{"id":1703,"date":"2021-09-23T15:11:06","date_gmt":"2021-09-23T15:11:06","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/rosedalefamilyoffice\/?p=1703"},"modified":"2021-10-03T15:13:57","modified_gmt":"2021-10-03T15:13:57","slug":"beneficiary-designations-ensuring-your-wealth-goes-where-you-want","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/rosedalefamilyoffice\/blog\/2021\/09\/23\/beneficiary-designations-ensuring-your-wealth-goes-where-you-want\/","title":{"rendered":"BENEFICIARY DESIGNATIONS – ENSURING YOUR WEALTH GOES WHERE YOU WANT"},"content":{"rendered":"

Two recent Ontario Court Decisions have Potentially Significant Impact on Beneficiary Designations<\/em><\/p>\n

We work hard throughout our lives. This hard work may enable us to purchase a home, perhaps enjoy a few vacations, and save excess funds which we hope to transfer to those we love upon our passing. Normally, this wealth transfer upon death can be performed fairly simply with a Will, or via a Beneficiary Designation – in the case of a Registered Plan and\/or a Life Insurance policy.<\/p>\n

However, designating a beneficiary for a Registered Plan and\/or a Life Insurance Policy became more complicated with a 2020 decision of the Ontario Superior Court case,\u00a0Calmusky v Calmusky.<\/a>[i]<\/strong><\/em><\/p>\n

This article will provide a brief overview of the\u00a0Calmusky<\/em>\u00a0case and outline key implications of the decision. As a brief \u201cspoiler alert\u201d, fortunately for the estate planning community and for Ontarians in general, a separate more recent 2021 decision, also made by the Ontario Superior Court,\u00a0Mak Estate v Mak<\/a>[ii]<\/strong><\/em>, has restored a degree of certainty as to the effectiveness of beneficiary designations.<\/p>\n

Overview of the\u00a0Calmusky<\/em>\u00a0Case Facts\u00a0<\/u><\/p>\n

In the\u00a0Calmusky<\/em>\u00a0case, the deceased father, Henry Calmusky, was a widower who died in 2016 leaving two adult sons, Gary and Randy. Included in Henry\u2019s assets at the time of his death was a bank account held jointly with Gary (the \u201cBank Account\u201d). Gary was also named as the beneficiary of Henry\u2019s Registered Retirement Income Fund (the \u201cRRIF\u201d).<\/p>\n

Following Henry\u2019s death, Gary took the position that his late-father had intended for him to have complete ownership of both the Bank Account (by virtue of right of survivorship), and of the RRIF (by virtue of the beneficiary designation). Randy was not overly pleased that these assets went directly to Gary and took the case to court, stating that the Bank account and the RRIF were both held \u201cin trust\u201d for the estate of their father.<\/p>\n

The Bank Account\u00a0<\/em><\/p>\n

In the 2007\u00a0Pecore v Pecore<\/em>\u00a0case<\/a>[iii], the Supreme Court of Canada ruled that a gratuitous transfer of property from a parent to an adult child was subject to a \u201cPresumption of Resulting Trust\u201d. This presumption would include, for example, funds deposited by a parent into a joint bank account with an adult child.<\/p>\n

More specifically, under this\u00a0resulting trust<\/em>\u00a0presumption, upon the death of a parent, that child is presumed to hold the funds \u201cin trust\u201d for the deceased\u2019s estate,\u00a0unless\u00a0<\/em>the child is able to provide evidence that the parent had intended to gift (or advance) the funds to the adult child during the parent\u2019s lifetime.<\/p>\n

Accordingly and unsurprisingly, in the\u00a0Calmusky<\/em>\u00a0case, the court applied the principles of\u00a0Pecore<\/em>\u00a0(re the\u00a0resulting trust\u00a0<\/em>principle) and ruled that the joint Bank Account should be held \u201cin trust\u201d for the estate.<\/p>\n

So far, so good. Specifically, Gary was found to hold the joint Bank Account \u201cin trust\u201d for the late father\u2019s estate \u2013 as there was insufficient evidence to demonstrate that Gary\u2019s father intended to gift his son the Bank Account asset.<\/p>\n

The RRIF\u00a0<\/em><\/p>\n

This is where things get problematic. The court in\u00a0Calmusky<\/em>\u00a0then went on to apply this very same\u00a0resulting trust\u00a0<\/em>principle to the RRIF beneficiary designation, regardless of legislation already in place honouring such designations!\u00a0<\/strong><\/p>\n

Specifically, although the deceased had signed a beneficiary designation form naming Gary as the direct recipient of the proceeds, the Court found that Gary also held the RRIF asset \u201cin trust\u201d for the estate.<\/p>\n

In summary, previously a beneficiary designation for a RRIF would generally have been honoured. However, in the\u00a0Calmusky\u00a0<\/em>case, the funds in the RRIF were\u00a0deemed<\/u>\u00a0to be held \u201cin trust\u201d for the estate.<\/p>\n

Implications of the Calmusky Decision<\/em><\/p>\n

The\u00a0Calmusky<\/em>\u00a0decision was generally surprising and concerning to the estate planning community, as it questioned whether beneficiary designations would be honoured. Moreover, the\u00a0Succession Law Reform Act<\/em>\u00a0(Ontario)\u00a0<\/em>(\u201cSLRA\u201d) specifically allows an individual who has a plan, such as a RRIF or an RRSP, to designate a beneficiary. However, the court in\u00a0Calmusky<\/em>\u00a0did not consider the relevant provisions of the SLRA.<\/p>\n

As a consequence of the\u00a0Calmusky<\/em>\u00a0decision, the Court created uncertainty as to whether standard beneficiary designations, whether they be for registered plans or life insurance, would now be subject to increased legal scrutiny and potential litigation. Will the principle of\u00a0resulting trust<\/em>\u00a0now apply to insurance policies as well as registered plans and bank accounts? Will an adult beneficiary (other than a spouse) now have to provide additional \u201cproof\u201d (to rebut the presumption of\u00a0resulting trust<\/em>)? If the supporting evidence is insufficient, will families be \u201ctrapped\u201d in endless litigation?<\/p>\n

Mak Estate v. Mak, and Proposed Amendments Submitted by the Ontario Bar Association<\/u><\/em><\/p>\n

In the recent 2021\u00a0Mak Estate v Mak<\/em>\u00a0Ontario Superior Court decision, the court revisited the issue of whether a presumption of\u00a0resulting trust<\/em>\u00a0should apply in the case of a beneficiary designation to a RRIF.<\/p>\n

Fortunately for the estate planning community, the Court confirmed that the sole purpose of a beneficiary designation is to specifically state what is to happen to an asset upon death. The Court stated that \u201cthere is good reason to doubt the conclusion that the doctrine of resulting trust applied to a beneficiary designation\u201d and commented how the\u00a0Calmusky<\/em>\u00a0case has received critical comments from the estate and financial planning community.<\/p>\n

In the\u00a0Mak Estate<\/em>\u00a0case, the Court found that the plaintiff was unable to establish any intention of the deceased mother that her RRIF was held \u201cin trust\u201d for her estate, and thus the presumption of\u00a0resulting trust<\/em>\u00a0did\u00a0not<\/u>\u00a0apply to her RRIF. In conclusion, the\u00a0Mak Estate<\/em>\u00a0case is a welcomed decision and restores a degree of clarity as to the effectiveness of beneficiary designations in Ontario.<\/p>\n

A related update to note is that in light of the\u00a0Calmusky<\/em>\u00a0decision, the Ontario Bar Association delivered a submission to the Attorney General of Ontario to propose amendments to the SLRA and to the\u00a0Insurance Act (Ontario)<\/em>\u00a0to make it clear that the presumption of\u00a0resulting trust<\/em>\u00a0should\u00a0not<\/u>\u00a0apply to beneficiary designations for registered assets or insurance contracts.<\/a>[iv]<\/p>\n

Takeaways\u00a0<\/strong><\/p>\n

Based on the conflicting applications of the presumption of\u00a0resulting trust\u00a0<\/em>under the\u00a0Calmusky<\/em>\u00a0and\u00a0Mak Estate<\/em>\u00a0cases, it is prudent to diligently document your estate intentions with your advisor. The stronger the documentation, the less likely it is that a successful legal challenge may result.<\/p>\n

\n
\n
<\/a>[i]\u00a0\u00a0\u00a0Calmusky v Calmusky, 2020 ONSC 1506\u00a0\u00a0https:\/\/www.canlii.org\/en\/on\/onsc\/doc\/2020\/2020onsc1506\/2020onsc1506.html<\/a><\/div>\n
<\/a>[ii]\u00a0\u00a0\u00a0Mak Estate v Mak, 2021 ONSC 4415
\nhttps:\/\/www.canlii.org\/en\/on\/onsc\/doc\/2021\/2021onsc4415\/2021onsc4415.html<\/a><\/div>\n
<\/a>[iii]\u00a0\u00a0\u00a0Pecore v Pecore, 2007 SCC 17
\nhttps:\/\/www.canlii.org\/en\/ca\/scc\/doc\/2007\/2007scc17\/2007scc17.html<\/a><\/div>\n
<\/a>[iv]\u00a0\u00a0\u00a0Legislative Amendments Proposed in Light of Calmusky. January 13, 2021.
\nhttps:\/\/www.allaboutestates.ca\/legislative-amendments-proposed-in-light-of-calmusky\/<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Two recent Ontario Court Decisions have Potentially Significant Impact on Beneficiary Designations We work hard throughout our lives. This hard work may enable us to purchase a home, perhaps enjoy a few vacations, and save excess funds which we hope to transfer to those we love upon our passing. Normally, this wealth transfer upon death […]<\/p>\n","protected":false},"author":57,"featured_media":1673,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-1703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-redefine-your-legacy"],"yoast_head":"\nBENEFICIARY DESIGNATIONS - ENSURING YOUR WEALTH GOES WHERE YOU WANT - The Rosedale Family Office<\/title>\n<meta name=\"description\" content=\"Two recent Ontario Court Decisions have Potentially Significant Impact on Beneficiary Designations We work hard throughout our lives. 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