
The Beneficiary. The Beneficiary will receive any remaining Guaranteed Payments due under this Contract at the death of the Annuitant, and joint Annuitant if applicable, if there is no surviving Owner or joint Owner. We pay any remaining Guaranteed Payments to the primary Beneficiary. If the primary Beneficiary dies before the Annuitant, any remaining Guaranteed Payments are paid to the contingent Beneficiary, if any. If there is no contingent Beneficiary, we pay any remaining Guaranteed Payments to the Owner, if living, otherwise to the Owner's estate or legal successors. One or more persons may be named as primary Beneficiary or contingent Beneficiary. In the case of more than one Beneficiary, we will assume any remaining Guaranteed Payments are to be paid in equal shares to the surviving Beneficiaries. You may specify other than equal shares. See Death Benefit Provisions for more information.
The Beneficiary. The Beneficiary is an individual or entity designated by you to receive the Death Benefit. A Beneficiary may be changed at any time prior to the Annuity Commencement Date unless you designate such Beneficiary as an Irrevocable Beneficiary. An Irrevocable Beneficiary cannot be changed without the consent of the Irrevocable Beneficiary. You may designate one or more (i) primary Beneficiaries and (ii) contingent Beneficiaries. These classes set the order under which the Death Benefit is paid. If all of the primary Beneficiaries die before any Owner (or, if the Owner is not a natural person, any Annuitant), the contingent Beneficiary shall take the place of, and be deemed to be, the primary Beneficiary, and the Death Benefit will be paid to the contingent Beneficiary. If there are multiple Beneficiaries, the Death Benefit shall be paid in equal shares to all Beneficiaries in the same class (primary or contingent, as applicable) unless you provide Notice to Us directing otherwise. IU-IA-4040 If there are Joint Owners, at the death of the first Owner, any surviving Owner shall take the place of, and be deemed to be, the primary Beneficiary. This will override any other Beneficiary designation. If there is a single natural Owner and all Beneficiaries die before the Owner, or if no Beneficiary has been designated at the time of the Owner’s death, the Owner’s estate will be deemed to be the primary Beneficiary. If the Owner is not a natural person and all Beneficiaries die before any Annuitant, or if no Beneficiary has been designated at the time of any Annuitant’s death, the Owner will be deemed to be the primary Beneficiary. We will deem any Beneficiary to have predeceased the Owner if:
The Beneficiary. 2.1 A person may be a Beneficiary under this Trust so long as such person is a Disabled Person, as defined above.
The Beneficiary. (i) represents that it is acquiring the Shares for its own account or for an account with respect to which it exercises sole investment discretion, and that it or such account, as the case may be, is an “accredited investor” within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Securities Act (an “Institutional Accredited Investor”) or a “qualified institutional buyer” within the meaning of Rule 144A;
The Beneficiary. 7.2.1. is responsible for the management of the Project and the results; 7.2.2. is responsible for the use of the financing granted; 7.2.3. is responsible for the implementation of the Project in compliance with the requirements of the Agreement; 7.2.4. ensures the necessary human capacity and materials - the technical base for implementation of the Project; 7.2.5. ensures preparation of the Project reports and other required documents; 7.2.6. must ensure that the Project tasks described in Annex 1 are performed under the Beneficiary guidance; 7.2.7. during the term of the Project, must establish self-financed research unit within RTU; 7.2.8. during the term of the Project is obliged to learn Latvian language in accordance with statutory skill level; 7.2.9. must keep records and other supporting documentation on scientific and technical implementation of the Project in line with the accepted standards in the respective field. 7.3. The Beneficiary must participate in study process of RTU, including participation in teaching of a study course. 7.4. Not later than 3 (three) months after entering into force of the Agreement, provided that the Beneficiary has previously received the necessary work and residence permits of the Republic of Latvia and submitted certified copies thereof to RTU, the Beneficiary is elected in the position of the leading researcher at RTU in the hosting faculty, or an independent unit, which is under supervision of Vice-Xxxxxx for Research, and the contract of employment is concluded for the term of the Project. If the Beneficiary is hosted in a faculty, the separate research unit is established. The Beneficiary is employed at RTU with full working load (including teaching load). 7.5. The Beneficiary and other staff involved in the Project are subject to labor legislative norms of the Republic of Latvia and the internal regulatory documents of RTU. ARTICLE 8
The Beneficiary and the Enforcement Officer shall be entitled to exercise its powers under this Assignment in such a manner and at such times as the Beneficiary and the Enforcement Officer in its absolute discretion may determine and the Beneficiary and the Enforcement Officer shall not in any circumstances be answerable for any loss occasioned by the same or resulting from postponement thereof (unless caused by its negligence or willful default).