This is the person who benefits from the terms of a trust, a will, an RRSP, a RRIF, a LIF, an annuity or a life insurance policy. In relation to RRSP’s, RRIF’s, LIF’s, Annuities and of course life insurance, if the beneficiary is a spouse, parent, adopting parents, offspring, adopted child, children of adopted children or grand-child, they are considered to be a preferred beneficiary. If a policy was issued in Canada prior to July 1, 1962, then the signature of the preferred beneficiary named in that policy is required to release any rights to that preferred beneficiary. If the insured has named a preferred beneficiary, the death benefit is invariably protected from creditors. A beneficiary under the age of 18 must be represented by an individual guardian over the age of 18 (a Trustee). If you make your beneficiary your estate, the death benefit will be included in your assets for probate. Probate filing fees are different in each province.