How to designate beneficiaries at Wealthsimple
Covers 2 investment accounts — beneficiaries can be managed online
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
There are two ways to keep your Wealthsimple investment accounts out of probate: adding beneficiary designations and structuring ownership to align with your estate plan. Which approach works best depends on the account type and your overall estate plan.
Each of Wealthsimple's 2 investment accounts has different rules for how it transfers at death. The sections below explain the options for each.
Special Requirements
- Beneficiary designations are only available for Canadian registered accounts (RRSP, TFSA, RESP, FHSA)
- Non-registered and chequing accounts require a will for estate distribution
- Quebec residents cannot designate beneficiaries through Wealthsimple due to provincial law
- A primary beneficiary receives the funds in the account (not the account itself), bypassing the estate and avoiding probate fees, but the account is terminated
- This process is not available to US residents as Wealthsimple no longer operates in the US
Sources
Data sourced from Wealthsimple primary sources (11 pages reviewed). How we research.
Download these Wealthsimple instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Wealthsimple primary sources. Bring it to the branch or keep it beside the phone.
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
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