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.