Some accounts, like RRSPs, RRIFs, and TFSAs, can bypass your estate if you name a beneficiary directly on the account.

The beneficiary is the person who will receive the funds.

This helps avoid probate fees, and your beneficiaries will receive the funds faster.

However, things work a bit differently if you’re in Quebec.

You usually can’t name a beneficiary on these accounts (except for some insurance policies), so it all has to go through your will.

A few things to keep in mind:

If your will says one thing and your account says another, it can lead to disputes and/or unintended distributions of assets.

If your beneficiary isn’t your spouse, your estate may still owe taxes on the account.

Choose who will inherit your registered accounts