Thursday, October 14, 2010
Contingent beneficiary for RRSP, RRIF and TFSA
Contingent beneficiaries are beneficiaries that are designated to receive the assets of a deceased person in the event that the primary beneficiary is no longer able to assume those assets for some reason. It is recommended to that wills contain a reference to at least one contingent beneficiary as a means of preparing a backup plan for the disposition of the property and other holdings of the deceased if necessary. It is permissible to name more than one contingent beneficiary and even to assign a specific order of succession to the additional listed persons or entities. I am also aware some of the financial companies allow contingent beneficiaries for your RRSP, RRIF or TFSA.