Beneficiary Designation on Registered Assets

Beneficiary Designation on Registered Assets

There are a number of planning strategies that can be used to bypass or minimize probate. Below is a common strategy to make your estate as efficient as possible.

Beneficiary Designation on Registered Assets
RRSP, RPP, TFSA, RRIF, LIF, and LIRA are all considered to be registered assets. This means that the CRA allows for a direct beneficiary designation. If there is a spouse, they are entitled to roll registered accounts into their own names. If there is no spouse, then the investor can name an alternative person to leave the money to that they designate directly on the investment account. Money left to a beneficiary bypasses probate and passes directly to the appointed person.

One thought on “Beneficiary Designation on Registered Assets

  1. Антон says:

    One way of stopping that from happening is to create a Life Interest Trust. It means that your assets, including property and savings, will be held in trust. When you die, the trust will be passed onto those people you choose to be beneficiaries. It means you’re not leaving things to chance. These trusts are also a way of ring-fencing your assets, preventing them from being swallowed up by the cost of your care in later life.

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