Ontario Wills and Estates #LawFact of the Day: Life Insurance and Your Estate #law #legal #EstatePlanning
Life insurance policies that designate a beneficiary become that beneficiary’s property on the day the insured dies.
They don’t become part of the insured’s Estate and they are not subjected to estate tax.
Speak to your insurer to designate or update your beneficiary under your policy. It’s a critical step in your estate planning.
– Garry J. Wise, Toronto
