Advertisement
Be it for a mistress or a love child, secret beneficiaries are more common than you think. Here's how to make sure they are taken care of.
Q: There’s a woman I’m very close to and I’d like to make sure she’s taken care of financially after my death. How can I discreetly set aside money without my wife knowing?
— ANONYMOUS, CALGARY
A: Be it for a mistress or a love child, these kinds of arrangements are more common than you think, says Toronto estates lawyer Martin Rochwerg. One option is transferring funds to a trust company, which would administer the money to a chosen beneficiary when you die. Because the money is considered a lifetime gift, the trustee would not transfer any annual income back to you—meaning no paper trail. A simpler option is a secret trust where you leave money to a person in your will with the prearranged instructions that they will confidentially give the money to someone else. For example, you could leave money to your good buddy Jim, with the understanding that he would give the funds to your secret beneficiary behind closed doors.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Presented By
Embark Student Corp.
Breaking your mortgage to get a better interest rate could save you thousands of dollars. Here’s what you should...
Has your home insurance premium gone up? We get to the bottom of why rates are on the rise...
You've poured lots of money into your RRSP. How do you get it out without paying a fortune in...
Thinking about a career change or worried you won’t escape the next round of layoffs? Follow our tips to...
You can do more than survive in Canada—choose where to put your wisely and over the long term you'll...
