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.

Step One

Request an RRSP/RRIF  Multiple Beneficiary Designation form from your plan administrator.

Step Two

Complete the form naming your charity of choice as one of the beneficiaries.

Step Three

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.