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ARTICLE · 06 JULY 2020

Proposed Legislation Would Allow For Certain Beneficiary Designations By Substitute Decision Makers

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On June 11, 2020, the Alberta Legislature introduced Bill 22 which proposes to amend section 71 of the Wills and Succession Act.

CanadaFamily and Matrimonial
Ariel Lekas
Ariel Lekas
Sam Amelio K.C
Sam Amelio K.C
Jessica Hoskins (Summer Law Student)
Jessica Hoskins (Summer Law Student)
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On June 11, 2020, the Alberta Legislature introduced Bill 22 which proposes to amend section 71 of the Wills and Succession Act.

The amendments will allow substitute decision makers such as attorneys and trustees to carry over existing beneficiary designations under renewed, replaced or converted plans.

Current status of the Wills and Succession Act

Beneficiary designations are a straightforward and relatively inexpensive way to pass the proceeds of a plan onto a beneficiary upon a plan-holder's death. The current section 71(2) of the Wills and Succession Act allows a plan-holder to designate a beneficiary, either by a signed instrument or by a will. A plan-holder may revoke a designation by those same methods.

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