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to three (3) consecutive annual installments, together with interest as provided in Section 45, and said election shall be irrevocable. In the event a separated member shall die before making Application but after attainment of age fifty (50), or die after making Application and otherwise qualify, but before receipt of the benefits, said benefit or the balance of installments shall be paid when due to the Surviving Spouse, so long as said spouse had been living with the separated member for at least one (1) year prior to the date of death and shall not remarry, or if there be no qualifying Surviving Spouse, to the surviving minor child or minor children, including children born within nine (9) months after the death of the separated member, in equal shares, provided that they are under the age of eighteen (18) years and were living with the deceased separated member and dependent upon the separated member for support at the time of said death. Any amounts not paid shall be forfeited. If there is no surviving spouse and there are no surviving children, the benefit shall be disbursed to the member’s designated beneficiary. If there are no surviving children, the member’s surviving spouse may waive, in writing, wholly or partially, the spouse’s entitlement to a survivor benefit. A designated beneficiary may be a trust created under Chapter 501B if the survivor benefit will be distributed as a one-time lump sum payment. If a trust was created and is payable to the surviving children and there is no surviving spouse, the survivor benefit may be paid to the trust. A survivor benefit shall be disbursed to the member’s surviving spouse upon the death of a member of the Association who dies before making application but after attainment of the age of fifty (50), or dies after making application but before receipt of the benefits. If there is no surviving spouse, the benefit shall be disbursed to the member’s surviving children. If there is no surviving spouse and there are no surviving children, the benefit shall be disbursed to the member’s designated beneficiary. If no beneficiary has been designated, the benefit shall be paid as a death benefit to the estate if the deceased member was an active or deferred firefighter. If there are no surviving children, the member’s surviving spouse may waive, in writing, wholly or partially, the spouse’s entitlement to a survivor benefit. A designated beneficiary may be a trust created under Chapter 501B if the survivor benefit will be distributed as a one-time lump sum payment. If a trust was created and is