If you don’t choose your beneficiary’s, the Government will choose them for you. Choosing your beneficiary’s properly can also greatly reduce your final tax bill and help to create the legacy. In particular, make sure you’ve chosen properly for your registered accounts (TFSA)’s, RSP/RIF and Locked-in pensions). Almost everyone has primary beneficiary’s designated, but how about contingent beneficiary’s?
Read the full article over on mawer.com.