Life and Death Planning for Retirement Benefits

Appendix B: Forms

515

which I am a beneficiary (whether established by my Agent or otherwise) (each of which is hereinafter referred to as “such Plan”), my Agent shall have the following powers, in addition to all other applicable powers granted by this instrument: 1. To make contributions (including “rollover” and/or “conversion” contributions) or cause contributions to be made to such Plan with my funds or otherwise on my behalf. 2. To receive and endorse checks or other distributions to me from such Plan, or to arrange for the direct deposit of the same in any account in my name or in the name of [NAME OF CLIENT’S LIVING TRUST]. 3. To elect a form of payment of benefits from such Plan, to withdraw benefits from such Plan, and to make, exercise, waive or consent to any and all elections and/or options that I or my spouse may have regarding contributions to, investments or administration of, distributions from, or form of benefits under, such Plan. 4. With respect to any contribution to an IRA or Roth IRA, to “recharacterize” all or part of said contribution with the effect of having said contribution (or part thereof) deemed to have been made to the other type of IRA. 5. To designate one or more beneficiaries or contingent beneficiaries for any benefits payable under such Plan on account of my death, and to change any such prior designation of beneficiary made by me or by my Agent; provided, however, that my Agent shall have no power to designate my Agent directly or indirectly as a beneficiary or contingent beneficiary to receive a greater share or proportion of any such benefits than my Agent would have otherwise received unless such change is consented to by all other beneficiaries who would have received the benefits but for the proposed change. [Alt. 1: Agent can choose beneficiary]

[Alt. 2: Agent is to name a particular beneficiary]

5. To designate my spouse, [SPOUSE NAME], if living, otherwise my issue surviving me by right of representation, as beneficiary of any benefits payable under such Plan on account of my death.

5.2 Will Provision Regarding Formula in Beneficiary Designation Form

See “Checklist: Drafting the Beneficiary Designation,” Question 4(C), p. 497. Something like this clause should be included in the client’s will (or trust) if the executor (or trustee) is to be responsible for certifying the amounts payable to respective beneficiaries under the client’s beneficiary designation form, as in Form 3.8. ARTICLE ____. I own (or at my death may own) retirement plan accounts and benefits that become payable, upon my death, to beneficiaries I have (or will have) designated by forms filed with the respective sponsors, administrators, and/or trustees of said retirement plans. The firm or entity that administers any such retirement plan or account is herein referred to as the “plan administrator.” My Executor shall certify to the plan administrator of any such retirement plan any and all facts that my Executor can ascertain with reasonable effort, and that are needed by such plan administrator to enable the plan administrator to identify and locate the beneficiaries entitled to ownership of my benefits in the plan and the amount payable to each,