Guam § 709 - Designation of Trustee as Primary or Contingent Beneficiary,

§ 709. 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

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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.