Designation of Trustee as Primary or Contingent Beneficiary,

Payee or Owner Under Insurance, Annuity or Endowment, Contract, etc. An insurance, annuity, or endowment contract (including any agreement issued or entered into by the insurer in connection therewith, supplemental thereto or in settlement thereof), a pension, retirement benefit, death benefit, stock bonus, profit-sharing or employees' saving plan, or contract created or entered into by an employer for the benefit of some or all of his employees, and a trust, security or account established COL10312014 CH. 7 TESTAMENTARY ADDITIONS or held pursuant to the Self Employed Individuals' Tax Retirement Act of 1962 (Pub. L. 87-792)1 may designate as a primary or contingent beneficiary, payee or owner a trustee named or to be named in the will of the person entitled to designate such beneficiary, payee, or owner. The designation shall be made in accordance with the provisions of the contract or plan or in the absence of such provisions, in a manner approved by the insurer if an insurance, annuity, or endowment contract is involved, and by the trustee, custodian, or person or entity administering the contract or plan, if any. The designation may be made before or after the execution of the designator's will and shall not be required to comply with the formalities for execution of a will. 26 U.S.C. § 401 note.