TFSA successor vs beneficiary
There was an article here on getting all of your pertinent documents in one place for your loved ones, when u pass away.
It was mentioned to have a beneficiary placed on your TFSA. Upon reading about it, I’ve found that a spouse (only) can go on as a successor. Seems the difference is that the account can continue to accumulate after one’s death, where a beneficiary would have all investments cashed out. With either designation, it avoids probate.
Is this correct for a successor? And is that best practice for a married/common law couple or just a personal decision? What do u do? Thanks
