September 7, 2022
Understanding the landscape
When is the right time for me to prepare my will?
Do I need a lawyer, a financial advisor, or both?
Is there a quick and efficient way to transfer my wealth to my heirs?
How often do I need to review my estate plan?
Our latest research suggests most Canadians are confused by most aspects of estate planning, and these are just some of the questions your clients are actively seeking out answers to. If you’re not equipped to answer them, you should be.
Our survey highlights how the pandemic has changed estate planning conversations and expectations — and reveals Canadian attitudes toward estate planning in general. Here are some of the highlights from that survey.
is expected to move between generations in Canada from 2020 to 20301
of Canadians do not have any of the following: a financial advisor; a written financial plan; a formal estate plan. The number who report having all three is only 13%.2
of Canadians are not discussing inheritance with their heirs3
1 in 5
As many as 1 in 5 Canadians say the pandemic has impacted their approach to estate planning
1 Investor Economics Household Balance Sheet Report—Canada, 2021
2 Manulife State of Estate Planning Survey, 2021.
3 Wealthy Canadians not discussing inheritance with heirs, Advisor’s Edge, 2018
With Canadians expected to bequest and inherit $1 trillion+ of wealth over the next decade – a massive transfer of wealth that requires planning and guidance –you’re in a unique position to:
- help your clients understand what’s at stake,
- find the resources they need to talk about estate planning strategies, and
- recommend investment solutions – like segregated fund contracts -- that can help smooth the way.
We’re here to help you, and your clients, prepare.
Get in touch to learn more:
Advisors, book a meeting with a member of the Manulife Investment Management sales team to discuss wealth transfer challenges and solutions.
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Estate planning advantages of segregated fund solutions
Few investment solutions help minimize the trials and tribulations of estate planning the way a segregated fund contract can.
Settling an estate can be lengthy, frequently taking months or even years, if the will is challenged. With a named beneficiary other than the estate, death benefit proceeds of a segregated fund contract can pass directly to the beneficiary and avoid delays.
Legal, estate administration, and probate4 erode the value of an estate, diminishing the amount of money beneficiaries receive. The proceeds of a segregated fund contract can bypass these fees.
Bypassing the estate, and therefore probate where applicable, can preserve confidentiality as probate is a matter of public record. Payments made to named beneficiaries of an insurance contract don’t flow through the estate and are therefore a private matter.5
Use the annuity settlement option to automatically transfer segregated fund proceeds at the time of death into an annuity. Replace a lump-sum benefit with smaller, scheduled payments while savings of legal, estate administration and probate fees, increased privacy, and potential creditor protection.
Having the death benefit proceeds bypass the estate offers potential protection from estate creditors and will challenges.
Strategies to use with clients
Use the estate cost comparison calculator to generate a customized report that can be shared with clients, and choose from our library of sharable articles and videos
Manulife state of estate planning survey, 2020 Wealth transfer what it is and why it pays to be prepared (infographic) Time is money: Planning an efficient wealth transfer with segregated fund contracts Common wealth transfer mistakes Protecting your nest egg after you’re gone The value of naming a beneficiary Considerations for the power of attorney role Power of attorney case study Protect your legacy: manage four key factors to transfer an inheritance more effectively Be careful with joint ownership The role of the executor Estate planning: the pandemic effect on family finances
Wealth transfer strategies and insights
Will 101 Common wealth transfer mistakes Considerations for the power of attorney role Protect your legacy: manage four key factors to transfer an inheritance more effectively
Wealth transfer strategies and insights for investors in Quebec
The value of naming a beneficiary What is estate planning and why is it important? Protecting your estate after you're gone Death, fees, and taxes
Estate planning videos with John Natale
What is a segregated fund? Segregated funds vs. mutual funds: how do they compare? Get acquainted with segregated funds: Learn the terminology Understanding segregated fund fees Time is money: Planning an efficient wealth transfer with segregated fund contracts
Segregated funds 101
Looking for additional estate planning resources?
Advisor education and resources
Boost your expertise, earn CE credits
The Manulife CE centre offers resources advisors can use to gain insights around helping clients make better estate planning decisions (and earn CE credits at the same time).
- Manulife presents: Estate planning
- Estate planning beyond the will
To access, visit Advisor Portal > Click Sign In > Advisor Portal > Training > CE Centre > Course catalogue
Tax, Retirement & Estate Planning Services
Navigate the complex world of taxation, retirement, and estate planning to help deliver positive outcomes for investors.
Our digital solutions are designed to help streamline your business, so you have more time to focus on meeting your client’s needs and growing your business. Learn about Online Transactions and online reporting.
GIF Select InvestmentPlus
GIF Select InvestmentPlus offers you a complete wealth management solution, providing access to a wide range of segregated funds including fixed income, balanced, and equity solutions, along with Guaranteed Interest Accounts (GIAs).
Manulife Private Investment Pools – MPIP Segregated Pools
This exclusive program offers a wealth-building solution for investors with an investment of at least $100,000 per pool, per contract. The program features competitive fees and tiered management fee reimbursements.
4 Probate does not apply in Quebec.
5 In Saskatchewan, assets are identified on the application for probate despite the fact that they do not flow through the estate and are not subject to probate fees.