A: There is generally no need to update a Will just because you have opened a TFSA account. All assets including a TFSA that you own solely and which are not designated to a beneficiary become part of your estate on death. You can only name a beneficiary for assets such as life insurance, RRSPs, RRIFs, segregated funds and TFSAs. If you name a beneficiary for your TFSA, it will pass directly to that person, if he or she is alive, on your death and will not be subject to probate fees.
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Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.
