This article is a reminder regarding the importance of regularly reviewing your beneficiary designations.
Why Review Your Beneficiary Designations?
Life is full of changes, some planned and some unexpected. Events such as marriage, the birth of a child, divorce, or the loss of a loved one can significantly impact your financial plans. It’s crucial to ensure that your beneficiary designations align with your current wishes and circumstances.
What Should You Review?
Here are some key areas you should consider:
- Insurance Policies: Whether it’s life insurance, health insurance, or any other type of policy, it’s essential to ensure that your beneficiaries are up-to-date.
- RRSPs and TFSAs: Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are significant components of your financial plan. Make sure the right individuals or entities are set to receive these assets.
- Workplace Insurance and Pensions: Don’t forget about any insurance policies or pension plans provided by your employer. These often represent substantial assets that should be directed according to your wishes.
When Should You Review?
We recommend reviewing your beneficiary designations every few years at least. However, it’s particularly important to review them after any significant life event.
Remember, keeping your beneficiary designations current ensures that your assets will be distributed according to your wishes in the event of your passing. It’s an essential part of managing your financial legacy.
Please don’t hesitate to reach out if you have any questions or need assistance with reviewing your beneficiary designations. We’re here to help!
