Designated beneficiary

You don’t always have to stipulate in your Will who will get what upon your death—you can designate a beneficiary outside of your Will for certain types of assets. These assets include life insurance policies, registered savings plans (RRSPs) and tax-free savings accounts (TFSA). When you die, the money goes directly to your beneficiaries rather than becoming part of your estate. This helps your estate reduce or avoid probate fees and helps pay your beneficiaries more quickly.