While it is less common these days for employment benefits to include a pension, many individuals still do have either a pension (not including the Canada Pension Plan, which is subject to its own rules and which is not the subject of this blog) or a locked-in retirement account (LIRA) which was created from former pension funds. While these funds, particularly LIRAs, tend to be thought of as if they are RRSPs or RRIFs, it is important to remember that the rights associated with them, including the right to designate a beneficiary, are not always the same.
Everyone knows that death and taxes are two of life's certainties, but some of us may not appreciate that our tax liabilities don't disappear on death and that our legal representatives become responsible for sorting out our unfinished tax business.
As estate practitioners, we continually remind our clients to update their estate planning documents and ensure they reflect their current intentions. A further key consideration is how estate planning documents should be properly recorded, stored and safeguarded.In order to embrace the digital era, the legal community has made significant strides in digitizing legal documents, particularly in the areas of corporate law (documents are often signed digitally including in major transactions) and document-management. We are frequently asked by our clients whether wills can be digitally signed and stored. Although several jurisdictions, including Nevada and Florida, have introduced or proposed legislation for digital wills (please see our blog on this topic), no legislation has been introduced in Canada. What are the procedures for properly recoding and safely storing original documents?