But a single mistake with your beneficiary designations can undo all that planning. These errors don’t just cause ...

Naming your children as the secondary beneficiaries or contingent beneficiaries for your RRIF account may be an option. I say “may” for a couple reasons.

The beneficiaries — both primary and contingent — do not necessarily have to be individuals. Policyholders may choose for their death benefit to pay out to an organization such as an animal ...

The mandated ages in most states are 18 or 21. If you choose a minor as a beneficiary, a legal guardian must be appointed to manage the money until the child reaches the legal age of majority.

Trustees must provide the Canada Revenue Agency (CRA) with information about contingent beneficiaries under new trust-reporting rules, even if the beneficiary is unlikely to receive a distribution, ...

It is absolutely critical to review and update your beneficiary forms after a marriage, divorce, birth of a child, or death of a current beneficiary to avoid a financially devastating outcome. 3.

Your spouse may automatically inherit your 401(k), even after divorce, unless you update your beneficiary. Learn how to ...