When you first open an account, start up an investment or sign an insurance policy, you get to choose who your designated beneficiaries are — in other words, who will inherit your assets.
As time passes and life events happen, we often forget that we’ve named a specific person as the beneficiary. Do you recall who you designated for each of your investments and insurance policies? More important, is it still the person you wish to receive your funds?
It’s a good idea to review your beneficiaries annually, and especially after a major life event such as marriage, birth of a child, divorce or death in the family. It’s important to know that your RRSP, RRIF and TFSA designations will not be revoked or changed automatically if your family status changes. It’s simple to change, simply fill out a new designation form, or contact your account manager.
Do you know who your beneficiaries are? Take time to review, and have peace of mind knowing your money will end up in the right hands.