If Sander names his three daughters as beneficiaries of his life insurance and RRSP, how does this impact the assets subject to probate?

What are the possible issues if Sander was to add one of the daughters as a joint owner on the residence and/or the non-registered portfolio? The new cost of probate would be $Blank.

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Sander, 63, is reviewing his estate plan following the recent death of his wife, Mila. Sander has a life insurance policy on his life with death benefit of $350,000. His estate is beneficiary. His estate is also the beneficiary of his RRSP. Sander owns the following assets: Home in North York Cottage in Haliburton Non-registered portfolio RRSP Personal assets and car FMV $545,000 350,000 . 250,000 350,000 100,000 Sander has started dating a younger woman who works in his bank. He has three daughters, ages 27, 35 and 37. He expects to live for many more years but, when he dies, he wants to ensure that each of his children shares equally in his estate. He also wants to structure his estate to minimize any costs associated with probate; but, in doing so, he doesn't want to expose himself or his estate to any long-term issues. Sander lives in XYZ province where the tax schedule is: • $5/1,000 to $50,000 and $15/1,000 thereafter ACB $ 83,000 180,000 120,000 N/A N/A Sander, 63, is reviewing his estate plan following the recent death of his wife, Mila. Sander has a life insurance policy on his life with death benefit of $350,000. His estate is beneficiary. His estate is also the beneficiary of his RRSP. Sander owns the following assets: Home in North York Cottage in Haliburton Non-registered portfolio RRSP Personal assets and car FMV $545,000 350,000 . 250,000 350,000 100,000 Sander has started dating a younger woman who works in his bank. He has three daughters, ages 27, 35 and 37. He expects to live for many more years but, when he dies, he wants to ensure that each of his children shares equally in his estate. He also wants to structure his estate to minimize any costs associated with probate; but, in doing so, he doesn't want to expose himself or his estate to any long-term issues. Sander lives in XYZ province where the tax schedule is: • $5/1,000 to $50,000 and $15/1,000 thereafter ACB $ 83,000 180,000 120,000 N/A N/A

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