• Safe and secure

  • Quick and easy

  • web-based solution

  • 24/7 Customer Service

Rate form

4.1 Statisfied

647 votes

The Steps of Customizing Beneficiary Montana Form on Mobile

Search for and design the perfect Beneficiary Montana Form in the CocoSign template library to autimate your workflow and Choose. If you are still wondering how to fill out Beneficiary Montana Form , you can check out the below key elements to start.

Note the signing area

Draw your signature

Click "done" to send the form

  1. First, you should note the right form and open it.
  2. Next, view the form and get the point the required details.
  3. Then, you can go ahead to fill out the info in the blank form.
  4. Select the check box if you meet the condition.
  5. Check the form once you fill out it.
  6. Place your esignature at the bottom.
  7. Choose the "Done" button to save the document.
  8. Download the form in Google Doc.
  9. Contact the support team to receive more info to your misunderstandings.

Choose CocoSign to simplify your workflow by filling in Beneficiary Montana Form and placing your esignature instantly with a well-drafted template.

Thousands of companies love CocoSign

Create this form in 5 minutes or less
Fill & Sign the Form

CocoSign's Tips About Customizing Beneficiary Montana Form

youtube video

Beneficiary Montana Form Inquiry Instruction

hi and welcome back to the business.Career College online video series in.this set of videos we're going to.examine beneficiary designations and.we're going to go through a fair bit.here this presentation is going to be.one and a half hours long and you'll.want to check to make sure that it does.meet the set of continuing education.credit requirements that you're seeking.as with any.with a little bit of a legal bent to it.we'll have our disclaimer so this is not.intended as legal advice this is simply.broad information concerning beneficiary.designations if you have a particular.question and you'll see some questions.in here can get very complex then you'll.want to deal with a qualified.professional to get the answer to that.question and this province covers only.the nine common-law provinces and 3.territories Quebec beneficiary rules are.not covered specifically in here there.is some general information which is.helpful for those in Quebec but there.are substantial differences in the civil.code and this causes beneficiary.designations to be handled substantially.differently in that province of course.so over the course of the next this.video in the next for after it this will.be the set of concept we'll explore you.can see it's quite a set of topics that.we're going to be exploring here.examining and lots of information here.so you'll want to be well prepared to.absorb and think through some of the.concepts that are in here so what is a.beneficiary designation this is not a.dictionary definition this is my own.definition but a designation made by or.sometimes on behalf of although we'll.see later on this is rare the owner of.property and when we say property here.we mean property in the broadest sense.that's not restricted to real property.but rather anything that one could own.indicating who should enjoy the use of.property on the death of the current.beneficial owner.one of the reasons this is so very.complicated is that there are many areas.of law that can have an impact on.beneficiary designations we might expect.this to be purely an insurance item but.as we go through the presentation you'll.see that in fact insurance law is only.one part of this discussion we have to.deal sometimes with pension legislation.and that's obvious where there are.pensions at stake family law can have.some particular impact and we've had.notable changes in Alberta and British.Columbia as well as some sort of unusual.outcomes with some case law in Ontario.in recent years wills and estates.legislation and of course can have an.impact and we'll talk about an example.fairly recently or in Nova Scotia around.this and bankruptcy legislation can have.an impact as well and we'll talk about.this specifically with respect to.creditor protection.beneficiary designations available in.addition to just as straightforward.beneficiary designation we might have to.make a contingent beneficiary.designation from time to time and this.is often good planning where you have.the possibility that the person who's.named is your primary beneficiary might.not be around to receive property then.we can use a contingent an irrevocable.beneficiary this would be unique to life.insurance contract or any contract.that's covered under insurance.legislation and here that beneficiary.designation cannot be changed and it.also restricts many other features of.the policy or the contract without.written consent from the beneficiary so.who can be a beneficiary well really.there's not much restriction on this.we'll look in a moment at some.restrictions on naming beneficiaries but.really pretty much anybody can be a.beneficiary we talked about persons and.it's possible sometimes not just to name.a a person but rather you might even.name a class of persons so there are.cases where for example you might name.your children or you might name each of.your children by name both have upsides.and downsides naming your children is.quite all-encompassing if you name them.by name whatever their names happen to.be let's say Mary Sue and Steve well the.duration here is that what if you have.another child in the interim so that's.where sometimes naming children can be.more all-encompassing the problem here.is that this may include somebody who.you didn't plan on including there may.be an illegitimate child who ends up.with a claim against an estate later on.sometimes you'll see people say children.as a result of our union and when we get.into very specific considerations like.that.that's where sometimes it's good to.consult some legal advice we can name.corporations and there'd be a whole.bunch of stuff in here more talk about.corporations this might be a business.and we're not restricted to Business.Corporations we could also name a.partnership as a beneficiary we could.name other kinds of corporations such as.societies or foundations or other.not-for-profit entities so maybe a.church here which is also typically an.incorporated entity so we have a broad.range of corporate structures we can use.we can certainly name a trust as a.beneficiary and sometimes you might name.an inter vivos trust or sometimes we.might actually use a beneficiary.designation to create a trust and this.would create then a testamentary trust.assuming that the beneficiary.destination is associated with the death.of a testator foreign entities or.Canadian entities there's no restriction.under Canadian law with some narrow.exceptions we will look at this in a.moment where foreign entities if there's.a concern around money laundering or.public policy that recruit that could.create a problem so we've said the list.is quite broad as to who can be a.beneficiary there's a fairly narrow set.of people who cannot be beneficiaries or.where a beneficiary designation would.not be possible and one example is a.murder-suicide now there's not any.provision in insurance law or otherwise.that prevents this rather this is a.matter of public policy where basically.we have a provision criminal code and.otherwise that prevents you from.profiting from a crime you can you.commit.and that includes not just you but that.would also include your heirs so the.problem here is that if we have a.murder-suicide not to get morbid here.but a husband and wife and let's say.that the husband kills the wife and then.kills himself they both may have life.insurance policies in place the.husband's life insurance policy would.almost certainly not payout in that case.because it would be deemed that he had.committed a crime and even if it was.paid to his kids that would still be his.heirs profiting from that crime the.wife's policy probably would pay out but.the husband's probably not if the wife.had some knowledge of this happening.then probably it wouldn't pay out either.our proceeds of crime.so we basically cannot use life.insurance in a money-laundering fashion.so if you funded a policy with proceeds.of crime that would be an obvious one.here but this could like sorry this.could extend to bankruptcy legislation.for example if you had what we call a.fraudulent conveyance or a fraudulent.settlement which is where you move funds.without dealing properly through a.bankruptcy court or a bankruptcy trustee.and terrorist organizations we actually.just had an example of this a pretty.interesting example actually where a.fellow in Nova Scotia not through a life.insurance policy but through his will.attempted to use the will to leave a.fair bit of money more than a million.dollars to an us organization called the.National Alliance this is a white.supremacist organization that.deemed as a terrorist group in both.United States and Canada and the.criminal code in Canada prevents the.funding of terrorist organizations so.this beneficiary designation was.actually stopped at the estate courts in.Nova Scotia and it said I was just it's.a good outcome there are some in the.states some amongst the estates lawyers.who say that if the case have been.fought better than maybe the National.Alliance could have won but it's a case.where maybe the proper outcome and the.outcome under law may not have been the.same thing I think we achieve the proper.outcome there miners generally cannot.receive the funds of a policy and some.or any sort of beneficiary designation.there are some oddities here for example.a minor can own a life insurance policy.starting at the age of 16 that cannot.receive the benefit until reaching.adulthood and we can have problems where.there's some undue influence here maybe.we have a witness to a document who's.also a beneficiary and there was a.recent case that came to the courts in.Ontario where we had a lawyer who would.help to draft the will who was a very.senior person within a certain charity.and that charity was named as the.beneficiary on that will and that was an.argument around undue influence so there.are some things we can do to wreck a.beneficiary designation but for the most.part unless we're really trying to do.something unusual our beneficiary.designations are going to hold up now.there.folks who are not allowed to name a.beneficiary either so minors as an.example cannot name beneficiaries there.are some exceptions to this one.exception would be insurance contracts.at the age of 16 another set of.exceptions is that minors in some.circumstances can write wills.and this varies from province to.province but for the most part a minor.starting at age 16 can write a will if.it's a service will and that would come.about because that person had joined the.Canadian Armed Forces or if this person.is a merchant mariner they can write a.will the other exception here and this.varies amongst the province is quite a.bit but if there's a particular need so.for example if this minor is an heir to.a large fortune then it may be practical.to have that minor write a will and.you'd have to apply to the courts to.have that happen we should not assume.that that would be permitted people who.lack capacity generally cannot name.beneficiaries so this does include most.minors but there are other limitations.here as well the biggest limitation.would be somebody who's got some sort of.mental incapacity and simply cannot.exercise the capacity to write a will.and one of the problems here is that.there's not really any substitute.measure available as we'll see in a.moment this person is often going to be.forced to die intestate.essentially means that they've made no.particular testamentary designations.around any of their property.now powers of attorney can generally not.be used to make a beneficiary.designation there was a recent case in.British Columbia a case called easing.wood and in the easing wood case a.couple of sons actually were able to use.an alter ego trust that they were the.settlers of under a power of attorney to.create beneficiary designations the key.thing in the easing wood case was that.they didn't create beneficiary.designations that were any different.from what was already in place what they.had done here was simply to mirror some.existing beneficiary designations but.through a new instrument it's sort of an.unusual twist as far as beneficiary.designations go so why does it matter.why do we care if they're able to name a.beneficiary designation or make a.beneficiary designation well depending.on where the beneficiary designation is.made and I want to be careful here that.when we use a will a will also includes.beneficiary designations so what we're.referring to here is for the time-being.beneficiary designations made outside of.a will or beneficiary designations on.certain property is going to receive.certain treatments so depending on the.type of property we're dealing with you.may be allowed to bypass probate based.on a beneficiary designation and we'll.see this as we look at specific types of.property you may have creditor.protection and this is especially true.with life insurance policies where the.death benefit and accumulated values or.cash values may be protected depending.on who we've named as a beneficiary we.can often achieve confidentiality that.is linked actually closely to the bypass.of probate where these two items sort of.go hand-in-hand and allow us to have an.amount that flows outside of normal.estate processes.and in some cases if you have left.somebody with property that person if.they subsequently end up getting a.divorce or separation they may be able.to keep assets that were received via an.inheritance outside of considerations.around matrimonial property.that.the first part of our presentation on.beneficiary designations after we take a.break here we're going to move on and.look at life insurance beneficiary.designations hi and welcome back to the.business Career College video series.we're going to in this video continue.our look at beneficiary designations you.should be watching this video in the.second part of our complete series on.beneficiary designations the first video.provided a broad overview of what a.beneficiary designation is and where it.can be useful in some of the chunks of.law that apply to it so here we're going.to look at beneficiary designations with.specific respect to life insurance.policies we're going to touch briefly on.accident and sickness contracts as well.so life insurance is where you're going.to most likely run into beneficiary.designations for the first time if.you're active in the financial services.industry unless you have a strong.background in estate planning but most.likely this is the first encounter.you'll have with the concept.this is very useful insurance law gives.us a very good idea of what constitutes.a beneficiary designation and we're.going to look a little bit of insurance.law on our next couple of slides so the.beneficiary designation and we're going.to look at this in great detail here can.be made directly with the insurer and.this is the way most people probably get.used to this is through the application.for insurance or we can also use a.change of beneficiary form or the second.method is through the use of a valid.will and we're going to talk about the.intersection of those two things and how.they play off against one another quite.a bit as we go through this chunk of the.presentation so I've excerpted here a.portion of the insurance Act of Ontario.this is very similar to what we see in.other provinces and I should provide the.caveat again here that.this is substantially different than.Quebec but other than that this is very.similar to the language we see in other.provinces the exception possibly being.Saskatchewan which has a little bit of a.narrower definition of some items that.we see here and I will show you later on.a particular problem that has arisen in.Saskatchewan that likely would not have.arisen in other provinces so we can.break this down a little bit this is.where we see the original definition of.what constitutes an insurance contract.so we've got our very important term.here declaration so a declaration simply.means that it's an indication this is.what we want to do and we refer.specifically to the term instrument here.and then we see later on in Section 171.1 which is the definition section of.this portion of the Act that an.instrument does include a will and any.emphasis or punctuation is all from the.Act I didn't add anything except what.you obviously see added here in my.handwriting but the quotation marks for.example is something that's right in the.act now there are some things we want to.note here so means an instrument signed.by the insured with respect to which an.endorsement is made on the policy that.identifies the contract so basically.this means that it refers to the policy.itself the next poll.in here is where I want to be very clear.it has to specifically identify the.contract so if we can't identify the.contract or we don't identify the.contractor there's some ambiguity then.this is not going to be valid and I'll.show you where we've had some problems.with this later on or sometimes we get.some best intentions that don't quite.work out and we want to describe the.insurance or insurance fund or a part of.it meaning you can make a partial.beneficiary designation or a percentage.type beneficiary designation here in.which the insured and of course we know.that it's the insured who has the.authority to do this designates or.alters or evokes the designation of the.insured the insurance personal.representative or a beneficiary as to.one as one to whom or for his benefit.insurance money has been made payable.it's a nice clean definition makes.alters or evokes an appointment under.Section one-nighter subsections are 193.our nomination referred to in section.199 section 193 is what allows us to.name a trust e to take care of the.insurance money for us and section 199.specifically refers to an absolute.assignment of the policy will touch a.little bit later on here on absolute.assignment and I should also make note.here of the exceptions that arrives at.section 207 to 210 it's not that these.are exceptions from the description of.what's a what's a valid designation or.declaration sorry but rather what.happens here is the term declaration.gets used in these four sections to.refer to some sort of proof of death.probably a death certificate or most.likely a death certificate so we just.have to have the ability to use that.word declaration in two different.manners which is where this really.essentially meaningless exception comes.in and then we see here as mentioned.already that this does include a will.and I run into a lot of confusion around.this.a lot of people with a strong background.and life insurance are very surprised to.find this out but in fact we can have.either the beneficiary designation made.through the insurer or we can have it.made in the will and section 192 of the.Insurance Act gives us then some.description of what happens with respect.to the will so we can see subsection 1.is a little bit less important here.we're not as concerned with it basically.what it says is hey if we scrap your.will if we throw at the will then we're.still going to respect the portion in.here that's a beneficiary designation so.designation instrument according to be a.will is not ineffective some good double.negative language there by reason only.of the fact that the instrument is.invalid is a will or the designation is.invalid as bequest under the will so.basically what we're saying here's will.keep the designation still even if the.will is no good or even if the.designation is not considered a bequest.under the will which is the language.that we use in the Insurance Act to.identify the designation major a will.that's not a beneficiary designation.although somewhat confusingly and we'll.see this much later on in the.presentations that the will still makes.reference to beneficiary designations.when we get into wills legislation and.the most important part here is we have.a designation made in a will is of no.effect against the designation made.later than the making of the will.basically what this means is that the.latest designation rules.so whichever one.last is the one that would supersede and.the reason in Ontario in particular that.we have this exception under the.succession Law Reform Act we'll see some.examples of this later on basically this.allows the courts.to make a determination the courts can.say we think that this thing is a valid.beneficiary designation or not so this.is actually a very common thing in Wills.and estates legislation across Canada.today where we have seen a fair bit of.review and update in the last say seven.or eight years and the reason for that.is because a lot of it had been badly.updated but also we see with the new.changes to it that in many many many.cases the courts are given specific.authority to change a designation or to.indicate that it designation was or was.not valid because of some reason that.might have previously not been able to.be considered.so as we've seen where there is a.beneficiary designation made in a will.and one in the life insurance app the.most recent one is what's going to.override in either case it's still.absolutely a valid beneficiary.designation and it still has all the.normal characteristics of a beneficiary.designation again a lot of life.insurance agents misunderstand this and.say hey if you make a beneficiary.designation in a will.you'll lose a bunch of the normal.benefits associated with that.beneficiary designation we will examine.this in more detail a little bit later.on so many estate planners I'll say.lawyers writing wills here but this.would include others as well would.actually prefer to use the will today.and the reason for this is because we.can create more complete trust.arrangements and we can have more.certainty around some questions around.family law this would especially be a.concern in Alberta today Alberta has.some particular provisions in its.updated wills and succession act that.could cause some real problems in terms.of amounts that have been allowed to.flow on a confidential basis -.especially a surviving spouse so a lot.of lawyers today will prefer to do.everything in the will they'll say yeah.those beneficiary designations that are.filed with the insurer or those are good.but we could do better now I don't want.to put words in anybody's mouth because.I do know still some in the estate.planning world who will prefer to use.the life insurance policy and the life.insurance application in order to create.this beneficiary designation I simply.want you to recognize that there are.different ways of looking at this.problem and as with many estate planning.solutions there's not going to be one.answer that's always the right answer in.all circumstances so a consideration.here is that even though we can we.create all the same conditions or all.the same flow as far as that beneficiary.designation the one exception here is.that a beneficiary designation made in a.will will result in a loss of.confidentiality however will still have.protection from claims of creditors and.that still is not a probate able asset.I'll show you later on we're doing this.in a sort of questionable manner did.result in this asset being probated.so this.big problem that we discussed briefly on.the previous slide for Saskatchewan we.can see where it comes into play here.where the Carlisle case in Saskatchewan.what happened here was there was an.attempt by the estate planner to use the.will to create a beneficiary designation.but the language actually made that.beneficiary designation identical in.handling to the rest of the will even to.the extent that the executor was.involved in the flow of those funds and.that caused the probate courts in.Saskatchewan to say hang on a second.here you've tried to do things in a.manner that makes this look identical to.the rest of the will it's not a.beneficiary designation anymore now what.you've done is you've actually created.an probate able estate that's going to.floor a probate of lacet that's going to.float the estate so in this case this.was no longer treated the same way now I.do want to remind you that Saskatchewan.is Insurance Act isn't quite as robust.as other provinces insurance acts in the.section that deals specifically with the.will as compared to other methods of.making a beneficiary designation so when.we do have a beneficiary designation we.mentioned this briefly on the last slide.we know that we get some beneficial.treatment here we know we get our.creditor protection we know we get.confidentiality we know that we get the.ability to flow directly to that person.with life insurance beneficiary.designation we can make an irrevocable.beneficiary designation this is.something you cannot do with a will very.specifically provisions in Insurance Act.will prohibit you from doing this so.this is something you absolutely cannot.do with a will if you need irrevocable.beneficiary designation then you have to.do that just with a beneficiary.designation filed normally with the.insurer.and we also can make contingent.beneficiary designations I can do this.with a will as well this allows me to.have different beneficiaries and.different amounts under different.circumstances if you want to do.something very creative here or have.lots of different provisions in place.then you're better off to use a trust.for example if you want to restrict kids.from getting money until they purchase.their first home graduate from.university get their first job out of.the first baby you can't do that with a.life insurance beneficiary designation.that's where you really have to leave.the funds to the estate allow the estate.to create a trust and have that trust.deal with those more complex manners of.leaving funds to beneficiaries so there.are some issues that can arise here.around beneficiary designations not.everybody always does things in the.intended manner and here's a good.example and I've seen this a few times.here and there in different forms but.basically I've got the gym here he owns.all of OpCo and.[Music].so an op cohere and we got Jim he's the.100 percent shareholder and what Jim.does he takes out life insurance here.sorry OpCo takes out life insurance so.we have a life insurance policy on Jim's.life for a keeper key person need.presumably so now what we should do is.we should properly have OpCo as.beneficiary and if you have up go and.hold go then you can get into some more.elaborate structures but fundamentally.we should have OpCo as beneficiary and.what has happened that what I've seen.done a fair bid actually is Jim is.married to Nancy and for whatever reason.Jim figures it's appropriate here to.name Nancy has beneficiary and the.problem with this is that it really.should create a taxable benefit for Jim.so it really should be the same as if.Jim is paying his premiums himself.you.and basically pulling that money of the.corp and then paying the tax on that if.we don't do that in Jim dies we can have.a problem here I've seen at least one.case where CRA attempted to actually.reassess Nancy to say that's all income.to you Nancy the death benefit which.were accustomed to being tax-free in.this case was rendered taxable and.that's clearly not ideal now if we do.have Jim paying the tax on the premium.dollars as that's being paid then this.should keep the death benefit tax-free.the only scenario in which is as taxable.is if we weren't paying the proper.amount of tax along the way and there's.no definitive handling of that like I.said I've just seen this in one case.where CRA made that push and argued that.that benefit should be taxable.so here's something I've run into a.little bit less common but still a.problem that can arise and it really.comes about from a lack of understanding.of what an irrevocable beneficiary.designation is in most provinces you can.enter into an irrevocable beneficiary.designation without problem in Nova.Scotia in particular you actually have.to sign a form as the insured the.insured signs a form saying that they.understand what a irrevocable.beneficiary designation means other.provinces don't have that similar.provision so what happens here is this.couple buys a life insurance policy and.they name their daughter as beneficiary.a very admirable.however they named her as an irrevocable.beneficiary so now Evan next child comes.along and the problem here is that we've.named up here an irrevocable beneficiary.and of course you'll remember that that.means that we cannot change that.beneficiary designation without consent.from Kayleigh the problem here is that.Kayleigh is not in any position to.provide consent she's three years old.and a minor child cannot provide consent.here there are provisions in the.Insurance Act that allow when somebody.has become incompetent then we can.petition the courts to change a.beneficiary designation on that person's.behalf but the courts in this case are.going to say no she wasn't competent.that is she wasn't able to make.decisions when you made her the.beneficiary things haven't changed here.there's no reason why we should allow.this to happen so the problem now is.you're really stuck with this policy in.its current format and if it's a.permanent life insurance policy you.might have some cash value built up here.that you can't access you can't do.anything with the best-case scenario.here is that nobody dies before Kayleigh.gets to the age of 18 and that when.Kayleigh gets to the age of 18 that she.gets along well enough with mom and dad.that she's willing to sign this change.of beneficiary form.remove herself as an irrevocable.beneficiary.so there are some other things that can.go wrong here one of the things to.consider is that if we do have an.assignment of a life insurance policy.which is going to be very common when a.parent gets to a point at which they.give a policy to a child so maybe the.child is in their mid-20s now and the.parent feels like the chai it's time for.the child to take over ownership of.their own life insurance at this point.we have no beneficiary designation and.now if this child doesn't actively make.a new beneficiary designation then for.the time being the estate is beneficiary.we have some potential conflicts with.family law legislation so Fisher V.Stevens was a fairly involved case in.Ontario in 2011 in which the courts.actually allowed in this case Ms Fisher.to actually dip into a death benefit.payable to miss Stevens who was an ex of.miss Fisher miss miss Fisher's new.husbands or your new common-law partner.they allowed us to dip into this death.benefit payable to Stevens.to actually pay support to Fisher so.here family law legislation Trump's life.insurance legislation.and it was probably the right outcome.okay.but it got money into the essentially.impoverished partners hands at the.expense of an ex who was named as.beneficiary and that was a valid.beneficiary designation there was no.question about that the question was can.we access the funds that were paid to.that person we have a couple of.potential similar arguments here we get.into constructive trust or unreached.unjust enrichment argument sorry these.are scenarios where you have a death.benefit paid to and I don't want to say.this the wrong way but I'll say paid to.the wrong person where basically you've.got somebody who.should be the beneficiary of a life.insurance policy for example I'm happily.married I have a spouse who depends on.me financially most likely she should be.the beneficiary of much of the insurance.that I own if I die and I've been paying.premiums for the whole time we've been.married on a life insurance policy where.maybe an ex partner of mine is the.beneficiary well my spouse would say.hang on a second here.that was our money that money should.have been used to enrich me or I gave.that money to my spouse to Jason as a.constructive trust that was for us it.was not for her.whoever her happens to be in this case.and then we could have some ambiguity as.well and boskie be bossy was bossy v.bosse was a recent case in British.Columbia in which case one brother.attempted to disinherit his brother he.had bought a life insurance policy where.his brother was the beneficiary.you.and when he named.Fisher they were doing business together.and then at some point he had a falling.out and he writes a will and his will.says under no circumstances does.anything go to my brother.now you may recall when we looked at our.excerpt from the Ontario Insurance Act.earlier we said it had to be a specific.reference to the contract.and the argument here is well this.wasn't a specific reference to the.contract so what ended up happening here.was the spouse of the now deceased mr..bossy sued the brother of the naddis.ceased mr. bossy to get the death.benefit saying hey this will said he's.not supposed to get anything at all but.the courts in fact upheld that the.beneficiary designation in this case.overrode the will because the will did.not make reference to the life insurance.policy or the life insurance contract in.any way that the courts considered.meaningful.so then we look at a couple of other.potential problems here we have to.consider that we have this giant upside.here with beneficiary designations that.if we do this right we have creditor.protection during lifetime okay.and that's generally a good thing it's a.valid reason to make a beneficiary.designation and these would be the.relevant beneficiaries where we would.get this creditor protection of cash.values during lifetime at death there's.always going to be creditor protection.but we have to make sure that we're not.doing anything that would be in.violation of bankruptcy law bankruptcy.law says hey if you were trying to hide.money if you're actively using your life.insurance policy to hide money then.we're going to overturn that we're not.going to allow that beneficiary or sorry.that beneficiary designation to hold up.we're going to throw that out so we'll.switch gears here a moment and we'll.look at accident in sickness products.and we can also have beneficiary.designations here this is a little bit.tougher so obviously with policies like.a critical illness policy or long-term.care policy in case somebody gets sick.the benefit is paid to the policy owner.with the exception of a critical illness.policy purchased as a key person policy.in a business which is rare but is.possible.sorry that's correct.in that case the business has bought the.policy and would be paid to that.business so yes that is also the same.handling there sorry about that so now.the question is what about return of.premium a death.is this a death benefit and therefore if.it is a death benefit would there be a.beneficiary designation here well as of.today only a few provinces of passed.legislation to create a beneficiary.designation on an accident sickness.policy this is the case as of today in.British Columbia Alberta Manitoba and.Quebec Ontario has made indications this.way and basically this would say yes you.can actually create a beneficiary.designation if we don't have a.beneficiary designation then we should.use the will basically the return of.premium in that case would be an asset.like any other asset and should just be.handled accordingly in the will it would.be subject to probate and claims of.creditors and there would be no.confidentiality and all the issues that.go along with that and of course that.would only be a concern where it's a.return premium at death so I hope that's.a good broad overview of beneficiary.designations with respect to life.insurance policies lots of issues there.and of course we can do things in a very.simple manner here we can just have a.beneficiary designation made with a life.insurer.and have that just go in the manner it's.intended to we can try to use the will.but we saw there's some potential.complexity that arises there.I should also mention that if you're.going to use the will to create a.beneficiary designation it is.appropriate to file that with the.insurer not all insurers will.necessarily accept that but if you can.file it with the insurer it can prevent.some confusion when the time comes to.actually pay out a claim so we're going.to break there and in the next video in.the series on beneficiary designations.we're going to look at how beneficiary.designations work with respect to.insurance investments primarily.segregated fund contracts.hi and welcome back to the business.Career College video series in this.video we're just going to look very.briefly at a couple different products.where there's a beneficiary designation.concerns this will be the third in our.series of videos concerning beneficiary.designations in the previous video we.looked at life insurance beneficiary.designations and we'll see there's quite.a bit of overlap here so when we look at.segregated funds for the purpose of.insurance legislation and most other.legislation they're actually treated.identically to life insurance so as with.a life insurance policy here it's.possible to make a beneficiary.designation which would then result in.creditor protection if you've named the.proper beneficiary credit petitioner.during your lifetime if you named a.parent spouse child's grandchild or any.irrevocable beneficiary and creditor.production of death if you've named any.beneficiary other than your estate and.of course there are the similar concerns.and so with life insurance where if.you're trying to hide money that.bankruptcy courts will typically see.through that so and then so we'll also.have the ability to have this passed.independent of the will and that is.actually a frequent reason why.segregated funds are used and we see.this a third on our list here is that.this allows beneficiary designations.which can create confidentiality.which is often of concern for people who.might have some money and maybe a group.of heirs that they're not particularly.certain are going to react the way they.want if they know how much is being left.to each of them and this also would.create the credit production we.previously talked about bypassing.probate is something to consider here.but I really like to limit this.discussion around by passive probate.this works out okay if you have a.similar cost or so if you have a similar.cost with segregated funds as with other.investments but I always like to give.this caveat so let's say that we're in.Ontario because it really gives us the.worst case scenario for probate and.Ontario hits you with a 1.5 percent.probate or a State Administration tax.and I know this isn't always.representative but let's say we have the.choice here between investing in a.mutual fund and this mutual fund has.let's say a one and a half percent em er.and then we're looking at a segregated.fund similar to the mutual fund but with.a two percent em er well the question.here is is that half percent higher ma.are a sufficient justification for.bypassing probate and well it's not.perfect math it roughly works out that.if you're in this fund for longer than.three years you would have more money in.the mutual fund than in the segregated.fund so if this is the only argument.you're making is around enhanced and.enhance the state value because the.reduction in probate fees you really.have to watch what else is happening.here there could be other reasons to use.segregated funds but this is one thing.to at least be aware of when you're.making this type of recommendation.tensions are a little bit stickier with.respect to beneficiary designations and.there are some reasons for this.generally when we're dealing with.pension legislation and I want to be.very careful here we're talking about.registered pension plans this would be a.defined benefit or defined contribution.plan sponsored by an employer and yes.technically an individual pension plan.is also a registered pension plan this.does not apply to group RRSPs or.deferred profit sharing plans this.refers very specifically to registered.pension plans so here we have to name.beneficiary and if you have a spouse you.generally must name that person as.beneficiary it may be possible to obtain.a waiver and then we have some other.questions here when we're dealing with.common-law partners are they treated the.same way as spouses and this does vary.from province to province now if you.don't have a spouse or common-law.partner again this varies from province.to province and from pension to pension.you may be able to name another.beneficiary but that's not something.that you should assume you should know.what the pension legislation says for.your particular jurisdiction and this.may be limited this may be limited to.minor children maybe you can't name your.adult children here so we really have to.be careful with pensions as to who can.be a beneficiary and this is something.you would want to research on a client.by client basis before you make any.recommendation around making any changes.here in order to allow the naming of a.beneficiary.that concludes our short presentation on.pensions and segregated fund investments.I hope that's been helpful and I hope.you enjoy your continued studies hi and.welcome back to business Career College.video series in this video we're going.to continue our continuing education.series around beneficiary designations.this will be the fourth video in this.series and in this video we're going to.talk about registered plans and what.happens specifically in terms of.beneficiary designations with respect to.registered plans so we're going to start.with the RSP and the Rif and this will.include all of their various locked-in.equivalents lehre lifts and so forth.these plans allow a beneficiary.designation and it's something that.sometimes people aren't fully aware of.but you can essentially create a.beneficiary designation here that will.react in a very similar manner to the.way in which this will happen with a.life insurance beneficiary designation.there is probably one major exception.that we have to know but we can see then.that if you have a beneficiary named on.your registered account you register.count will bypass probate.and then there will be no tax payable by.the beneficiary but the person receives.that amount any any tax burden that.there would be would be borne by the.estate really what happens here is it's.paid out of your terminal return the.last tax return that's filed it.coincides with the date of your death.and that would reduce the value of the.estate so there would be less funds.available to flow to whoever is left to.pass on to or really behind and this can.actually create a little bit of a funny.scenario here it is possible that you.name a beneficiary who isn't going to.receive anything else from your estate.that person would receive the full.amount of the registered funds whereas.the estate then would have less money to.distribute to all the other.beneficiaries or heirs.then we could have creditor sir we have.creditor protection possible here now we.have to be a little bit careful with.this so yes we do have creditor.protection but as we've seen previously.if there's any sort of fraudulent.conveyance or fraudulent transfer that.is an attempt to actually defeat.bankruptcy legislation that creates an.issue related to that the further.complexity with that is that we also.have a concern with the person.receives the money where if there's no.other money available to pay this tax.burden that I talked about up here and.this person the beneficiary gets all of.the registered assets the issue that.arises here is that the beneficiary now.will have to pay the tax so the Income.Tax Act actually allows CRA to go after.the beneficiary if there's no other.possible means available of recovering.the taxes owing associated with the.demise of this deceased person now.obviously that's not going to be a.concern and nor is the previous example.these are not going to be a concern if.there's a rollover available.you.you.roll overs in a moment.you.so on the previous slide we looked at.the different scenarios where rollovers.available with registered plans we said.you can sorry we're a beneficiary.designation is available you can leave.your registered plan or registered funds.you're registered assets to anybody at.all when your deceased however the.limitation here is that if you want to.get a rollover that is if you want to.defer your taxes then you're going to.have to name one of these three groups.of people as your beneficiary and if you.do this then we will create a rollover.and we'll defer taxes until this person.takes the funds out so first off whoever.you're leaving this to does not have to.have any room available in an RRSP to.receive a rollover I will show you one.example in a few minutes where there.does have to be room available to obtain.a certain kind of rollover but with the.RRSP if we're going to just have funds.rolled into an RSP then there's no.limitation on this based on available.room now we have had some issues around.conflicting case law here it can happen.that your will and your RSP have.different beneficiary's name and unlike.with insurance legislation there is no.clarity here there's no place in which.legislation says.this is what has to happen in the event.that we have a conflict unlike with.insurance legislation which very clearly.spelled out this can run into a further.complication when you have the third.possibility here is that you actually.have a segregated fund contract and you.might have a segregated fund contract.where it has a different beneficiary.designation than the actual RSP account.does so unfortunately we don't know what.happens here there's not a new problem.we can find this problem explored in.some depth in a Supreme Court of Canada.case R Angora in the late 1990s 1997 but.we don't have any attempts to fix that.from a legislative perspective at this.point so our roll over rules do get a.little bit complicated here when we have.a minor child involved and we really.have some questions we have to ask.before we head down this path so yes.passing this asset on to a minor child.can result in a tax deferral and it can.generate some tax efficiency we're.basically now the minor child has to.take this money out which then would.mean it's taxed at their income tax rate.and they would take it out in equal.installments they would have purchased.an annuity the session requirement here.with the last payment to be made no.later than their 18th birthday so the.question here is which rather that this.kid have the money is this good or would.we rather write a check to see our a and.keep what's left keeping in mind that.this child will now own.the.money or this account which means that.we really can't put much restriction on.how they can spend it and we can't use a.trust here to accommodate this there's.no trust arrangement that's set in law.to accommodate this so really will this.money all be blown by poor decisions and.it's not like eighteen year olds or kids.are the only ones that can make bad.investment decisions or bad spending.decisions but certainly this person.could easily fritter away this money it.might have been better to say no I don't.want to roll over we're just going to.pass this to whoever we want to pass it.to we'll pay the tax but we know that.then we're going to be reasonably safe.with where we're at now.the other thing to consider here is that.this minor child must be dependent and.the actual definition of dependent is.that they have some sort of dependency.relationship with their parent or with.whoever's passing them in the roll over.and it has to be a parent type.relationship it can't be just anybody.and their income has to be less than the.basic personal amounts which is.currently right around eleven thousand.dollars now if the child is infirm so.child infirm now we have a little bit.more available to us in terms of.planning opportunities infirm.is really from the perspective the.Income Tax Act another word for disabled.now we can roll it over to the child's.registered disability savings plan.however we still have to respect the.$200,000 lifetime maximum for RDSP.contributions and this will attract no.grant or bond money.you.so now the child will have this money.available to spend and this child does.not have to be a minor sorry I don't.know if I mentioned that this can be.done at any age.this child does not have to be a miner.to receive this or we could roll it into.their RRSP and now they simply would.take it out under the normal provisions.for an RSP they would riff no later than.age 71 and so forth and there is no.maximum here and this is very similar to.a spousal rollover into an RRSP we can.just roll that in there no issues now.something else that can happen it would.be pretty common that you've actually.named your partner your common-law.partner or your spouse as your.beneficiary but you still might have a.disabled child so there actually is a.provision where if you do name your.partner your spouse your common-law as.beneficiary after your death then these.funds can be transferred on a.post-mortem basis to this disabled child.to there either.our DSP or RRSP as if you had originally.named them as beneficiary and here's.where we at least overcome one of the.problems that was addressed earlier here.if this infirmity is mental in nature it.has to be mental in nature that is.there's an assumption around reduced.capacity then there's actually a trust.that can be established here to.accommodate this rollover but it's in.this very limited circumstance where we.have an infirmity that reduces the.mental capacity of this information.mention as well that in order to receive.this rollover this child has to have.income now not less than the basic.personal amount we have a little bit.more latitude here we're looking for.income less than the combination of the.basic amount.and the disability tax credit amount.which is going to put us right in the.range of about eighteen thousand dollars.this year it's currently 2014 and that.amount would index to inflation every.single year.so continuing on to our next registered.plan we'll look at the registered.disability savings plan this one's a.little bit more of a complicated Beast.and the reason for this is it's not.intended to leave behind any amount for.anybody else.so because it's really designed to take.care of a disabled person during their.lifetime we're actually not allowed to.name any beneficiary here there's no.beneficiary designation permitted so we.can't choose just any beneficiary it has.to flow through the estate of the.deceased person and this can generate.maybe some unintended consequences here.where it wouldn't be uncommon to run.into a disabled person who may lack.capacity.and now because this.person lacks capacity they can't write a.will and now their property would all.flow subject to an intestacy where it.would flow at the discretion of.provincial intestacy law rather than.flowing somewhere at the direction of.that disabled person now I suppose.because that person lacks capacity we.could argue that's not that big a deal.but this is one of these things that is.complicated and sometimes hard to deal.with for the survivors.education savings plan is another plan.where we see that maybe it doesn't work.at death quite as much as we'd like it.to it can have its own set of problems.that it creates now what we're looking.at here is what happens on the death of.the planned subscriber which is.generally the parent whoever has the.parental type relationship with the.person who's intended to eventually go.to school the plan beneficiary so if.there's only one subscriber which is a.common enough thing to see then when.that person dies it has to pass through.their estate and hopefully we have dealt.with this in the will it's pretty common.though actually that people who have.RESP s haven't really thought about this.asset as being their own but certainly.from the perspective of a state law this.is that person's asset and if the will.doesn't address that then we may have a.partial intestacy here so it is.important that we address this in a will.now in a simple husband and wife first.marriage situation it's probably not.that big a deal but where you have a.more complicated family setup then that.can be something to look at where's that.thing going to go on the death of the.subscriber you can also have name joint.subscribers and this essentially creates.a successorship.where the first person to die leaves.behind these assets for the new.subscriber and now the new subscriber.would own those assets instead of the.instead of going through the estate and.that's a pretty easy thing to do it's.easy to name joint subscribers and.there's no concern throughout any tax.consequences or anything like that when.we do that now when the RESP beneficiary.dies so now this is the probably child.who we were intending to pay for their.education with this plan and if this.person dies it's really the same as.winding up the plan as if that person.had not gone to school so we pay back.all the grants and bonds.any contributions go back to the up to.the planned subscriber and any growth on.the plan is paid back to the subscriber.as an accumulated income payment which.means that it's either going to roll.into their RRSP or if they take it non.registered taxed at their marginal tax.rate plus an additional twenty percent.the last of the registered plans that.we'll examine here is the tax-free.savings account and with tax-free.savings account you can actually name.any beneficiary at all this is something.that I do run into some confusion around.but anybody at all absolutely anybody.and now that person gets that money.tax-free just like the name of the.account it's going to bypass probate and.barring any sort of bankruptcy problems.here it's also going to pass creditor.protected now you can and if you have a.spouse or common-law partner probably.should name this person as the successor.owner a successor annuitant the.terminology varies from province to.province and if you do this now it's.going to roll into the surviving spouses.tax-free savings account even if they.don't have any room to absorb it and it.doesn't use up any of their room so all.that happens now is whatever was in the.deceased person's TFSA just bounces into.the surviving person's TFSA with no.impact on contribution room any unused.TFSA room is lost at that point so that.wraps up our registered plans I hope.that that's helpful we're going to look.at wills and trusts and a few other more.complex provisions in our next.presentation.continuing the.offici area designations continuing.education course thank you hi and.welcome back to the business Career.College video series this video covering.wills trusts and we'll talk briefly.about joint ownership as well is the.last in the beneficiary designations.series it's the fifth video in the.series and it will wrap up some of the.concepts here and look at what are.really some of the default provisions.and then some other things that we can.do around beneficiary designations so.most of the assets that you're going to.own in your lifetime that one would own.in their lifetime are going to flow.through the will most things you can own.like most real estate or non-registered.investments or brokerage accounts are.going to have to flow through some other.method where you can't have a direct.beneficiary designation on that product.but instead you use your will to create.those beneficiary designations now when.you do this we have several concerns.here.the first is probate now probate is.something that a lot of financial.advisors I would just scare their.clients around a little bit and it.doesn't have to be that big a deal with.probate there is a cost associated with.it there can be a couple costs here the.provincial court system is going to.assess a tax or a fee and this varies.quite a bit a lot of people talk about.Ontario's probate for example at 1.5%.it's 0.7 percent in Manitoba and.Saskatchewan it's a 1 point 5 3 3 % Nova.Scotia Alberta maximum $400 so we have.quite a variety of probate taxes or fees.across the country.the other consideration with probate is.that you can have some additional costs.here some lawyers in order to actually.administer your will not act as executor.just to help with the flow of assets.here are going to assess a further fee.for every dollar that flows through the.estate so this can be prohibitive but.you want to understand where these costs.are coming from what you're paying for.here and really what you're paying for.with probate this is a degree of.assurance that your stuff is going where.it's supposed to go this is basically.the province saying yeah this stuff went.where it should go of the provinces.basically validating or confirming the.will here and without this process you'd.have an executor who's really free to do.whatever they want taxation for the most.part beneficiary designations don't.really help us with taxation yes there.are some products like life insurance.that have good tax characteristics and.death but we're still going to have tax.on pretty much all of the stuff that we.have when we die accumulated capital.gains tax for example would be a concern.here your creditors certainly your.creditors are going to want to make sure.that they get paid whatever they're owed.at this time and this is a.straightforward enough process your.executor is going to track down your.creditors make sure that they're aware.of any debts that are outstanding and.give them an opportunity to have that.one last crack at your stuff before.you're gone.loss of confidentiality and this is one.that maybe doesn't seem like a big deal.I don't know I've seen some things.around this lately that make me a little.bit uncomfortable this means that with.your will once you die part of what.happens when you put your will into.probate that will is a public document.which means anybody not just anybody.who's interested but anybody although.you'd probably have to be interested to.do this could go to the court clerk drop.they're roughly twelve to twenty dollars.depending on the province and.25 cents a page for photocopying and get.the court clerk to give them a copy of.your will so one of the things that.bothered me a little bit we had a recent.death in Canada of a fairly high-profile.politician and when this person died.there was some enterprising journalist.who took it upon him or herself to.actually go and get a copy of that.person's will and wrote an article about.this in a major national newspaper.detailing this particular person's.estate and what they had done and how.much they had saved up and so forth it.was really in my mind a little bit of an.invasion of privacy but there's no.privacy out at this point that person is.dead and there's no sort of public duty.of privacy here so it ends up that well.I might not like what that journalist.did that's certainly something that.anybody could do and we see this a fair.bit in the United States if you're at.avid reader of certain American.publications they will often go and.research the will of a recently deceased.person and other process is typical to a.will this can include things like.challenges in courts unfortunately it.does happen that people decide they want.to challenge a will so we can have some.various issues around that kind of thing.so we did discuss this briefly in the.second presentation the presentation.around life insurance but it has become.something of a standard practice for.certain estate planners to prefer to use.the will to make any beneficiary.designations now it's not to denigrate.the practice of using a normal life.insurance application to create.beneficiary designation but that.certainly is a straightforward enough.process and it's one of those things.that I would suggest the giant upside of.it is its simplicity.however if we do want to go beyond that.very simple solution then we can use our.will to make a beneficiary designation.if you're going to do this you want to.be explicit we have to know that you're.referring to this life insurance policy.you want to write this out so that it's.clearly a beneficiary designation so.that it's obvious what you're talking.about here and I had mentioned the.Carlisle case in my discussion earlier.it's a case where there was some.confusion as to whether we were talking.about an executor or a life insurance.beneficiary designation make this a.clear standalone element we don't want.to create ambiguity here and some of the.problems that can arise I talked about a.case called bossy be bossy earlier it's.a case where a fella tried to use his.will to revoke a beneficiary designation.but he was very unclear in doing so or.we see people do things like use.terminology like all my insurance which.is actually not as clear as it seems for.example what is my insurance is that an.insurance policy that I own personally.is it an insurance policy where I own a.corporation that has an interest in my.life and it has some life insurance as a.result does this affect that insurance.so anything that creates ambiguity here.is problematic that's where we want to.make sure we go back up and make sure.that we're completely explicit or clear.and what we're trying to do here and not.all insurers will necessarily want to.know this but it is generally advisable.that we inform the insurer that there's.been a beneficiary designation made in.the will and this prevents any sort of.ugliness at the time of death where the.insurer pays out a death benefit and.then we have to go back and potentially.sue the original beneficiary to get that.money back so the insurer can pay the.money to the second person or we could.possibly have claims between the.beneficiary and the person who.originally thought they were the.beneficiary so we want to.any sort of ambiguity off the table here.there are lots of things we can do with.wills wills can be very flexible very.robust tools essentially if you can.imagine the sort of outcome then it's.possible to create that with a will as.long as it's not contrary to public.policy as long as it's not criminal we.looked at some of those restrictions in.the first presentation in this series I.can use my will to establish a trust it.would then be a testamentary Trust.because of course my will has no effect.until I'm dead which is exactly the.condition for a testamentary trust we.can create bequests devices and residual.distributions a bequest is basically.where we say this person is supposed to.get this specific piece of property a.device is the same thing but it refers.to real property.and a residual distribution this is.actually probably the most common type.of distribution this is where we say.maybe my two kids each get 50% that.would be the residue of what's left.after all debts are paid and so forth.and of course we would view this to a.lawyer to give us some more flowery.language do you make sure that this.language is appropriate for the.particular jurisdiction we're in and by.the way the payment of debts here's what.we referred to as an exoneration and.make sure all those debts are exonerated.we can create mutual wills here this is.sort of a complicated thing it's not.something that I would necessarily.recommend but there are situations when.it's appropriate and what a mutual will.does is it creates an obligation on your.heirs and so you say look I'm going to.leave something to this particular.person but they then have to leave it to.somebody else when they're done with it.and this is actually a somewhat common.arrangement in second marriages where.you're going to leave stuff to your.second spouse but you say on your death.now I want you to leave that to my kids.from my earlier marriage that would be a.mutual will and that is a binding.arrangement on that air on the person.who inherits your property it's common.enough in Ontario to see this second.wills this would be where we're using.more than one will to create our estate.it's not something you would normally.recommend normally the process of.writing a second will Rex the first well.it's written but a good lawyer in.Ontario can do a second will and what's.going to happen here is basically you.use the first will.one that's going to be probated that's.the one is going to be probated and.that's where all of your personal and.family assets would go and then you.would have your second will and this.would include assets that don't have to.be probated most often this is used for.shares in a small business there are.other things that can be flowed to that.second will jewelry art and antiques.sometimes get dealt with their physical.property that doesn't necessarily have.to be probated and what's going to.happen here is with the second wheel we.won't probate it will bypass that.process and we'll just use some other.means to make sure that we know where.this stuff is supposed to go it has some.risks with it but it's a common enough.arrangement in Ontario we just watch.there are some tax changes coming in.2016 that could actually hurt the second.will a recommendation that we see more.and more of today in Canada is that.instead of using the will by itself that.we complement the will with a trust and.a trust of course is an arrangement in.which I say look here's where my.property is going to go and here's when.it's going to go there I allow somebody.else to have ownership of that property.and a separate person to exercise.control over that property so I create a.beneficial owner and I create a trustee.you.so we would have our beneficiary and our.trustee and the person who originally.established the trust would be the.settler so what you can do around this.type of arrangement is you can have the.settler who on an inter vivos basis that.is well alive settle some property into.the trust so we put whatever property we.want in here now this can have some tax.consequences we have to be aware of that.and then we're going to have two.different beneficiaries we're going to.have most likely this settler well alive.and maybe their spouse as well but then.we say hey when that person is gone.person is gone then we're going to name.a bunch of other beneficiaries we're.going to give other people a remainder.interest or make them have a residual.interest in the trust and what you've.done now is you've created this document.while you're alive it's basically going.to take care of all of your.distributions and you can do basically.the same things even with a little bit.more flexibility as far as how we decide.where this stuff goes so we can do lots.of different stuff here now there are.some things to consider here if you're.going to try this with insurance.policies you probably run into a problem.we saw in an earlier presentation that.the Insurance Act allows a beneficiary.there's a nation to meet to be made by.will or to be made by a valid.designation filed with an insurer it.makes no particular reference to a trust.it's not to say that it's not possible.but there's no provision for it in the.Insurance Act and there can be some.further problems with holding insurance.in this trust we get into some potential.tax complications that we'll deal with.elsewhere.so this is something you'll see quite a.few estate planners and estates lawyers.recommend and we'll look at some of the.upsides on the next slide trusts are.another or sorry trusts have some.benefits then and what are we looking at.here well the biggest benefits here.likely are the bypass of probate so this.is where we don't have to worry about.those probate processes but we also.create confidentiality so here we're not.going to know what asset was floated.where there's no filing requirement for.trusts they have to file tax returns but.they do not have to file any sort of.information that would be accessed.publicly and what we're going to do here.is maybe be able to create some stricter.better to find conditions for the.distribution of property rather than.waiting until our will comes into effect.and we're not going to be there to see.it with this you could write this trust.your in your lifetime and really know.exactly what that's going to look like.it's very difficult not impossible but.very difficult to challenge a trust.arrangement we just had a case come to.the BC courts actually three cases.called easing would and easing what.gives us a good example of a trust where.the trust was used basically to replace.a will and with success despite a couple.different challenges from one of the.intended heirs so this kind of thing.this easing would case gives us some.good indication that the concept of.using a trust rather than using a will.can work out.now joint ownership sometimes gets.brought into the estate planning.discussion I'm very wary about this it.is worth mentioning but you'll find that.joint ownership as an estate planning.tool has largely been defeated in the.case reap a core estate and this is a.case where it's not exactly clear but it.looks like a parent intended to use a.joint ownership so that one of their.children could manage their assets the.child perceived and attempt to enforce.rights as if the parent had used joint.ownership to create an estate objective.for them and it ended up going to.Supreme Court of Canada and after a long.and messy fight probably quite expensive.the basically the joint ownership as an.estate planning tool was not struck down.it was made very difficult to use so.this is something that we probably.should not be recommending today in.terms of estate planning but it does.have some estate planning implications.so we have two kinds of joint ownership.we have tenancy in common which is the.legal default if you have joint.ownership and you're having further to.find it and simply what happens here is.you have two people who who each own a.portion of some property and now it's.just going to flow to the other party on.the death of sorry I apologize it's.going to flow to the will of the.deceased person and the other party now.is left with a new business partner a.new joint donor whatever it happens to.be to deal with right of survivorship is.the one that I think most people still.equate with joint ownership although as.mentioned tenants in common is the legal.default what happens here with right of.survivorship or joint tenancy is that on.the death of the first owner the.surviving owner becomes the owner of.that persons that deceased party's.interest in that joint property.there's no tax benefit to this again.this is a misconception that I often run.into basically the person who's died.would just be deemed to have disposed of.and therefore have to pay tax on their.portion of the ownership interest now if.you have a situation where a rollover.would normally exist like between.spouses and that would still apply here.so it is still possible to use joint.ownership but we have to be very very.clear as to what our intentions are and.in fact lawyers today will say if you're.going to do this you want to express.this very clearly express it in writing.this is my intention this person is now.a joint owner with me and my goal is.that when I die that person would enjoy.the use of that property so that wraps.presentation on beneficiary designations.as you can see there's an awful lot.there many places where we could make.beneficiary designations so it's your.responsibility here as the advisor to.make sure that you do pay attention to.all of these different areas for your.client there should be some regular.review here this is something where you.should have some sort of process in.place that says this is when I review my.beneficiary designations for my clients.and we do have to recognize then all the.different possibilities and all the.different possible outcomes here and not.just to get the stuff that you're taking.care of but to make sure that your.clients do things like update their.beneficiary designations on their group.insurance policies there are numerous.places where this can have an impact and.if you if your client doesn't consider.all of them then we can end up with some.uncertainty at the time of death so I.hope that helps I hope that we have a.good broad understanding along with some.fairly narrow detail around what.constitutes a valid beneficiary.designation around some of the rules.around these beneficiary designations.and some of the hazards that can befall.somebody who hasn't properly taken care.of their beneficiary designations thank.you very much and I hope you enjoy your.continued studies.

How to generate an electronic signature for the Beneficiary Montana Form online

CocoSign is a browser based app and can be used on any device with an internet connection. CocoSign has provided its customers with the most productive method to e-sign their Beneficiary Montana Form .

It offers an all in one package including legality, efficient cost and flexibility. Follow these key elements to place a signature to a form online:

  1. Check you have a high quality internet connection.
  2. Upload the document which needs to be electronically signed.
  3. Choose the option of "My Signature” and choose it.
  4. You will be given selection after choosing 'My Signature'. You can choose your written signature.
  5. Generate your e-signature and choose 'Ok'.
  6. Choose "Done".

You have successfully signed the document online . You can access your form and send it. Aside from the e-sign selection CocoSign give features, such as add field, invite to sign, combine documents, etc.

How to create an electronic signature for the Beneficiary Montana Form in Chrome

Google Chrome is one of the most accepted browsers around the world, due to the accessibility of lots of tools and extensions. Understanding the dire need of users, CocoSign is available as an extension to its users. It can be downloaded through the Google Chrome Web Store.

Follow these normal key elements to write an e-signature for your form in Google Chrome:

  1. Click the Web Store of Chrome and in the search CocoSign.
  2. In the search result, choose the option of 'Add'.
  3. Now, sign in to your registered Google account.
  4. Open the link of the document and choose the option 'Open in e-sign'.
  5. Choose the option of 'My Signature'.
  6. Generate your signature and put it in the document where you choose.

After placing your e-sign, send your document or share with your team members. What's more, CocoSign give its users the options to merge PDFs and add more than one signee.

How to create an electronic signature for the Beneficiary Montana Form in Gmail?

in Today's era, businesses have remodeled their workflow and evolved to being paperless. This involves the signing document through emails. You can easily e-sign the Beneficiary Montana Form without logging out of your Gmail account.

Follow the key elements below:

  1. Get the CocoSign extension from Google Chrome Web store.
  2. Open the document that needs to be e-signed.
  3. Choose the "Sign” option and write your signature.
  4. Choose 'Done' and your signed document will be attached to your draft mail produced by the e-signature app of CocoSign.

The extension of CocoSign has taken care of your problem. Try it today!

How to create an e-signature for the Beneficiary Montana Form straight from your smartphone?

Smartphones have substantially replaced the PCs and laptops in the past 10 years. In order to taken care of your problem, CocoSign aids to sign the document via your personal cell phone.

A high quality internet connection is all you need on your cell phone and you can e-sign your Beneficiary Montana Form using the tap of your finger. Follow the key elements below:

  1. Click the website of CocoSign and create an account.
  2. Next, choose and upload the document that you need to get e-signed.
  3. Choose the "My signature" option.
  4. Write down and apply your signature to the document.
  5. Check the document and tap 'Done'.

It takes you shortly to place an e-signature to the Beneficiary Montana Form from your cell phone. Print or share your form whatever you like.

How to create an e-signature for the Beneficiary Montana Form on iOS?

The iOS users would be satisfied to know that CocoSign give an iOS app to assist them. If an iOS user needs to e-sign the Beneficiary Montana Form , work with the CocoSign app wthout doubt.

Here's instruction place an electronic signature for the Beneficiary Montana Form on iOS:

  1. Add the application from Apple Store.
  2. Register for an account either by your email address or via social account of Facebook or Google.
  3. Upload the document that needs to be signed.
  4. Choose the space where you want to sign and choose the option 'Insert Signature'.
  5. Draw your signature as you prefer and place it in the document.
  6. You can send it or upload the document on the Cloud.

How to create an electronic signature for the Beneficiary Montana Form on Android?

The great popularity of Android phones users has given rise to the development of CocoSign for Android. You can insert the app for your Android phone from Google Play Store.

You can place an e-signature for Beneficiary Montana Form on Android following these key elements:

  1. Login to the CocoSign account through email address, Facebook or Google account.
  2. Upload your PDF file that needs to be signed electronically by choosing on the "+” icon.
  3. Click the space where you need to place your signature and write it in a pop up window.
  4. Finalize and adjust it by choosing the '✓' symbol.
  5. Save the changes.
  6. Print and share your document, as desired.

Get CocoSign today to assist your business operation and save yourself a large amount of time and energy by signing your Beneficiary Montana Form on the Android phone.

Beneficiary Montana Form FAQs

Some of the confused FAQs related to the Beneficiary Montana Form are:

Need help? Contact support

Do military members have to pay any fee for leave or fiancee forms?

First off there are no fees for leaves or requests for leave in any branch of the United States military. Second there is no such thing as a fiancée form in the U.S. military. There is however a form for applying for a fiancée visa (K-1 Visa)that is available from the Immigration and Customs Service (Fiancé(e) Visas ) which would be processed by the U.S. State Department at a U.S. Consulate or Embassy overseas. However these fiancée visas are for foreigners wishing to enter the United States for the purpose of marriage and are valid for 90 days. They have nothing to do with the military and are Continue Reading

How can I fill out Google's intern host matching form to optimize my chances of receiving a match?

I was selected for a summer internship 2016. I tried to be very open while filling the preference form: I choose many products as my favorite products and I said I'm open about the team I want to join. I even was very open in the location and start date to get host matching interviews (I negotiated the start date in the interview until both me and my host were happy.) You could ask your recruiter to review your form (there are very cool and could help you a lot since they have a bigger experience). Do a search on the potential team. Before the interviews, try to find smart question that you are Continue Reading

How do I fill out the form of DU CIC? I couldn't find the link to fill out the form.

Just register on the admission portal and during registration you will get an option for the entrance based course. Just register there. There is no separate form for DU CIC.

How do you know if you need to fill out a 1099 form?

It can also be that he used the wrong form and will still be deducting taxes as he should be. Using the wrong form and doing the right thing isnt exactly a federal offense

How can I make it easier for users to fill out a form on mobile apps?

Make it fast. Ask them as few questions as possible (don't collect unnecessary information) and pre-populate as many fields as possible. Don't ask offputting questions where the respondent might have to enter sensitive personal information. If some users see you collecting sensitive information, they might not be ready to share that with you yet based on what you are offering, and they will think twice about completing the form.

When do I have to learn how to fill out a W-2 form?

While I did not study physics this is something that relates to my field as well. One thing to remember is the scope of the field which you are talking about. With physics it might seem narrower than History or Archaeology but I suspect that when you boil it down it isn’t. It would be impossible to cover everything in a subject even going all the way through to gaining a doctorate. The answer you got and posted up is very accurate and extremely good advice. What a lot of it boils down to in education (especially nowadays) is not so much teaching specific facts but teaching themes and how to find Continue Reading

What is a grantee beneficiary?

I’m not a lawyer, but just put together a trust for my children. The framework was written by an attorney. If your brother is the trustee after your dad has passed, and the house is still in a trust, he might be able to do so, but it should be stipulated in the trust that the proceeds go to you. As a trustee of your father’s estate trust, he has a duty to act in the best interests of the beneficiaries as stipulated in the trust. An actual lawyer: What to Consider When Selling Real Property from a Trust or Estate You might also want to ask on avvo, or find a local attorney with whom may provide you a free or reduced rate 1/2 hour consultation.

Easier, Quicker, Safer eSignature Solution for SMBs and Professionals

No credit card required14 days free