Change of Beneficiary
Make sure the right people receive what you've saved.
What we cover
Accounts and policies
- RRSPs and RRIFs
- TFSAs and FHSAs
- Registered pension plans (DB & DC)
- Group RRSPs and employer benefits
- Individual and group life insurance
- Segregated funds and annuities
- Bank deposit accounts and GICs (where permitted)
- Locked-in accounts (LIRA, LIF)
- Corporate-owned life insurance
Who we work with
Any financial institution
- Chartered banks
- Credit unions & caisses populaires
- Trust companies
- Life insurance companies
- Investment dealers & brokerages
- Robo-advisors & online brokers
- Pension plan administrators
- Employer benefits carriers
Kings Attorneys is independent and is not affiliated with any financial institution. We act only for you.
When to review
Life events that call for a change
Marriage or common-law relationship
A new spouse may need to be named — and some provinces revoke a will on marriage but not a designation.
Separation or divorce
An ex-spouse often remains the beneficiary unless the designation is changed. We coordinate with your separation agreement.
Birth or adoption
Naming minor children requires a trustee; we set up a trust so funds are not paid into court.
Death of a beneficiary
If your named beneficiary has died, funds may fall into your estate and attract probate fees.
Disability of a beneficiary
A direct payment can jeopardize provincial disability benefits; a Henson trust may be needed.
New accounts or employer
Rollovers and new plans frequently reset designations without you noticing.
Our process
How a beneficiary change works with us
01
Initial consultation
A confidential meeting to understand your family, your accounts and your goals. We verify your identity as required by the Law Society.
02
Inventory of designations
We gather statements and existing designations from each institution with your written authorization.
03
Legal advice
We explain probate, tax, creditor-protection and family-law implications, and recommend the right beneficiaries, contingents and trusts.
04
Documentation
We complete each institution's change-of-beneficiary form, or draft a designation in your will or a separate declaration, and supervise signing.
05
Submission & follow-up
We deliver the documents to the institution and follow up until the change is recorded.
06
Written confirmation
You receive confirmation from each institution and a summary report. We keep a copy in our secure vault.
Frequently asked questions
Can I change a beneficiary without a lawyer?
Often, yes — most institutions have their own form. Clients come to us when the change interacts with their will, a separation agreement, minor or disabled beneficiaries, tax planning, an irrevocable designation, or when an institution refuses to process a request.
Is a designation in my will valid?
In common-law provinces, a beneficiary can usually be designated in a will, but a later will or form may override it. We make sure your documents are consistent so there is no dispute.
What is an irrevocable beneficiary?
An irrevocable beneficiary on a life insurance policy must consent in writing before the designation can be changed. We advise on obtaining that consent or on the court process where consent cannot be obtained.
Can my power of attorney change my beneficiary?
Generally, an attorney for property cannot make or change a beneficiary designation on your behalf, though the rules vary by province. We advise attorneys and families on what is permitted.
Do you work with institutions outside Ontario?
Yes. Our lawyers are licensed in Ontario and British Columbia and work with agents and institutions across Canada and internationally.
What identification will I need?
Every client must be identified in person or by video under Law Society rules. You will need government-issued photo ID and statements for the accounts involved. Only the account holder — or a properly authorized legal representative — can instruct us to change a designation.