Can I designate a beneficiary for my RRSP or TFSA in my will in Ontario?

Ontario's Succession Law Reform Act permits a will to make a valid beneficiary designation for registered accounts if the will meets specific requirements — it must expressly designate a beneficiary for a specific plan. However, this approach is generally not recommended as the primary method and should only be done with careful legal guidance.

A designation made in a will and one made directly on an account form can conflict with each other, leading to disputes and uncertainty. The account-form designation is typically easier for financial institutions to process without requiring probate of the will.

More importantly, a will with a beneficiary designation generally needs to go through probate before the financial institution will act on it, which eliminates the probate-avoidance benefit of beneficiary designations and creates delays. By contrast, a designation made directly on the institution's form allows the beneficiary to claim the funds promptly.

The best practice is to make beneficiary designations directly with each financial institution, keep those designations current, and coordinate them with your will rather than relying on the will to make the designation.