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Appendix B: Forms
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or account. If the entire plan benefit or account is payable to a single trust as named beneficiary,
for example, there would be no need to use either of these clauses.
Use 3.06 if it may be necessary or appropriate for the beneficiary designated under Article
II of the Beneficiary Designation Form to delegate investment authority to an investment manager.
3.04 Payments to Minors. If any Beneficiary becomes entitled to any portion of the
Death Benefit while under the age of twenty-one (21) years, such Beneficiary’s portion of the
Death Benefit shall be instead payable to such Beneficiary’s surviving parent, if any, otherwise
to [NAME or DESCRIPTION of proposed custodian, such as “my oldest then living child”],
otherwise to some other person selected by my Personal Representative, as custodian for such
Beneficiary under the Uniform Transfers to Minors Act, and such custodian shall have the
power to act for such Beneficiary in all respects with regard to the benefits to which such
Beneficiary is entitled.
3.05 Multiple Beneficiaries. If there are multiple Beneficiaries entitled to ownership
of the Death Benefit simultaneously, the Beneficiaries shall be entitled, by written instructions
to the Administrator, to have the Death Benefit partitioned into multiple accounts,
corresponding to each Beneficiary’s separate interest in the Death Benefit, as of or at any time
after my death, to the maximum extent such division is permitted by law to occur without
causing a deemed distribution of the Death Benefit. Following such partition the newly created
separate accounts shall be maintained as if each were an account in my name payable solely to
the applicable Beneficiary; no Beneficiary shall have any further interest in or claim to any
portion of the Death Benefit other than the separate account representing such Beneficiary’s
interest.
3.06 Allowing Beneficiary to Appoint Investment Manager. The Beneficiary may
designate an Investment Manager for its interest in the Death Benefit. Upon receipt of written
authorization from the Beneficiary, and until receiving notice that such authorization is
revoked, the Administrator shall comply with investment instructions of the Investment
Manager in accordance with the Beneficiary’s authorization.
3.
SAMPLE INSERTS FOR MASTER FORMS
The forms in this section are the actual designation of the primary and/or contingent
beneficiary. These are designed to be inserted into “Article II” of the Master Beneficiary
Designations (Forms 2.1 and 2.2).
These forms are not stand-alone documents. Rather, this is a collection of substantive
beneficiary designations, from which you can select the one you want, adapt it to your client’s
needs, and insert it into another form, for example, one of the Master Beneficiary Designation
Forms in Part 2 of this
Appendix B .3.1 Benefits Payable to Spouse, “Disclaimable” to Credit Shelter Trust; Different
Contingent Beneficiary Depending on Whether Spouse Predeceases or Disclaims
This form might be used by a client who does not have sufficient non-retirement plan assets to
fully fund a credit shelter trust, but nevertheless wants to leave the benefits to his spouse and allow