Summary
Beneficiary information can be updated as life circumstances change. Adding, removing, or modifying beneficiaries requires a beneficiary designation form and client authorization. Certain account types, including RESPs, may require additional documentation.
Step-by-Step Tasks
Step 1: Determine What Needs to Change
Identify whether you need to:
Add a beneficiary
Remove a beneficiary
Update beneficiary information
Change allocation percentages
Update successor holder information
Step 2: Gather Beneficiary Information
Information may include:
Full legal name
Relationship
Allocation percentage
SIN (optional)
Step 3: Review Beneficiary Allocations
If naming multiple beneficiaries:
Confirm allocations reflect your wishes.
Ensure total allocations equal 100%.
Step 4: Request or Enter the Update
Clients = email support@modernadvisor.ca or your advisor to make the change.
Advisors = update by clicking into the specific client account, then the Beneficiary tab, then Edit.
Step 5: Review and Sign Required Documentation
Beneficiary changes require a signed beneficiary designation form.
The form must be signed by the account holder.
Step 6: Confirm Processing
Once signed:
The form is submitted for processing.
Beneficiary information is updated.
FAQ Section
How do I update a beneficiary?
Clients should contact support to request beneficiary changes.
Advisors may initiate beneficiary updates on behalf of clients.
When is a beneficiary form required?
A beneficiary form is required whenever:
A beneficiary is added
A beneficiary is removed
Beneficiary details change
Beneficiary allocations change
Multiple beneficiaries are designated at account opening
How long does a beneficiary update take?
For existing accounts:
The beneficiary form is sent immediately after the change request is submitted.
Once signed, the update is generally processed immediately.
Why did I receive a separate beneficiary form after opening my account?
Accounts opened with multiple beneficiaries often require a separate beneficiary designation form.
This form is typically sent within approximately 3 business days after account opening.
Can I update beneficiaries myself?
Clients can view their current beneficiaries but cannot directly edit beneficiary information.
Beneficiary changes require documentation and authorization.
Can my Power of Attorney update my beneficiaries?
No.
Beneficiary designation forms must be signed by the account holder.
What information is required for a beneficiary?
Typically:
Full legal name
Relationship
Allocation percentage
SIN information may also be requested in certain circumstances.
Do RESP beneficiary changes require additional documentation?
Sometimes.
Family RESP beneficiary additions and updates may require:
CESG forms
Primary caregiver information
Additional signatures
What happens if an RESP beneficiary is no longer eligible?
Additional documentation may be required, such as a Letter of Direction.
Specific requirements depend on the situation.
Troubleshooting
I Haven't Received My Beneficiary Form
Check:
Spam folder
Junk folder
If the form still cannot be located, contact support.
My Beneficiary Change Was Not Applied
Possible reasons include:
Form not signed
Missing information
Allocation errors
Documentation still under review
My Beneficiary Percentages Don't Total 100%
Beneficiary designations cannot be completed until allocations total exactly 100%.
My RESP Beneficiary Change Requires Additional Information
RESPs often require extra documentation to satisfy grant and beneficiary requirements.
My Form Was Signed by a POA
Beneficiary forms must be signed by the account holder and may need to be resubmitted.
Concepts & Definitions
Beneficiary Designation Form
The document used to add, remove, or modify beneficiary information.
Beneficiary Allocation
The percentage of account proceeds assigned to each beneficiary.
Successor Holder
A spouse or common-law partner who becomes the new owner of an eligible account upon death.
CESG
Canada Education Savings Grant.
Letter of Direction (LOD)
A written instruction used to support certain requests or beneficiary-related situations.
Compliance Notes
Beneficiary changes require client authorization.
Beneficiary designation forms must be signed by the account holder.
A Power of Attorney cannot sign beneficiary forms.
Beneficiary allocations must total 100%.
Additional documentation may be required for certain RESP beneficiary changes.
Minor beneficiaries may require trustee considerations.
Estate, tax, and legal implications vary by individual circumstances.