Examples of Designated Beneficiary in a sentence
Generally, life expectancy distributions to an eligible Designated Beneficiary must commence by December 31 of the year following the year of your death.
If your Beneficiary is an eligible Designated Beneficiary, the entire amount remaining in your account may be distributed (in accordance with the Treasury Regulations) over the remaining life expectancy of your eligible Designated Beneficiary (or over a period not extending beyond the life expectancy of such Beneficiary).
However, if your spouse is the eligible Designated Beneficiary, distributions need not commence until December 31 of the year you would have attained age 72, if later.
If your eligible Designated Beneficiary is your minor child, life expectancy payments must begin by December 31 of the year following the year of your death and continue until the child reaches the age of majority.
The undersigned Trustee of the Guardian Community Trust for Supplemental Needs hereby accepts the assignment of trust herein and acknowledges the creation of a Trust Account for the Designated Beneficiary, all as set forth above.