Investing

BMO Investorline - Beneficiary records

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  • Mar 19th, 2022 2:30 pm
[OP]
Sr. Member
Mar 17, 2008
510 posts
347 upvotes
Ontario

BMO Investorline - Beneficiary records

My wife and I have 6 accounts at BMOIL. 2 RRIFs, 2 TFSAs and two unregistered accounts.

For estate planning purposes, I need proof of ownership and beneficiaries for these accounts. I have looked on-line and find nothing on the BMOIL site. Seems it SHOULD be there.

We have the application forms we filled in, with beneficiaries named for our TFSAs and RRIFs, but nothing from BMOIL confirming the accounts were actually set up that way. We have a copy of the application for for one joint account, but not the other (they have different primary owners)

We think we know, but my concern is that should one or both of us pass away, the executors will need to know the legal ownership of each account. Same is true for our BMO bank accounts.

Does anyone know if this information is on the BMOIL site somewhere?
3 replies
Member
Nov 24, 2010
207 posts
338 upvotes
Toronto
The non-registered will go to the estate.

For the TFSA and RRIF if you look at the monthly statement you should see the beneficiary information or person on it.
[OP]
Sr. Member
Mar 17, 2008
510 posts
347 upvotes
Ontario
The non-registered accounts are joint accounts. I have since found out that all BMOIL unregistered accounts (except those in Quebec) are JWROS accounts.

They will not initially go to the estate, They automatically go to the co-owner (spouse) . After that, presumably to the estate.

Thanks - I checked the RRIFs/TFSA statements, and they do confirm that BMOIL followed our instructions for Annuitant and Beneficiaries.
Deal Addict
Nov 16, 2006
1502 posts
1563 upvotes
Toronto
I had this on my to-do list, so was very happy to see the question and answer here on the forum. I was able to confirm my husband's successor standing on my BMOIL account, but unfortunately, Scotia iTrade doesn't make mention of a spouse's status on their statements, or anywhere else on their site that I can find. Does anyone here know if iTrade shows these details anywhere on their site?

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