Probate is a process by which a court authenticates the last will and testament of a deceased person. This process includes locating and determining the value of the deceased’s assets, paying their final bills and taxes and distributing the residual value of their estate to the rightful beneficiaries. Many Canadians have concerns about the probate process1:
It lacks privacy The probate process is a public process which can increase the risk of a court challenge from family members or creditors.
It can be costly
Probate fees plus other estate, legal, accounting and executor fees – not to mention payments to other specialists and possibly unintended beneficiaries – can add up quickly.
It can cause delays
The probate process can be lengthy and cause delays in payments to your client’s beneficiaries.
All of this means that their heirs will inherit administrative responsibilities and lower payouts which are delayed!
The Solution: BMO Guaranteed Investment Funds
By naming a beneficiary on a BMO Guaranteed Investment Fund (GIF) policy, the investments bypass probate upon death – which saves your client’s heirs time and money. Combined with death benefit guarantees and creditor protection2, BMO GIFs can be an integral part of a wealth transfer strategy.
Show your clients the impact that probate can have on their estate and how BMO GIFs can help.
1 Probate fees may not apply in Quebec.
2 Creditor protection rules depend on legislation and vary by province. It cannot be guaranteed.
Any amount that is allocated to a segregated fund is invested at the risk of the policy owner and may increase or decrease in value. Any withdrawals will reduce both the Maturity Guarantee Amount and Death Benefit Guarantee Amount proportionately.
BMO Life Assurance Company is the sole issuer and guarantor of the BMO GIF individual variable insurance contract. Please consult the Information Folder (including Policy Provisions & Fund Facts) for details of BMO GIF. | 
