Alternative Designation of Beneficiaries

Alternative Designation of Beneficiaries

The agreement for alternative designation of beneficiaries states that if there is just one beneficiary, he or she is entitled to 100% of the beneficial interest. However, if there are multiple beneficiaries each person is allocated a percentage of the interest. Incase of spouses the husband and wife as joint tenants have the right of survivorship and are not tenants in common. Incase of single beneficiary who has contingent remainder beneficiary, the person who is named gets 100% of the beneficial interest but on the death of the person specified, when the trust is in existence, whatever beneficial interest has not been disposed of, will be given to the person who is named as a beneficiary if he or she survives.

The remainder beneficiary succeeds all the rights of the beneficiary but if the life interest is still in existence, the remainder beneficiary has no rights or powers. Incase of life estate and vesterd remainder interest, the person mentioned gets 100% of the beneficial interest during their lifetime and on their death when the trust is in existence, the entire beneficial interest which is not disposed, is given to the owner of the remainder or to his or her estate. The life estate of the person named cannot be disposed of or encumbered or assigned without the consent in writing of the remainder holder. Or incase of a general partnership, the name of the partnership with its individual partners. Or in case of a limited partnership, the names of the partners.

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Alternative designation of beneficiaries.

_________ [For a single beneficiary: _________ [name] as to 100 percent of the beneficial interest] or _________ [For multiple beneficiaries, whether sharing equal or unequal interests: _________ [name] as to a _________ percent interest and _________ [name] as to a _________ percent interest] or _________ [For spouses: _________ [names] husband and wife, as joint tenants with right of survivorship and not as tenants in common] or _________ [For single beneficiary with contingent remainder beneficiary: _________ [name] as to 100 percent of the beneficial interest, but on the death of _________ [name] during the existence of this trust, any beneficial interest not previously disposed of shall vest in _________ [name] if _________ [he or she] survives. Any named remainder beneficiary shall succeed to all the rights of the beneficiary under this agreement, but until the life interest terminates, the remainder beneficiary has no rights or powers under this trust agreement] or _________ [For life estate and vested remainder interests: _________ [name] as to 100 percent of the beneficial interest during _________ [his or her] life, and on _________ [his or her] death during the existence of this trust, the entire beneficial interest under this agreement not previously disposed of shall vest in _________ [name of remainder owner] or [his or her] estate. During the life estate of _________ [name] the beneficial interest cannot be disposed of, assigned, or encumbered without the written consent of _________ [name of remainder holder] ] or _________ [For a general partnership: _________ [name of partnership] a partnership consisting of _________ [names of individual partners] ] or _________ [For a limited partnership: _________ [name of partnership] a limited partnership whose general partners are _________ [names] ] or _________ [For a joint venture: _________ [name of joint venture] a joint venture, consisting of _________ [names] joint venture] or _________ [For a corporation: _________ [name] an _________ [state] corporation].