Lynne, when you will your RRSP's to someone and you have them in several different financial institutions, do you have individually name every account or can you just will 100% of your estate to someone? In this instance, the person is unmarried and has no children and just 3 living siblings.
That depends on what you have put in place for the beneficiary designations on the RRSPs themselves. Many unmarried people have named their estates as the beneficiaries of the RRSPs. If that's what you've done, on your death those RRSPs will be paid to your estate and will be covered by what you say in your will. You could then just leave your estate to whomever you wished without individually listing the RRSPs.
If your RRSPs name individual people on them, they are not going to be part of your estate and your will isn't going to touch them UNLESS you use your will to change the beneficiary designation. I'm not a fan of that, because most of the time the banks don't get notified of the changes and they pay out to the original beneficiary.
Lynne, when you will your RRSP's to someone and you have them in several different financial institutions, do you have individually name every account or can you just will 100% of your estate to someone? In this instance, the person is unmarried and has no children and just 3 living siblings.
ReplyDeleteThat depends on what you have put in place for the beneficiary designations on the RRSPs themselves. Many unmarried people have named their estates as the beneficiaries of the RRSPs. If that's what you've done, on your death those RRSPs will be paid to your estate and will be covered by what you say in your will. You could then just leave your estate to whomever you wished without individually listing the RRSPs.
DeleteIf your RRSPs name individual people on them, they are not going to be part of your estate and your will isn't going to touch them UNLESS you use your will to change the beneficiary designation. I'm not a fan of that, because most of the time the banks don't get notified of the changes and they pay out to the original beneficiary.
I hope this helps...
Lynne