I recently came across an article on yahoo news, about a woman who had lost her husband and the ensuing struggles she had to endure. Not only did she have to grieve her husband’s untimely death, but she had to deal with a beneficiary issue with her husband’s RRSP.
You see, Mr. Taylor was not feeling very well so he went to the hospital. It turned out that he had stomach cancer and that cancer had already spread. Three weeks after that first diagnosis, Mr. Taylor was gone. So, it would seem that there had been no time to get his affairs in order.
He and his wife had done all the right things along the way; put money into their RRSPs, etc., and they had amassed a hefty sum that would be helpful to her with regards to her and her daughter’s future. They were about to lose it all because it seems Mr. Taylor had forgotten to change the name of his beneficiary on that RRSP. The named beneficiary was actually Mr. Taylor’s mother, not his wife. Even though his will left everything to his wife, there was a fight ahead of her to rectify the situation.
I think the gist of the article was to remind everyone that it is important to make sure your affairs are in order at all times. (It is of importance to note that Mr. Taylor was a banker and not unaware of the urgency of keeping his affairs in order). That means after a wedding or the birth of a child or a divorce or whatever life event that takes place, you need to review things like beneficiaries to make sure that they are still in line with your desires.
If you are unsure whether your affairs are in order, you can book a free half hour zoom or phone meeting at https://calendly.com/mjhfinancial/meeting.
It’s worth yours and your family’s peace of mind!
https://ca.news.yahoo.com/halifax-woman-calling-more-protections-090000911.html
Halifax woman calling for more protections on RRSPs after husband’s sudden death
May 10, 2021