If you have a will, you can choose what happens to your money once you’re gone. A beneficiary can be any person or entity you choose to leave money or assets to. The top three are: 1) Family – Proceeds from your estate can pass seamlessly from you to your loved ones, as long as you have named a beneficiary. 2) Charities – You can donate through a Beneficiary Designation with Registered Plans (like RRSPs, RRIFs, or TFSAs) or bequest a gift in your will. 3) CRA – Without a will, the government and CRA could end up in control of your assets.