The Importance of Updating Your Beneficiaries

During significant life events, it is crucial to review the beneficiary designations on your registered accounts and insurance policies. Major changes such as marriage, divorce, the birth of a child, or the passing of a loved one present key opportunities to ensure your beneficiary information remains current and accurate.

Designating a beneficiary allows for the direct transfer of assets held in accounts such as RRSPs, TFSAs, FHSAs, and RESPs to the intended individual(s), often avoiding the delays and expenses usually associated with estate administration.

Beneficiary designations on registered accounts take precedence over the instructions in your will. As a result, outdated beneficiary information may lead to assets being distributed in a manner that is inconsistent with your current wishes.

We recommend conducting a thorough review of your beneficiary designations periodically, and especially following any significant changes in your personal circumstances. If you need to update or make any changes to your beneficiary information, please do not hesitate to contact us.

Written by: Feda Shureih