If you have any Estate Planning questions please give our team a call to set up a time to review your unique circumstances and how your investment accounts can provide you with important Estate Planning benefits.
This excerpt from an Estate Planning article linked below discusses named beneficiaries:
“Here’s a tip. If you haven’t named a beneficiary on your RRSP or TFSA, make sure that you do, if you want to avoid those monies being subject to probate. In lieu of a beneficiary, the funds will be transferred into your estate, and be included in the probate for the calculation of fees. In most cases, joint assets are also excluded from probate, as the joint owner assumes full ownership of the asset. This is most often the case where there is a surviving spouse.”
Take a moment to read this article which discusses executors, probate, joint accounts, inheritance, taxes, as Estate Planning items to consider: https://www.fidelity.ca/en/insights/articles/canadian-inheritance-tax/
We are available to work with your team of professional advisors such as your accountant and laywer to co-ordinate your Estate Planning efforts.
