How to designate beneficiaries at Wealthsimple
Beneficiaries are managed online
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.
- Successor holder (TFSA, FHSA, RRIF, and Spousal RRIF only; must be a spouse or common-law partner; one per account)
- Primary beneficiary (multiple allowed, with whole-number percentage allocations adding up to 100%)
- Contingent beneficiary
Required Documents
- Beneficiary's legal first and last name
- Beneficiary's Social Insurance Number (for a successor holder). Optional for a primary or contingent beneficiary
What Wealthsimple says about beneficiaries
Each section is Wealthsimple's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
- Investment account
Beneficiaries for non-registered accounts, including chequing accounts, can only be designated through a will.1
How many beneficiaries, and how shares are split
- All accounts
More than one primary beneficiary can be named, with whole-number percentages adding up to 100%. A contingent beneficiary can be named alongside a beneficiary or a successor.1
What Wealthsimple's agreement says about beneficiaries1
- Changing or revoking a designation
Beneficiaries and successors are mutually exclusive on the same account; updating one overrides the other.1
Sources
Data sourced from Wealthsimple primary sources (3 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 estate support
Wealthsimple Client Success
Phone
Website
Estate requests go through general customer service.
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