Ensure the financial security of your loved ones
Now that you have built your wealth, you want to safeguard your prosperity for the future. The best way to do that is through effective estate and trust administration. Our estate and trust professionals can help you with all aspects of your estate, including estate settlement, administering trusts, and trustee services.
Generations of Canadians have relied on BMO Harris Private Banking, through BMO Trust Company, to guide their families in the preservation and transfer of their assets. An effective estate and trust plan expresses your deeply held values and priorities – what’s important to you. You want the assurance that
- your loved ones will be protected
- your wishes will be carried out
- the transfer to your heirs will be smooth and orderly
Allow us to look after your interests as you pass on your wealth to the causes you hold dear, your family members, and generations to come.
What are Estate and Trust services?
Based on your needs and objectives, you can choose how you want to work with us:
- trustee services
- estate administration
- investment administration account
- retirement compensation arrangements
BMO Harris Private Banking offers comprehensive estate and trust services to clients who wish to appoint BMO Trust Company as executor or co-executor of their estate. If you have been named executor of an estate and are finding the duties a burden, our Agent for Executor service can provide assistance. We can also assume direct responsibility for managing your assets in trust for your beneficiaries.
What are the benefits of Estate and Trust planning?
- comfort from knowing that an experienced and highly skilled professional is in charge
- convenience of having a dedicated professional as your single point of contact
- peace of mind that you have eased the strain on your family
- support for the dependants, family members, and charities of your choice
- objectivity and compassion as the fiduciary duties are performed
- precise and consolidated reporting
- continuity of the process, which is assured over the long term
- access to a multi-disciplinary team to support the administrative process
- practical and cost-effective options for administering an estate
- confidence that your estate will be administered prudently, efficiently, impartially, and with the highest level of confidentiality
Who needs Estate and Trust Services?
The more complex your business and personal finances, the greater the need for a professionally administered estate and trust plan. Settling an estate involves a considerable amount of work for your family and the executor. Close to 70 separate tasks must be completed; that number increases substantially if the estate is complicated. An executor or trustee who is settling an estate must fulfill his or her fiduciary duties in a timely fashion (a fiduciary duty is the legal obligation of one party to act in the best interests of another). We can help overcome many obstacles:
- long distance – it’s difficult to administer an estate or trust when an executor or trustee lives far away
- responsibility overload – lack of time can be a roadblock to accomplishing essential estate and trust administrative tasks
- family conflict – BMO Trust acts as a neutral third party, which can reduce or avoid family conflict
- continuity – we will be here for the long term, unlike an individual, who may pass away, or move out of the country, for example
How do we work with you?
Once BMO Trust Company has been appointed as executor or trustee, a dedicated estate and trust professional will become your single point of contact. In addition to providing ongoing reporting and communication to the beneficiaries, your estate and trust professional will manage the complexities of the fiduciary role, ensuring that the instructions in the legal documents are adhered to in keeping with legislative requirements. With the best interests of the beneficiaries in mind, your estate and trust professional will work with our BMO Harris Private Banking team of specialists. Your team will work together to provide customized solutions that may include tax-efficient investment strategies or ways for receiving income. As well, other specialists from throughout BMO Financial Group can be called into play when needed.
Knowing that your wealth will be transferred to your heirs with minimal conflict and as efficiently as possible can bring tremendous relief. Our goal is to work with you to make the overwhelming manageable.
Our estate and trust solutions include:
Based on your needs and objectives, you can choose how you want to work with us.
- BMO Harris Private Banking offers comprehensive will and estate planning services to clients who wish to appoint BMO Trust Company as executor of their estate.
- You can appoint BMO Trust Company as your co-executor, along with someone who knows you well and understands how you want your wishes carried out.
- Our Agent for Executor service provides assistance to estate executors in carrying out their administrative duties, which is particularly useful for executors who live far from the estate they’re responsible for.
When it comes to administering an estate, retaining the assistance of a trust company is a practical, cost-effective option. We can also assume direct responsibility for managing your assets in trust for your beneficiaries. BMO Trust Company provides professional services and administration of personal trusts, including acting as trustee of trusts set up during your lifetime or under the provisions of your will.
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