Looking for a free, simple, and quick way to create a natural legacy and also reduce your final tax burden? Consider adding the Nature Trust as a beneficiary for your TFSA, RRSP and/or RRIF.

Simply request a  Beneficiary Designation Form from the financial institution that holds your TFSA, RRSP and/or RRIF, fill in the form, sign it, and (very important!) return it to your financial institution.

It only takes a few minutes; you don’t need to involve a lawyer, and there is no cost involved.

Remember that various companies/financial institutions may each call this form something different, such as “Multiple Beneficiary Designation Form,” “Other Beneficiary Designation Form,” or “Beneficiary Designation” – but all institutions do have one. You may need to specify that you’d like to name a charity as a beneficiary.

Also, note that you can name more than one beneficiary for each TFSA, RRSP, or RRIF plan. For instance, you could add a list of multiple beneficiaries that includes several charities and several family members, with each beneficiary receiving a percentage (determined by you) of the funds.

Payments directly to a beneficiary of your RRSP, RRIF and TFSA are not subject to probate costs or delays in the settlement of your estate.

Disclaimer: When making a beneficiary election for your RRSP, RRIF or TFSA, you should consider any other dispositions from your estate, and tax implications. The information provided on this page is general information and should not be construed as legal advice. We strongly recommend that you consult a lawyer and financial advisor to ensure that your personal and philanthropic intentions are accurately reflected in your estate plan.

Nature Trust supporter Christian Croft recently made a Speedy Bequest – click here to read his story!