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Question
Tara and Michael were married for eight years and have two minor children together; a son Logan and a daughter Elsa. The couple went through a messy divorce and to this day do not speak to one another. Tara has an RPP with her employer while Michael has an individual RRSP with his financial institution. Initially, both spouses named each other as the beneficiaries of each others registered plans. After their divorce was granted, Tara immediately changed the beneficiary of her RPP to Logan and Elsa. Michael has neglected to revisit his beneficiary designations on his RRSP. What are some potential problems with the current situation regarding their registered plans?
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