What are beneficiaries? Why should I consider adding them?
A beneficiary is a person or entity that you designate to inherit your investment assets when you pass away. While it is optional, adding beneficiaries to your registered investment accounts offers several benefits:
- Retaining more of your assets
- Protecting your estate
- Leaving a lasting legacy for your family
- Ensuring a smooth transfer of wealth to your beneficiaries
Without beneficiaries, your assets may go through the probate process, which can be time-consuming and costly. By designating beneficiaries, your assets are directly transferred to them without involving probate.
Who is a successor, and how are they different from a beneficiary?
A successor annuitant or successor holder becomes the new owner of your registered accounts after your passing. Only your spouse or common-law partner can be named a successor for your registered accounts.
Please note: You cannot designate the same person as both your successor and beneficiary for the same account.
Can I add a beneficiary who resides outside of Canada?
Yes! You can add a beneficiary who resides outside of Canada. A Canadian Social Insurance Number (SIN) is not required, so you are not restricted to Canadian residents. However, it may be more efficient to designate a Canadian resident to facilitate the transfer of assets.
How do I add a beneficiary to my Corex account?
- After logging in at manzil.io, on your Corex homepage, click the Account you would like to add a beneficiary to
- Click on the Affiliates tab
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You can either Add a Beneficiary or Edit already existing Beneficiaries
- If you have a Family RESP, the default allocation is equal across all beneficiaries listed
- Add details about the Beneficiary and click Add to save the information
To add a beneficiary to your account, you can also contact Corex support. When reaching out, please ensure you have the following information:
- Legal name of the beneficiary
- Allocation of assets (percentage)
- Relationship to the beneficiary
- Address (only if adding a successor)
Please note: Beneficiaries cannot be appointed for Personal/Cash (non-registered) accounts. For RESP accounts, beneficiaries are designated during the account opening process, or you can follow the steps above or reach out to the Corex support team if you are adding another beneficiary to a Family RESP account.
What happens after I request to add a beneficiary?
Once you reach out to Corex support, Corex will review and add your beneficiary information to your profile. You will be prompted to review and sign any necessary digital documents. After completing the required documents, the support team will process your request with the custodian.
In rare cases, the custodian may ask for additional information. If this happens, Corex support will notify you. Otherwise, your beneficiary designation will be successfully updated.
Disclaimer:
If you are a Quebec resident, beneficiaries, successor annuitants, or successor holders must be appointed through a will, not via form-based declarations. We recommend consulting a legal professional to ensure your designations are made correctly.
Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Alberta, Ontario, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
