Term:  Designated Assets

Designated Assets—include life insurance, pensions, registered investments, RRSPs, RRIFs, TFSAs that name designated beneficiaries to receive these assets when persons die. Designated assets are not controlled by executors, unless there is no specifically identified beneficiary. By default, the estate is the beneficiary of designated assets unless someone is specifically named. Designated assets with specific named beneficiaries are used to calculate probate tax. See EAT.