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Solution
It can be very difficult for a family member or friend who has been named executor to fulfill the responsibilities that come with the role at an emotional and often confusing time in their life. At BMO Nesbitt Burns, our Investment Advisors can help clients facing this kind of challenge by suggesting solutions or referring them to appropriate BMO Financial Group professionals who can provide assistance with legal and tax matters, administration and record keeping, and any other matter relating to the administration of an estate.

Because Margaret* has several wishes regarding her estate and inheritance, there are a number of things an Investment Advisor may like her to consider before acting. For example, can she afford to transfer the inheritance to her children or does she need it to fund her own retirement? Will she have sufficient assets to realize her own estate planning goals and objectives? What is the best way to transfer the assets to her children?

An Investment Advisor may help Margaret answer these questions by preparing a detailed Retirement Analysis to determine if she will have sufficient income and assets to fulfill her wishes. If it appears there may be shortfalls, the Investment Advisor can suggest investment options to help eliminate them. He/she may also arrange for an Estate & Insurance Advisor** to meet with Margaret to discuss insurance planning opportunities available for facilitating the transfer of assets to her children while minimizing exposure to taxes.

To realize her goals of charitable giving upon her death and to give her children an equal share of the inheritance from her mother's estate today, an Investment Advisor can help Margaret consider different options for making this transfer, such as making an outright gift to each child, giving each child a loan, creating Registered Education Savings Plans (RESP) for her grandchildren or creating a formal trust with her children and grandchildren as beneficiaries.

An Investment Advisor can also help Margaret consider her estate position today by preparing an estate analysis that clarifies issues involved with the distribution of her estate, allowing her to identify and then work on ways to simplify the process for her children when she dies.

If you're faced with estate issues involving multiple generations, and want to ensure that you're aware of and addressing relevant investment concerns, contact a BMO Nesbitt Burns branch near you or complete our simple online request form to have an Investment Advisor contact you directly.

*Fictional characters. Any similarities between them and actual clients of BMO Nesbitt Burns Inc. are accidental.

**All insurance products are offered through BMO Nesbitt Burns Financial Services Inc. by licensed life insurance agents, and, in Quebec, by financial security advisors.