RRSP Designations Within an Estate Plan
There are two common ways to designate a beneficiary of your registered plan: On the application form for the plan. This method allows for quick transfer of the plan benefits to the beneficiary upon your death. It also means that your estate will not have to pay probate fees on the value of the RRSP. In your will. However, caution is warranted here. (a) If your will is ever revoked (by a subsequent will, or a marriage, for example), then the beneficiary designation would also be revoked and any original beneficiary designation made on the plan application is not automatically reinstated. In...
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Andrea P. Kelly is a legal practitioner and notary public, called to the Ontario Bar in 2001, with practice focus in Estate Planning and Administration, including wills, estates, trusts and powers of attorney. She also practices Real Estate.
Prior to opening her law firm, she worked in various capacities including litigation support lawyer for the Ministry of Attorney General regarding complex commercial litigation, private practice in corporate/commercial law and numerous legal research and writing positions.