North Dakota § 26.1-33-42 Designation of trustee as beneficiary - Prior existence of will not required - Payments - Discharge

North Dakota Statutes

§ 26.1-33-42 — Designation of trustee as beneficiary - Prior existence of will not required - Payments - Discharge

North Dakota·Title 26.1 Insurance·Ch. 26.1-33 Life Insurance

- Payments - Discharge.

1.Under section 26.1-33-41, it is permissible to designate as beneficiary, payee, or owner a trustee named in any inter vivos or testamentary trust whether or not such will or codicil is in existence at the date of such designation. It is not necessary to the validity of the trust that there be in existence a trust corpus other than the right to receive the benefits or to exercise the rights resulting from such a designation.

2.It is also permissible to designate as a beneficiary, payee, or owner a trustee named or to be named in, or ascertainable under, the will of the designator. Benefits or rights resulting from such a designation are payable or transferable to the trustee upon admission of the will or codicil to probate. Upon the payment of benefits to the tru

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- Payments - Discharge.
1. Under section 26.1-33-41, it is permissible to designate as beneficiary, payee, or
owner a trustee named in any inter vivos or testamentary trust whether or not such will
or codicil is in existence at the date of such designation. It is not necessary to the
validity of the trust that there be in existence a trust corpus other than the right to
receive the benefits or to exercise the rights resulting from such a designation.
2. It is also permissible to designate as a beneficiary, payee, or owner a trustee named or
to be named in, or ascertainable under, the will of the designator. Benefits or rights
resulting from such a designation are payable or transferable to the trustee upon
admission of the will or codicil to probate. Upon the payment of benefits to the trustee,
the benefits must be held, administered, and disposed of in accordance with the terms
of the testamentary trust created by the will or codicil. Payment of the benefits does
not cause the benefits or rights to be included in the property administered as part of
the designator's estate as subject to the claims of creditors.
3. If a trustee is designated pursuant to this section and no qualified trustee makes claim
to the benefits or rights resulting from the designation within one year of the death of
the designator, or if it is satisfactory to the person obligated to make the payment or

transfer as furnished within the one-year period that there is or will be no trustee to
receive the proceeds, payment or transfer must be made to the person or
representative of the designator, unless otherwise provided by the designation or other
controlling agreement made during the lifetime of the designator.
4. The payment of the benefits due or a transfer of the rights given under a designation
pursuant to this section and the receipt of the payment or transfer executed by the
trustee or other authorized payee constitutes a full discharge and acquittance of the
person or institution obligated to make payment or transfer.

North Dakota § 26.1-33-42 (Designation of trustee as beneficiary - Prior existence of will not required - Payments - Discharge) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.