Designated Beneficiaries Of Registered Accounts Must Be Expressly Revoked

Estate litigation often centres around determining the intentions of a testator. Since a deceased testator can no longer explain their intentions, some provisions in the Ontario Succession Law Reform Act (the "SLRA") attempt to provide guidance as to how a testator's written instruments are dealt with. Registered accounts such as RRIFs and TFSAs are legal testamentary instruments that permit an account holder to designate a beneficiary, the person entitled to receive the funds upon the death of the account holder. Issues may arise, however, as to whether an account holder actually intended to change the beneficiary of their accounts, depending on the language used in their wills or codicils. In such circumstances, there may be a disagreement between the estate trustees and financial institutions holding the accounts as to how to deal with the testator's accounts.