Get the free Registered plans Beneciary designation and successor

Registered plans Beneficiary designation and successor annuitant form Account # Plan holders last name First name Middle initial I revoke any prior designations of beneficiaries, contingent beneficiaries

How to fill out registered plans beneciary designation

How to fill out registered plans beneficiary designation:

1. Obtain the necessary forms: Contact your registered plan provider or financial institution to obtain the beneficiary designation form for your specific registered plan. This form is typically required to designate who will receive your plan assets upon your death.
2. Provide personal information: Fill in your personal details such as your full name, date of birth, social insurance number, and contact information. This information is crucial for identifying you as the plan owner.
3. Choose your primary beneficiary: Designate the primary beneficiary who will receive the plan assets upon your death. This can be an individual, such as a spouse or child, or an organization. Provide their full name, relationship to you, and contact information.
4. Choose your contingent beneficiary: In case the primary beneficiary predeceases you or is unable to receive the assets, designate a contingent or secondary beneficiary. This ensures that the assets pass on to someone else. Again, provide their full name, relationship, and contact information.
5. Specify the percentage or allocation: Indicate how you want the plan assets to be distributed among your primary and contingent beneficiaries. You may assign specific percentages or allocations for each beneficiary. Ensure that the total allocation adds up to 100%.
6. Date and sign the form: Add the current date and sign the beneficiary designation form. Some forms may require witness signatures or additional legal requirements, so make sure to review the instructions provided with the form.
7. Keep a copy for your records: Make a copy of the completed form for your own records, and submit the original to your registered plan provider or financial institution. It's important to keep this document updated and in a safe place.

Who needs registered plans beneficiary designation?

1. Individuals with registered retirement savings plans (RRSPs): If you have an RRSP, it is beneficial to designate beneficiaries to facilitate the transfer of your assets upon your death. This allows for a smooth transition and may also have tax advantages for your beneficiaries.
2. Individuals with registered pension plans (RPPs): RPPs, such as employer-sponsored pension plans, typically require beneficiary designations to ensure the proper distribution of pension benefits in the event of your passing.
3. Individuals with tax-free savings accounts (TFSAs): Although TFSAs do not typically require beneficiary designations, specifying beneficiaries can help avoid potential conflicts and ensure a smooth transfer of assets.
4. Individuals with other registered plans: Other registered plans, such as Registered Education Savings Plans (RESPs) or Registered Disability Savings Plans (RDSPs), may also benefit from beneficiary designations to provide for loved ones or dependents in the future.

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