There’s an Easy Way to Protect Wealth… Yet, Many Don’t Use It

Part of protecting wealth is protecting your privacy. Yet, any stranger can pay a fee and receive a copy of a probated will. After all, it is in public domain.

In a probated will, you see lists of assets, who the beneficiaries are and the amounts they receive. You see where and how the money was invested and the type of investments held. If you have a sizeable estate, would you want every family member and the world to know?

For some, this may cause great family feuds, leaving more problems behind to worry about today. Is this what you want to think about for your estate? There may be a better way for you.

Investing with a life insurance company into a GIC, annuity or segregated fund portfolio allows you to make a beneficiary designation. Bingo, the privacy issue is avoided. Since it acts as a life insurance contract, it is between you and the beneficiary. The investment is not probated and the privacy issue is carefully avoided.

Seniors who discover the benefits such as privacy, probate and 100% guaranteed death benefit with their funds soon discover that Canadian life insurance companies have helped people protect their wealth for decades, making it an easy way to protect your wealth. With GICs the rate is guaranteed for the term you choose, say one to ten years. They are also deposit insured up to certain limits per account. With segregated funds, there are some additional benefits:

  • 100% of your investment guaranteed upon death to your beneficiaries, no loss of capital upon death.
  • A maturity guarantee of 100% of your principal investment regardless of stock or bond market conditions.
  • While your investment grows, so does your guarantees upon maturity and to your beneficiaries, thus locking in future profits for you and your family.
  • Creditor protection for professionals and small business owners. Under the insurance act, you have the potential to protect those investments from creditors. A professional such as accountant, dentist, doctor or small business owner may benefit.
  • Finally the investment benefits. You have the security of the written guarantees, the estate planning and creditor benefits, plus you also have access to most of the top performing investment managers available to build a truly diversified and well managed portfolio.

Written by Grant Hicks

Grant Hicks, C.I.M., FCSI is a professional speaker, co-author and a Retirement Planning Specialist with Manulife Securities and Hicks Financial. A leader in the financial industry, Grant has been helping Vancouver Island residents plan and create their retirement lifestyles since 1989.

One Response to There’s an Easy Way to Protect Wealth… Yet, Many Don’t Use It

  1. You can also hire a wealth manager,see some athletes,They are getting richer and richer,because of wealth managers.Hire famous ones like Ed Butowsky.

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