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The importance of beneficiary designations

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Leroy Hiller, Lawyer

I came across your article and would offer to add another point of view. I suggest that the title to the article “The Importance of Beneficiary Designations” might be understood to mean “it is important for a beneficiary designation to be made whenever there is an opportunity given to do so,” rather than just “it is important that any beneficiary designation that is made is made correctly and is changed correctly at appropriate times.” My own advice is that investment advisors should be advising their clients not to fill out the form to make any beneficiary designation, without legal advice from a lawyer anyway, unless it is to a spouse or only child or to the person’s estate. This advice arises from having seen and researched and having litigated such designations that were carelessly made, such as naming the person’s Executor or not providing for all the possibilities that a will does (per stirpes distributions). I would be happy to expand.

Wednesday, Nov 1, 2017 at 1:10 pm Reply

KOSTIS71595

Hi Daniel, I would like to ask: I am a single person, with no dependents. I have named beneficiaries (institutions, that I have already informed about my intentions) for both my TFSA and RRSP.
Do I need a will to make sure that the TFSA and RRSP will go to the beneficiaries ?
What are the tax implications in these transitions ? Thank you, Constantine

Friday, Jan 22, 2016 at 1:49 pm Reply