On an appeal in an estate and family property dispute, the court considered whether a separation agreement revoked an earlier beneficiary designation under a deferred profit sharing plan.
The agreement contained mutual releases and specifically provided that the former spouse was entitled to one-half of the benefits under the plan.
Applying Part III of the Succession Law Reform Act, the court held that the separation agreement was an instrument that effectively revoked the earlier designation to the extent necessary to limit the former spouse's entitlement to one-half.
The balance of the plan proceeds was payable to the estate for distribution under the deceased's will.
