There may be a Will, But IS There a Way?

    BMO study among wealthy Canadians who are concerned about their
    children's ability to manage their inheritance shows that while most of
    them have a will, doubts remain about the management of their estate.

    TORONTO, June 4 /CNW/ - A new research study by Ipsos Reid commissioned
by BMO Harris Private Banking found that the majority of Canadians with a
significant estate(1) with concerns over estate management have a will or
legal document in place.
    The study reveals that among these high net worth individuals with

    -   80 percent have a will or legal document in place

    -   8 in 10 are expected to leave an estate to their children

    -   1 in 4 (22%) say they are very concerned about their children's
        ability to manage their estate

    "It's interesting that a quarter of all high net worth Canadians have
some concerns about their children's ability to manage their inheritance. But
on a positive note, the survey tells us that 8 out of 10 of those Canadians do
have a Will and have therefore undertaken some form of estate planning," said
Jean Blacklock, Vice President & Managing Director, Wealth Services and Chief
Operating Officer, BMO Trust Company. "We are finding there is an increased
demand from our clients at the Private Bank to help teach children the
essentials about money management."

    Wasteful spending a cause for concern

    The research reveals two main causes for parental concern:

    -   Almost 40 percent cite wasteful spending; and

    -   16 percent believe that their child is under the influence of a
        person that they do not trust

    "We were interested to see that 31 percent of the survey respondents have
included suggestions in their will as to how they want their children to
manage their inheritance, and 43 percent plan to use a trust in their Will as
a result of their concerns. The research suggests that people may have a
number of ideas about how to address these concerns. However, some ideas are
better than others and the purpose of seeking professional advice is to ensure
that the estate plan is sound," said Blacklock.

    Not Just All in the Family

    -   Over three quarters (76 percent) with an estate valued over $500,000
        who are concerned about estate management have discussed their
        concerns with a spouse

    -   Among the same respondents, only 38 percent have discussed with a

    -   1 in 5 respondents do not know how their concern regarding their
        children's lack of fiscal responsibility will impact estate planning

    -   Consulting a professional was not top of mind for over half of high
        net worth respondents concerned with children's estate management

    "It's clear that using the advice of an expert on estate planning can
really provide peace of mind on these concerns," said Blacklock. "The study
results emphasize to us the importance of having deep and trusting
relationships with our clients so that even private family concerns can be
addressed," added Blacklock.

    (1) Estates with $500,000 or more in probatable assets.

    About BMO Harris Private Banking

    BMO Harris Private Banking, part of BMO Financial Group, provides an
integrated wealth management approach to affluent individuals and families.
The private banking team of professionals is comprised of leading specialists
in a variety of disciplines including banking, investment management, estate,
trust and various family office services such as philanthropy and business
succession planning. With branches throughout the U.S., our sister company,
Harris Private Bank, can offer personalized financial services to our Canadian
clients who visit, travel or conduct business south of the border.

    These are some of the findings of an Ipsos poll conducted March 27 to
April 4, 2009. For this survey, a national sample of 536 Canadians with an
estate value of $500,000+ who express concern over how their children will
manage their estate from Ipsos' Canadian online panel were interviewed online.
A survey with an unweighted probability sample of this size and a 100%
response rate would have an estimated margin of error of +/- 4.2 percentage
points 19 times out of 20 of what the results would have been had the entire
adult population of Canadians with an estate value of $500,000+ who express
concern over their children will manage their estate been polled. All sample
surveys and polls may be subject to other sources of error, including, but not
limited to coverage error, and measurement error.

For further information:

For further information: or for an interview with a Representative from
BMO Harris Private Bank please call our Media Contacts: Orli Namian, Toronto,, (416) 867-3996; Lucie Gosselin, Montreal,, (514) 877-1101; Laurie Grant, Vancouver,, (604) 665-7596; Internet:

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