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Will & Estate Planning 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. An effective estate plan preserves your wealth for your family and arranges for its orderly and tax-efficient transfer to your heirs. It can involve wills, powers of attorney and / or trusts. Our experts will work with you to create an innovative and customized estate plan, based on your needs and objectives. Will A will is the cornerstone of an estate plan. It is a written document that directs how your assets are to be distributed at the time of your death. A clear and valid will is an important document with a variety of benefits. Above all, a will gives you the comfort of knowing that your wishes will be respected. A will also helps you to minimize taxes and probate fees; gives you control over the details of the distribution of your estate, including your choice of beneficiaries; and makes it easier and often less expensive to administer your estate. It can ease the strain on your family, while allowing you to support the dependants, family members and charities of your choice. A will gives you control, ease of administration and peace of mind. Power of Attorney A power of attorney for property is a document that authorizes another person or trust company to manage your financial affairs on your behalf should you become incapable of doing so on your own. As family members are not automatically authorized to act on your behalf, a power of attorney provides security and peace of mind. If you own a business, a power of attorney enables you to appoint someone familiar with your business to manage it in the event that you are unable to do so. In these circumstances, you may wish to have two simultaneous powers of attorney. One would name an attorney to manage your business, while the other would appoint an attorney to manage your personal affairs. Trusts A trust is a flexible and tax-efficient way to hold assets for the benefit of others. It is a legal arrangement that transfers legal titles to property to another person or institution. Knowing that your loved ones will be provided for by a trust can give you peace of mind. Trusts can be used for many purposes including:
Inter Vivos Trust An inter vivos vivos trust is created during the lifetime of an individual and can be either revocable or irrevocable. Legal title to property is transferred by an individual to the trustee. Specific instructions are given on how the property is to be used for the benefit of the persons or institutions named in the trust deed. Such trusts, although established during an individual’s lifetime, can continue after the individual’s death. Assets transferred to an inter vivos trust by an individual do not form part of his or her estate and are not subject to probate fees. Testamentary Trust A testamentary trust is a trust created under the terms of a will that comes into effect only upon the death of an individual. Alter Ego and Joint Partner Trusts For individuals who are 65 years of age or older, Alter Ego and Joint Partner trusts can ensure that your assets are properly managed should you become incapable. These trusts allow you to specify exactly how you wish your assets to be managed and administered, and how you and your partner wish to be cared for personally and financially. They can also provide for the administration of your assets after death. Trustee Services Selecting a trustee is an important decision, as it can be a very demanding role. As a result, many of our clients select BMO Trust Company to be their trustee. BMO Harris Private Banking, through 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. We work closely with you, your family and other professionals to protect and maximize your family wealth and ensure that assets pass from one generation to the next in a smooth, orderly manner.
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