Estate planning strategies for managing inheritance

In the final installment of a series regarding estate planning, Paul Hergott discusses strategies for individuals seeking to protect assets from specific heirs, such as a difficult stepchild.

Using a hypothetical scenario involving a couple, Amanda and Robert, the column explores how one partner might secretly alter beneficiary designations to ensure assets pass to a child rather than a spouse. The text notes that changing beneficiaries on accounts such as a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP/RRIF) can be done confidentially, as investment companies are not required to notify other parties of such changes.