RRSPs/RSPs

One of the largest assets an individual has when he/she passes is RRSPs/RSPs

With the federal government encouraging RRSPs through one’s lifetime, one of the largest assets an individual has when he/she passes is RRSPs/RSPs.

In most instances, the testator has designated a named beneficiary to receive the entire amount of these plans upon death. There is little an executor or beneficiary under the Will can do to pull the money back into probate for ultimate distribution to the named beneficiaries under the Will. Hence, money paid out to a designated survivor under an RRSP/RSP will most often flow over to the designated survivor without going through probate.

Assets Subject to a Wills Variation Claim