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In a time of loss, we can help
The passing of a loved one or someone close to you is always difficult. Grief can make even the simplest things seem like a burden. At BMO Financial Group, we understand and offer you our assistance in any way we can.
At the best of times, sorting through someone’s life and legacy is no simple matter. When you are dealing with a loss, it can be overwhelming. BMO Financial Group is here to assist you with the many duties and financial tasks that often arise. From answering your questions to assisting you in engaging other professionals, we have the resources and expertise to ease the burden.
How an estate is settled
An Executor, who is named in the Deceased’s Will, is responsible for settling the estate. While the process varies depending on the size and complexity of the estate, it will generally involve:
- Securing all of the Deceased’s assets
- Probating the Will, a court process that validates the Will
- Paying all outstanding bills and liabilities
- Claiming entitlements such as life insurance and survivor benefits
- Distributing assets to beneficiaries
- Preparing and filing of the Deceased’s final Terminal T1 Tax Return
Keep in mind that the estate settlement process may differ depending on the province of residence for the Deceased.
When you are the Executor
Being named as Executor is a great honour. It can also be a significant and time-consuming task. For more details about what an Executor is required to do, download a summary of Executor Tasks.
Acting as an Executor can be challenging if the estate is large, complex or you:
- Live out of the province or some distance away
- Have neither the time nor expertise to do the job
- Anticipate conflict among beneficiaries
Involving BMO Trust Company to help you manage some of the administrative tasks, or engaging other professionals such as a lawyer or an accountant, may be prudent under these circumstances.
Resources to help you
- BMO Trust Company. If you require assistance with completing some of the tasks that are required to settle the estate, the professionals at BMO Trust Company will meet with you to review your needs, answer your questions and offer support.
- Legal Advice. You may need to consult or engage legal counsel, especially if there is a dispute or the courts are to be involved.
- Accounting and tax professionals. If the estate is complex or there are tax issues, you may want to engage an accountant who has experience with estates.
If you need outside resources, we can point you in the right direction. Or you can ask for a referral from a friend or colleague who has had a similar experience. Be sure to ask about fees before you retain anyone’s services.
After the estate is settled
We can continue to be of service, helping beneficiaries with:
- Investing inheritances
- Updating their own estate plans
- Creating a legacy in the name of the Deceased
- Overall financial planning
What do all the terms mean? |
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| bmo.com