Planning for your survivors
What you need to know
- your surviving eligible spouse receives 60% of the pension you were receiving
- if there is no surviving spouse, any benefits are paid to your
beneficiaries or estate
- estate executor may need to apply for Certificate of Appointment of Estate Trustee
-
OPTrust’s process for estate payments
Step 1: Information to send OPTrust when member or retiree dies:
- Death certificate, and
- Contact information for executor
Step 2: Depending on whether the member died with or without a Will, when OPTrust receives these documents, we will send the executor:
an Application for Estate Entitlement form and a letter requesting
- if the member or retiree died with a Will
- copy of the Will
- Certificate of Appointment of Estate with a Will (not needed if there are no outstanding creditors and the payment amount is less than $50,000)
- if the member or retiree died without a Will
- Certificate of Appointment of Estate Trustee without a Will (not needed if there are no outstanding creditors and payment amount is less than $50,000)
Step 3: Executor sends OPTrust:
- completed Application for Estate Entitlement form
- if applicable, a Certificate of Appointment of Estate Trustee with /without a Will
Step 4: When these are received, OPTrust sends:
- request for signed and notarized Executor Declaration (required for amounts from $5,000 to $50,000)
- request for signed and notarized Beneficiary Declaration (required for amounts from $5,000 to $50,000)
Step 5: When OPTrust receives these documents, we send:
- letter confirming payment
- cheque, under separate cover, to the executor
- T4A for the estate, under separate cover, to the executor
- beneficiaries must be named using the beneficiary form
- your Will cannot be used to designate beneficiaries for your pension
- your surviving spouse continues to receive insured benefits, if you were eligible for them
How to plan
- ensure OPTrust has your current beneficiary information
- tell your beneficiaries they are named as recipients
- prepare a Will and Power of Attorney for property and personal care and keep the documents in a safe place, known to your executor or next of kin
- send OPTrust the original or a notarized copy of your Power of Attorney for property (all originals will be returned to the owner)
- designate a beneficiary for life insurance (if applicable)
When to contact OPTrust
- have your next of kin or estate executor contact OPTrust when you die
- contact information changes – address, e-mail, phone number, financial institution or account
- life event changes – beneficiary change, marriage, common-law, separation, divorce, death of spouse
Forms you need to complete
Additional forms to complete, if applicable
Background material for more information
- Survivor benefits before retirement (fact sheet)
- Survivor benefits after retirement (fact sheet)
- Appointing an Attorney for your OPTrust Pension (fact sheet)
- How to prove your spousal relationship (fact sheet)
- Survivor Benefits and Minor Children (fact sheet)
- Power of Attorney Kit - publication from Ministry of the Attorney General