The 60 Second Bequest
Think making a bequest is a hassle? Having a lawyer involved is too much time and money? Well, here’s a philanthropic strategy that takes about one minute to complete, costs nothing, and involves no lawyers.
By utilizing either your Registered Retirement Savings Plan (RRSP) or your Registered Retirement Income Fund (RRIF), you can implement The 60 Second Bequest in three easy steps.
Request an RRSP/RRIF Multiple Beneficiary Designation form from your plan administrator.
Complete the form naming your charity of choice as one of the beneficiaries.
Return the form to your plan administrator.
Take note, for some strange reason not every employee of the financial institution with whom you are dealing may be familiar with a Multiple Beneficiary Designation form. Rest assured, it does exist… just keep asking until you are dealing with someone who knows where to find one.
In order to assist you, I have provided an example from RBC Investor Services of their form used for this purpose.
Please fill out the information below to download the Multiple Beneficiary Designation form.