Death of Beneficiary Prior to Distribution of Trust Property Clause Samples

Death of Beneficiary Prior to Distribution of Trust Property. After the death of the Settlor, if a beneficiary of any trust created under this Trust Agreement dies before trust property to be distributed to such beneficiary has been distributed to such beneficiary, the Trustee will distribute such trust property to such beneficiary’s descendants who survive such beneficiary per stirpes, subject to being held, administered, and distributed according to the terms and provisions of Article VI in the case of a descendant who is under age 25. If none of such beneficiary’s descendants survive such beneficiary, the Trustee will distribute such trust property to such beneficiary’s heirs who survive such beneficiary per stirpes, subject to being held, administered, and distributed according to the terms and provisions of Article VI in the case of an heir who is under age 25. If a descendant or heir of such beneficiary hereunder has attained age 25, the Trustee may distribute all trust property consisting of firearms and firearms-related personal property of any kind, including without limitation, firearms, firearms parts, magazines, firearms accessories, and ammunition, to such descendant or heir free of trust or to a trust for the descendant or heir (if an appropriate trust exists) or, with the written consent of such descendant or heir, may postpone the distribution of such trust property until such consent is revoked in writing. Notwithstanding the foregoing, if a descendant or heir of such beneficiary hereunder elects, the trust property subject to this Section may be retained in the trust indefinitely for the benefit of the descendant or heir of such beneficiary, who will be treated as if he or she is the Settlor with respect to such trust property, and such descendant or heir will retain the following rights: (1) the right to withdraw all trust property attributable to such beneficiary or heir’s share at any time; and (2) the right to direct the Trustee to sell such beneficiary’s or heirs share of such trust property and to distribute the proceeds from the sale of such trust property to such beneficiary or heir. All distributions of such trust property must comply with Federal firearms laws, including the NFA and the GCA, and any applicable state and local firearms laws. Notwithstanding any other provision in this Trust Agreement to the contrary, the Trustee may not distribute trust property consisting of firearms or any other trust property regulated by Federal firearms law, including the NFA and the GCA, and any appli...
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Related to Death of Beneficiary Prior to Distribution of Trust Property

  • Application of Trust Funds (a) On each Distribution Date, the Owner Trustee shall cause the Certificate Paying Agent to distribute amounts deposited in the Certificate Distribution Account pursuant to the Sale and Servicing Agreement with respect to such Distribution Date in the following order of priority: (i) to make payments to the Certificateholder any remaining amount deposited therein; and (ii) to clear and terminate the Certificate Distribution Account upon the termination of this Agreement. (b) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to the Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section. The Owner Trustee or Certificate Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholder sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee or the Certificate Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Certificateholder shall be treated as cash distributed to the Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee or the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph. (c) Any Holder of the Certificate that is organized under the laws of a jurisdiction outside the United States shall, on or prior to the date such Holder becomes a Holder, (i) shall notify the Owner Trustee and the Certificate Paying Agent and (ii)(A) provide the Owner Trustee and the Certificate Paying Agent with Internal Revenue Service form ▇-▇▇▇▇, ▇-▇▇▇▇-▇, ▇-▇▇▇▇ or W-8EXP (or successor forms), as appropriate, or (B) notify the Owner Trustee and the Certificate Paying Agent that it is not entitled to an exemption from United States withholding tax or a reduction in the rate thereof on payments of interest. Any such Holder agrees by its acceptance of the Certificate, on an ongoing basis, to provide like certification for each taxable year and to notify the Owner Trustee and the Certificate Paying Agent should subsequent circumstances arise affecting the information provided the Owner Trustee or the Certificate Paying Agent in clauses (i) and (ii) above. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each Holder by its acceptance of the Certificate hereunder agrees to indemnify and hold the Owner Trustee and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and the Certificate Paying Agent’s reliance upon any documents, forms or information provided by any Holder to the Owner Trustee and the Certificate Paying Agent.

  • Designation of Beneficiaries The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.

  • Addition of Trust as Party to Distribution Agreement Pursuant to Section 1 of the Distribution Agreement, each of the undersigned parties hereby acknowledges and agrees that the Trust, upon execution hereof by the Trust and the other parties to the Distribution Agreement (other than any other trusts organized in connection with the Registration Statement that are party thereto as of the date hereof), shall become a Trust for purposes of the Distribution Agreement in accordance with the terms thereof, in respect of the Notes, with all the authority, rights, powers, duties and obligations of a Trust under the Distribution Agreement. The Trust confirms that any agreement, covenant, acknowledgment, representation or warranty under the Distribution Agreement applicable to the Trust is made by the Trust at the date hereof, unless another time or times are specified in the Distribution Agreement, in which case such agreement, covenant, acknowledgment, representation or warranty shall be deemed to be confirmed by the Trust at such specified time or times.

  • Application of Trust Funds Certain Duties Section 5.01. [Reserved].