O'Sullivan Estate Lawyers LLP
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February 2013 Archives

Beneficiary Designations: When Less is Not More

You may know that having a beneficiary designation for your life insurance policies or registered retirement plans (RSPs) is a good idea, including in order to avoid Ontario estate administration tax (previously probate fees) on the value of assets which would otherwise pass through your estate (see our Client Advisory "Planning to Minimize Estate Taxes Under The Estate Administration Tax Act, 1998 (Ontario)"), and protect against creditor claims. However, using the simple forms provided by the insurer or financial institution will not be sufficient or optimal in many situations. In contrast, a tailored designation which can be included in your will can allow for the same level of intricacy as the provisions in your will, including trust provisions for minor children and other beneficiaries.

We are a top-ranked and peer recognized firm, including Margaret O’Sullivan by Chambers Canada Guide 2017 and Chambers Canada High Net Worth 2016 as one of the top six private client lawyers in Canada:

  • Top Ranked Canada Chambers 2017 Margaret O'Sullivan
  • Margaret R. O'sullivan 2016 | Listed in Best Lawyers CANADA
  • Canadian Legal Lexpert Directory
  • The Law Reviews | Expert Panel 2015
  • Step | Canada | Advising Families Across Generations
  • Top Ranked HNW Chambers 2016 Margaret O'Sullivan
  • Recognised in WHO'SWHOLEGAL | WWL
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