What happens to a RESP when the plan subscriber dies?
We are not able to provide financial, legal or tax advice but try to provide general information to help you take the next step. If there is not a surviving joint subscriber to continue contributions, a RESP becomes part of the deceased estate which is governed by the probate process including, any directives set out in the deceased’s will. If a joint subscriber was named when the RESP was set up, this person can take on the responsibilities of contributions into the RESP for the beneficiary’s post-secondary education. A RESPs value may be subject to probate fees and tax.
Speak to a registered financial representative or legal professional to help understand your options. Visit GetSmarterAboutMoney.ca to learn about investing and other financial topics including, how RESPs work and a RESP Savings Calculator to estimate future education costs.