Can my will override a beneficiary designation on my RRSP or insurance policy?

Generally, no. A beneficiary designation made directly on a registered account or insurance policy takes priority over a conflicting direction in your will. These assets pass by contract to the named beneficiary — the will simply does not control them.

For example, if your will states "I give my RRSP to my daughter" but the RRSP account form names your son as beneficiary, your son will receive the RRSP regardless of what the will says. The financial institution will follow the account designation.

There is one important exception: a will can make a valid beneficiary designation for a registered account in Ontario, but only if the will expressly identifies the account and makes the designation in the form required by the applicable legislation. This is technical and not something to attempt without lawyer involvement.

Because designations and wills operate independently, it is essential to treat your will and your account designations as a coordinated estate plan, not two separate documents. Review both together regularly to make sure they reflect your actual intentions.