What is the difference between estate planning and legacy planning?

Estate planning typically deals with the planning for the distribution of assets or wealth through Wills or Trusts. Legacy planning takes the process a step further by adding a personal aspect to reflect your expression of values, beliefs, purpose, and history on the financial and non-financial aspects of wealth.

What is a family foundation and how can it benefit my legacy planning goals?

Like many Canadians, creating a legacy aligned to your personal values, beliefs and convictions is an important wealth planning priority. Establishing a private foundation can help you achieve and give meaning and structure to your philanthropic goals.

What are some common challenges faced by affluent individuals and families when it comes to legacy planning?

Common challenges faced are procrastination and fear of conflict or entitlement. It can be uncomfortable to simply have the conversations that would be beneficial to prepare heirs for their wealth and prepare the wealth for heirs. Your legacy can include family, friends, charitable organizations, or your foundation.

How can I ensure that my legacy planning goals align with my personal values and beliefs?

Thinking about what you would like to share with your heirs about your intentions, values, relationship with money and goals from a family and wealth perspective is a good place to start. At the same time, going through a financial planning process can help clarify necessary steps to follow to weave together your wealth and legacy plans. Your BMO team can help.

How can financial planning be integrated into my legacy planning strategy?

Financial planning is an integral part of understanding your personal, financial, family and business goals and objectives, and mapping out a framework and timeline to follow. There may be different phases through the discovery and consultation process, as well as education on options and strategies so that you can make informed decisions.

Legacy Planning - BMO Private Wealth Canada

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Shape a legacy that fits your unique vision

Get personalized strategies, clear financial insights, and steadfast guidance to help you craft a legacy that mirrors your values and aspirations.

Custom
Creation of an individually tailored roadmap that reflects your distinct aspirations.
Comprehensive
A holistic, flexible planning process based on where you are and where you would like to go.
Counselled
Guided by your values, we provide wise counsel you can rely on to help shape your legacy.

Leave a strong foundation for future generations

Transferring wealth across generations is a multifaceted journey that extends beyond financial assets. It’s about nurturing relationships, fostering values and ensuring your family’s unique story continues.

At BMO Private Wealth, our legacy planning approach goes beyond the numbers. It is rooted in family cohesion, open communication, and strategic wealth management.

Communication with family

Facilitating open and honest conversations among family members about their wealth and legacy plans and its impact on their lives and goals. Making sure that everyone is heard even if they don’t make the final decision.

Wealth preservation

Implementing strategies to both preserve and grow your wealth for the benefit and prosperity of future generations as your family evolves and grows over time.

Education about wealth legacy

Educating your heirs about roles and responsibilities while instilling the values that form the foundation of your legacy. We can help you educate and engage with your family on how to manage, preserve, and steward the family’s wealth for subsequent generations.

Start the conversation

Answer a few questions about your wealth planning needs, and one of our BMO Private Wealth professionals will reach out.

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Our legacy planning approach

At BMO Private Wealth, we take a personalized and comprehensive approach to legacy planning. Our experienced advisors work closely with you to customize a personalized legacy strategy that reflects your unique circumstances and aspirations. Our approach includes:

Determining legacy goals
Whether it’s preserving your family enterprise, transitioning wealth, estate and trust planning or philanthropic endeavours, we delve deep into understanding your goals.
Identifying challenges
We navigate potential challenges together, addressing intricate details to ensure a smooth transition. Our advisors are adept at handling complexities that high net worth individuals like you can face.
Developing legacy plans
Drawing upon our expertise, we develop customized legacy plans that encompass your values and aspirations whether your needs are straightforward or complex. Your plan will be designed to safeguard your wealth and ensure a seamless transfer to future generations.
Taking action
We work with you to implement a flexible roadmap for your legacy plans. We continually adapt your plan as circumstances change to ensure it remains aligned with your intentions. We can also support you with a smooth execution and administration of your plans.