THE INSTITUTE FOR WILLS AND ESTATE EDUCATION

 Beneficiary Designations

 

   1.      Introduction (30 mins)

Ø  Benefits of Beneficiary Designations

                                          i.    Estate Administration Tax

                                         ii.    Creditor proofing

                                        iii.    Privacy

Ø  Assets which can be transmitted on death by beneficiary designations

Ø  Differences regarding designations of insurance and registered plans

2.   Revocation of Beneficiary Designations (20 Mins)

Ø  later designations

Ø  separation agreements

Ø  change in circumstances

3.  Drafting Beneficiary Designations (40 Mins)

Ø  Form of Designations

Ø  Absolute Designations

Ø  Insurance Trusts

Ø  Corporately owned insurance

Ø  Administrative Provisions

4.  Limits on beneficiary designations  (20 Mins)

Ø  Attorneys/guardians

Ø  RRSP trusts

Ø  Pensions

5.  Income Tax Issues (15 mins)

Ø  Responsibility for the income tax

Ø  Ensuring surviving spouse elects for rollover

Ø  Special rules for dependants

6.   Registered Education Savings Plans and TFSAs (15 minutes)

7.   Professional Issues (20 mins)

Ø  Managing client expectations regarding the effects of Designations

Ø  When to recommend designations

Ø  Managing client expectations relating to fees for designations

Ø  Avoiding potential liability through reporting letters and note taking

Ø  Separation agreements and life insurance to fund support obligations

Questions and Answer Period (20 mins)