- Naming a beneficiary makes it easier for your loved ones to manage your benefits and savings when you’re gone. If you don’t name a beneficiary, your money will be held in an estate account and might have to go through a probate process to determine who gets it, which will cost time and money. Your loved ones may not get as much money as they would have if you had named a beneficiary. And if your beneficiary information is not up to date, the person you want to receive your money may not receive anything at all. Learn more about why it’s important to name a beneficiary and keep your beneficiary information up to date.
- Learn about the different types of beneficiaries.
- Designate a beneficiary(ies) for life insurance and/or accidental death & dismemberment (AD&D) insurance.
- Designate a beneficiary(ies) for the Defined Contribution Pension Plan (DCPP), Group Registered Retirement Savings Plan (RRSP), and/or Tax-Free Savings Account (TFSA).
- Designate a beneficiary(ies) for my Employee Stock Purchase Plan (ESPP) account. Log in, select ESPP and then select Beneficiary.