Estate planning at Wealthsimple
How to protect 2 Wealthsimple accounts — manage beneficiaries online, and file death claims
Wealthsimple Client Success
Wealthsimple Inc., 80 Spadina Ave, Toronto, ON M5V 2J4, Canada
Wealthsimple Client Success
Wealthsimple Inc., 80 Spadina Ave, Toronto, ON M5V 2J4, Canada
Wealthsimple Estates Team
Wealthsimple Inc., 80 Spadina Ave, Toronto, ON M5V 2J4, Canada
Wealthsimple has 2 investment accounts, each with different rules for what happens when the account holder dies. The right combination of beneficiary designations and trust ownership can keep the entire portfolio out of probate.
Beneficiary designations at Wealthsimple can be managed online, typically taking 5-10 minutes online. Trust funding options vary by account type—check with Wealthsimple for specifics.
There are two sides to estate planning at Wealthsimple: setting things up while you're alive, and the process survivors follow after a death.
Preparing your estate
Beneficiaries and trust funding
How to manage beneficiaries online, and review 2 account types at Wealthsimple.
View details →When someone dies
Death claim process
5-step process, 4 required documents, and contact information for survivors.
View details →Frequently asked questions
No. Wealthsimple exited the US market in March 2021 by selling its US book of business to Betterment. All former US clients were transitioned to Betterment by June 2021. Wealthsimple now operates exclusively in Canada. US residents cannot open or maintain Wealthsimple accounts.
No. Canadian regulations do not allow beneficiary designations on non-registered accounts. Estate distribution for non-registered and chequing accounts must be handled through a will. Only registered accounts (RRSP, TFSA, RESP, FHSA) support beneficiary or successor designations through Wealthsimple.
No. Quebec provincial regulations do not allow beneficiary designations through financial institutions. Quebec residents must designate beneficiaries through a will or other notarial act. This applies to all registered account types at Wealthsimple.
No. Wealthsimple does not offer trust accounts in any form. The platform supports individual, joint, and registered accounts (RRSP, TFSA, RESP, FHSA, LIRA, LIF, RRIF) for Canadian residents only. Accounts cannot be retitled to a trust.
A beneficiary receives the funds in the account (the account is terminated and proceeds bypass the estate). A successor receives the account itself and becomes the new account holder. Beneficiaries and successors are mutually exclusive on Wealthsimple -- updating one overrides the other. Successor designations are available on specific registered account types.
Sources
Data sourced from Wealthsimple primary sources (11 pages reviewed). How we research.
Wealthsimple Client Success
Wealthsimple Inc., 80 Spadina Ave, Toronto, ON M5V 2J4, Canada
Wealthsimple Client Success
Wealthsimple Inc., 80 Spadina Ave, Toronto, ON M5V 2J4, Canada
Wealthsimple Estates Team
Wealthsimple Inc., 80 Spadina Ave, Toronto, ON M5V 2J4, Canada
Estate planning articles
Learn how to protect your Wealthsimple accounts and other assets with trusts, beneficiary designations, and estate planning documents.
