Life and Death Planning for Retirement Benefits

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480 Life and Death Planning for Retirement Benefits
“Account” means the “Individual Retirement Account,” “Individual Retirement Trust,”
“Roth Individual Retirement Account,” or “Roth Individual Retirement Trust” referred to
above, which is established and maintained under or f the Code.
“Administrator” means the IRA custodian or trustee named above, and its successors
in that office.
“Agreement” means the account agreement between the Administrator and the
undersigned establishing the Account.
“Beneficiary” means any person entitled to ownership of all or part of the Account as
a result of my death (or as a result of the death of another Beneficiary).
“Contingent Beneficiary” means the person(s) I have designated in this form to receive
the Death Benefit if my Primary Beneficiary does not survive me (or disclaims the benefits).
“Death Benefit” means all amounts payable under the Account on account of my death.
The “Personal Representative” of any person means the duly appointed guardian or
conservator of such person, or executor or administrator of such person’s estate, who is serving
as such at the applicable time.
“Primary Beneficiary” means the person(s) designated in this form to receive the Death
Benefit in the event of my death.
II. Designation of Beneficiary
[Here insert the name(s) of the primary and contingent beneficiary(ies). This section must be
drafted by the estate planning attorney; see sample inserts in Part 3 of thi ]
III. Other Provisions [dispense with any of these that are not appropriate in view of the choice
of beneficiary or that are not necessary because already covered in the IRA provider’s
documents governing the Account; add clauses from Form 2.3 as needed]
3.01 Transferring Account. The Beneficiary shall have the right to have the Account
(or, if the Account has been divided into separate accounts, such Beneficiary’s separate
Account) transferred to a different individual retirement account or trust, of the same type
(“traditional” or “Roth”) as the Account, still in my name and payable to such Beneficiary,
with the same or a different custodian or trustee.
3.02 Information to be provided to Personal Representative. The Administrator shall
provide to my Personal Representative any information such representative shall request in
connection with the performance of such representative’s duties (including the preparation of
any tax return) regarding the benefits, the terms of the account, and the Beneficiary(ies),
including information as to matters prior to such representative’s appointment, to the same
extent and on the same terms that such information would have been provided to me had I
requested it. Any Beneficiary, by accepting benefits hereunder, shall be deemed to have
consented to the release of information to my Personal Representative as provided in the
preceding sentence.
3.03 Governing Law. The law of the State of ___________________shall apply solely
for the purpose of interpreting my intent as expressed in this Designation of Beneficiary form.
This provision is not intended to amend or supercede any governing law provision in the
Agreement with respect to the interpretation and administration of the Agreement.
Signed this _____ day of ____________________, 20 _____.