Can I designate assets to go to someone outside my will, and how do I accomplish this?
You can designate certain registered investments such as your RRSP or Tax-Free Savings Account. You can also designate life insurance proceeds be paid directly to the beneficiary of your choice. You should initiate this process through your financial advisor, but a full discussion of your options is important. While you can save on probate fees, you may leave your estate without the necessary cash to pay taxes or cash bequests to other beneficiaries.
- I’ve been told that by putting my child on my bank account with me, it will save my estate money when I die and that this child will get the money in my bank account. Is this correct?
- What happens to our children if both my spouse and I die?
- Can I designate assets to go to someone outside my will, and how do I accomplish this?
- I want to donate my organs when I die. How do I accomplish this?
- I’ve had children with my past spouse and am remarried. How do I ensure I provide for my children and my new spouse?