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Life Insurance and Retirement Planning

Using Life Insurance Policies In an Estate Plan

Life insurance policies offer numerous advantages and opportunities to individuals and families as they plan their estate. The complexities of life insurance and life insurance laws though can cause confusion.

At the Toronto, Ontario, law firm of O’Sullivan Estate Lawyers LLP, we have helped many clients plan their beneficiary designations for their life insurance policies in conjunction with their estate planning.

Strategic Use of a Life Insurance Policy

Every insurance policy is different. Navigating the language to understand what you can and cannot do within each policy’s provisions can be overwhelming. Our lawyers can decipher the verbiage and help you make the best use of an insurance policy in your estate plan.

We can help you:

  • Review your beneficiary designations
  • Pass death benefits to beneficiaries outside of the probate process using life insurance
  • Donate a charitable gift via the proceeds of a life insurance policy
  • Advise on using a life insurance trust including under your will to split income earned on life insurance proceeds among family members and control the distribution of life insurance proceeds to your intended beneficiaries, including to children at a financially mature age

Making RRSP/RRIF Beneficiary Designations

In addition to life insurance planning, we can advise on planning beneficiary designations for your Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs), Tax-Free Savings Accounts (TFSA’s) and other plans.

Contact Us for Skilled Estate Planning Advice

For more information about our firm and our life insurance and retirement plans planning services, contact us.