Protect, Grow and Transfer Your Wealth for Future Generations

Transcription

1 ADVISOR S GUIDE TO THE INVESTMENT, TRUST AND ESTATE PROGRAM Protect, Grow and Transfer Your Wealth for Future Generations W E A L T H T H A T E N D U R E S

2 Dear Advisor, Welcome to the Advisor s Guide for Fiduciary Trust Company of Canada s Investment, Trust and Estate Program. Advisors tell us they recognize the need for, and wish to, offer wealth transfer services to their clients. Fiduciary Trust Company of Canada would like to help you achieve this goal as your trustworthy and strategic partner. We designed this guide to demonstrate how we add value to you, your practice, and your qualified clients who would most benefit from the services of a professional executor and trustee. In our Advisor s Guide, you will find: Detailed description of our five-stage process, making it easy for you to understand the steps involved in identifying the need and presenting viable solutions; Prospecting tools to assist you in identifying which of your clients are best suited to the Investment, Trust and Estate Program; Helpful letter templates to support you in taking that important first step of communicating with prospects and making them aware of your ability to meet their estate planning needs; and, Additional Resources to help you address various client situations. You will also be able to reference samples of the documentation Fiduciary Trust Company of Canada provides so you and your clients know what to expect. From data gathering to our customized Fee Proposal Package, right through to the Will Plan stage where we work with an outside lawyer of your client s choice to prepare the Will and Power of Attorney / Health Care Directive documents you will see how our Investment, Trust and Estate Program integrates seamlessly with your practice. At a time when client demand for wealth transfer services is reaching unparalleled heights, you can t afford to leave this essential service uncovered. Failure to present this side of a wealth plan offers up an opportunity for others to intercede. A competitor is only too happy to hone in on these gaps and undo years of relationship building. We invite you to read on to see how Fiduciary Trust Company of Canada s Investment, Trust and Estate Program enhances your opportunity to help your qualified clients protect, grow, and transfer their wealth. By establishing a partnership with us today, your future role is secured as you continue to be the Estate s and/or Trust s assigned investment advisor and your ability to establish new relationships with beneficiaries, enhanced. On behalf of all the dedicated professionals of Fiduciary Trust Company of Canada, we welcome the opportunity to be of service. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A

3 TABLE OF CONTENTS Stage 1 Identifying Prospects Why Fiduciary Trust Company of Canada What is an Executor? Duties of an Executor Choosing the Right Executor Rate Your Executor Questionnaire Benefits of Appointing Fiduciary Trust Company of Canada as Executor Sample Fee Quotations Investment, Trust & Estate Program Sample Prospecting Letters Stage 2 Gathering Information Trust and Estate Diagnosis Privacy Policy Consent and Authorization Form Stage 3 Executor & Trustee Services Proposal Estimated Value of Estate Assets Plan of Estate Distribution Executor and Trustee Compensation Agreement Stage 4 Will Plan Lawyer Instruction Letter Will Planning Instructions Power of Attorney Planning Instructions Health Care Directive Planning Instructions Stage 5 Follow-up & Review Client Welcome and Legal Fee Rebate Letter Additional Resources Appendix Features and Benefits of Appointing Fiduciary Trust Company of Canada as Executor/ or Trustee Investment, Trust & Estate Program Advisor-Centric Presentation (Internal Use Only) Fulfillment Form The minimum requirements to qualify for the Investment, Trust and Estate Program are: A minimum investment of $500,000 invested with Franklin Templeton Investments. Total estate value exceeds $1,000,000 or a Trust is created that exceeds $500,000. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A

4 A D V I S O R S G U I D E T O T H E I N V E S T M E N T, T R U S T A N D E S T A T E P R O G R A M STAGE 1: IDENTIFYING PROSPECTS W E A L T H T H A T E N D U R E S

5 I D E N T I F Y I N G P R O S P E C T S HOW IS FIDUCIARY TRUST COMPANY OF CANADA DIFFERENT FROM OTHER TRUST COMPANIES? As an investment advisor, we know that you can choose among several trust companies when your clients require professional executor or trustee services. That s why Fiduciary Trust Company of Canada s Investment, Trust and Estate Program was designed with you in mind. Fiduciary Trust Company of Canada s unique advisor-centered approach to executor and trustee services and our commitment to enriching your client relationships makes us stand apart from other trust companies. Fiduciary Trust Company of Canada is the only federally licensed trust company in Canada distributing our services nationwide through financial advisors. Our approach is to partner with you. With our focus on helping you grow your business by acquiring new clients and consolidating and retaining existing clients assets, several benefits accrue to you immediately when you refer one of your clients to us: FIDUCIARY TRUST COMPANY OF CANADA 1. Respects your relationship with your clients. When you refer your client to Fiduciary Trust Company of Canada, you remain in control of the relationship. We will not communicate directly with your client unless you want us to. 2. Works with you to enhance your position as the client s most trusted advisor. Our goal is always to ensure that your client appreciates your ability to gather expert advice and to present it in an unbiased manner. 3. Will never steal your client from you. We always respect the source of our referrals and we will never make a recommendation to a client that may result in divestment or second guessing of your advice. All requests from your clients for advice on their investments, insurance, or other financial products will be referred back to you. 4. Makes it worthwhile for clients to consolidate more assets with you, and to keep their accounts with you for many years. Our Executor and Trustee Compensation Agreement rewards clients by offering lower fees when clients increase the amount they have invested with Franklin Templeton Investments (on your books), and even lower fees when those investments have been held for a long time. Fee quotes are transparent. 5. Helps you significantly increase your client s loyalty to you. When clients have appointed the joint team of Fiduciary Trust Company of Canada as executor and trustee, and yourself as investment advisor to any Trusts arising under their Will, they have scaled the loyalty ladder and entrusted you to look after the transfer of their wealth to their loved ones after they are gone. Once this level of trust has been built, clients are often very reluctant to change advisors. 6. Helps you increase the resale value of your business. If many of your clients have Wills appointing you as investment advisor to their estates, you can demonstrate to a prospective buyer of your business that your client assets are likely to stay on your books even upon death. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 1. 1

6 I D E N T I F Y I N G P R O S P E C T S cont d Eventually, succession of wealth is inevitable and the Fiduciary Trust Company of Canada Investment, Trust & Estate Program is here to assist upon transition and help preserve the relationships you have fostered and secure new ones. 1. Helps you to continue to manage your client s assets through Trusts arising from their estate. We will instruct the lawyer who prepares your client s Will to include a special clause in the Will that names you as investment advisor to any Trusts under the Will. This secures your position as the preferred advisor. 2. Helps you to acquire inheriting beneficiaries as new clients. Upon your client s death, if you choose, we can keep you actively involved in communications with the inheriting beneficiaries throughout the administration of the estate. You will have the opportunity to earn their confidence and you will be the logical choice when they require investment advice regarding their inheritance. 3. Helps you to keep Trust assets on your books. Most other trust companies insist that Trust assets be held on their books. Fiduciary Trust Company of Canada can act as Trustee and administer trusts with assets held on your dealer s books, so you can supervise the account and be paid as you are on all of your accounts. 4. Helps you keep your clients even if you change dealers. If you decide to move your business to a new dealership, your appointment as investment advisor to the Trusts being administered by Fiduciary Trust Company of Canada can move with you. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 1. 2

7 I D E N T I F Y I N G P R O S P E C T S WHAT IS AN EXECUTOR? An executor is the person or trust company that you name in your Will to administer your estate after death. Your executor carries out your wishes as stated in your Will. Before choosing an executor, it is important to understand their duties and responsibilities, so you can decide if they have the necessary time and skills to look after your affairs. DUTIES OF AN EXECUTOR Even a simple estate demands that your executor perform a large number of duties with skill and care. Preliminary Duties Read and interpret Will Meet with family Ensure appropriate funeral arrangements are made Communicate with all beneficiaries in Will Become familiar with deceased s financial affairs Protect Estate Assets Take possession and control of all assets Re-direct mail, cancel subscriptions, etc. Review insurance required on estate assets Protect real estate Ensure estate money is invested appropriately Ensure dividends, interest, rent, etc. are collected Ensure active business interests are under skilled management Assemble Complete Inventory of Assets and Liabilities Write to bankers, brokers, business associates, etc. to obtain detailed information Complete claims for life insurance, and company and government pensions Determine date of death and adjusted cost base values of all investments Determine fair market value of real estate, cars, household and personal effects Determine value of private company business interests Advertise for creditors and claimants Determine value of all liabilities including taxable capital gains Prepare inventory of assets and liabilities Obtain Probate from Court Instruct solicitor to apply for probate Arrange probate of Will from court Pay probate fees to court Obtain copies of Grant of Probate to deal with estate assets F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 1. 3

8 I D E N T I F Y I N G P R O S P E C T S DUTIES OF AN EXECUTOR, cont... Administer Estate Register assets in estate s name Deliver household and personal effects bequeathed to beneficiaries Convert assets to cash to pay off debts and taxes if necessary Close out bank, brokerage accounts, safety deposit boxes, collect insurance proceeds Manage succession of private business interests Transfer, wind-up, or sell, privately held companies as per Will and partnership agreements Arrange for and sell real estate as well as any remaining assets per instructions in Will Prepare and file income tax returns Obtain clearance from Revenue Canada & Minister of Revenue of Quebec Distribute Estate Pay legacies, other bequests, and residue of estate Discharge mortgages and other debts Submit full accounting to beneficiaries and obtain release Establish trust(s) per instructions in Will Act as trustee per instructions in Will EXECUTORS WORK WITH MANY OTHER PARTIES Investment Companies Lawyers Beneficiaries Revenue Canada Accountant Insurance Companies Company Pension Departments EXECUTOR Stock Brokers Government Pension Departments Financial Institutions Mortgage Lenders Real Estate Agents Auctioneers & Appraisers Business Partners F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 1. 4

9 I D E N T I F Y I N G P R O S P E C T S CHOOSING THE RIGHT EXECUTOR Being an executor is a challenging job. Your executor should be: Trustworthy Willing, and have the time to act. Impartial toward all beneficiaries. Able to make decisions in a timely fashion. Proficient in business, investment and administrative matters at a level sufficient to handle your estate. Knowledgeable and experienced in estate and trust law and administration. WHO SHOULD YOU CHOOSE AS AN EXECUTOR? Many people name a family member or a friend as their executor because they wish to demonstrate that they trust and respect the executor. It may seem that this is an honour. In reality it is a huge favour to ask of someone, and possibly a real imposition. Many people who serve as executors experience: Difficulty handling financial matters at such an emotional time. Difficulty administering the estate due to distance, lack of time, knowledge or ability. Personal criticism from family members and friends who disapprove of how things are being handled, no matter how well intended and proper the executor s actions are. Challenges from family members excluded from the Will. Conflict of interest from being appointed executor and also being a beneficiary or business partner. Personal liability for mistakes made while administering the estate. If your estate is straightforward, it may make sense to appoint your spouse or adult children as executor, as long as you believe that they will be available, capable of handling the duties, and able to act without bias. On the other hand, following are some common reasons people choose to appoint a professional executor such as Fiduciary Trust Company of Canada: You do not wish to burden your family or friends. Your family lives far away, or those that live near you are not the people you would choose as your executor. You realize that none of your family or friends has the time or expertise to administer your estate. The person you are considering may predecease you. You are concerned family members appointed as co-executors would not get along and would have difficulty making decisions. You suspect that there may be family conflict between some beneficiaries of your estate and you need an executor who will be absolutely impartial. Your will create a trust which will require professional management for an extended period of time. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 1. 5

10 I D E N T I F Y I N G P R O S P E C T S RATE YOUR EXECUTOR Will you leave an estate worth $1 million or more to your beneficiaries? If so, you should consider the following questions before you decide who your executor should be: 1. Are they knowledgeable about: a) estate and trust laws? Yes No b) taxation of estates and trusts? Yes No c) asset valuation? Yes No d) insurance? Yes No e) real estate? Yes No f) investments? Yes No g) accounting? Yes No 2. Will they: a) be available when the time comes to act? Yes No b) live in the same province as you? Yes No c) likely out-live you? Yes No d) be able to take time off work to settle your estate? Yes No 3. Will they be able to act impartially towards all beneficiaries? Yes No 4. Will they be available, possibly for many years, to serve as trustee on behalf of your children? Yes No 5. Will they be able to work together with other co-executors you may appoint? Yes No 6. Are they aware that they could be held personally liable for any mistakes made in settling your estate? Yes No 7. Have you advised them of the location and contents of your Will? Yes No 8. Have they agreed to act? Yes No 9. Do you know how much they will charge? Yes No If the answer to any of these questions is No, you should consider the benefits of appointing Fiduciary Trust Company of Canada as your executor. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 1. 6

11 I D E N T I F Y I N G P R O S P E C T S BENEFITS OF APPOINTING FIDUCIARY TRUST COMPANY OF CANADA AS EXECUTOR Permanence: Fiduciary Trust Company of Canada will always be available and ready to serve as your executor. Judgment: Fiduciary Trust Company of Canada will make solid, carefully considered business decisions regarding your estate. Our experienced professionals work as a team, bringing diverse backgrounds, training, and experience to bear upon major decisions. The result is more care and ultimately, better decisions. Impartiality: Fiduciary Trust Company of Canada will never favour one beneficiary over another. Beneficiaries will be treated fairly and respectfully, and all interests will be balanced. Expertise: Most individuals have never acted as executor before, and must learn on the job. The professionals at Fiduciary Trust Company of Canada have specialized knowledge and training, and have direct experience administering a large number of estates. We have already encountered most situations that arise in the course of settling an estate, and know how to respond. In addition to our qualities as a professional corporate executor, Fiduciary Trust Company of Canada also offers these benefits: Clear Expectations regarding Executor Fees: Fiduciary Trust Company of Canada commits to a customized Fee Quotation at the time that you create your Will. You, and your beneficiaries, will know in advance how much our executor services will cost your estate. Our Fee Agreement results in complete disclosure of all fees and charges before work commences. Access to the global resources of Franklin Templeton Investments: Fiduciary Trust Company of Canada is backed by the financial stability of Franklin Templeton Investments Corp., one of the largest investment management companies in North America, with offices around the world. In the unlikely event of an error, we have the resources to protect your estate from loss. We also invest in the best systems, technology, and infrastructure to enhance our level of client service. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 1. 7

12 I D E N T I F Y I N G P R O S P E C T S SAMPLE FEE QUOTATIONS Fiduciary Trust Company of Canada provides customized executor fee quotations. This approach enables us to reward clients who consolidate more assets with Franklin Templeton Investments, and who are loyal to Franklin Templeton Investments for extended periods of time. The following examples illustrate how consolidation and loyalty are beneficial in reducing a client s total executor fee. Scenario A This client qualifies for the Investment, Trust & Estate Program, including the legal fee rebate, by having over $500,000 already invested with Franklin Templeton Investments (split between registered and non-registered assets). Further consolidation with Franklin Templeton Investments will reduce the Executor s fee on the consolidated assets from 2.00% to 1.50% immediately, and to 1.00% if the assets have been with Franklin Templeton Investments for 10 years plus. Executor s fee rates are customized to reflect the size and complexity of each individual estate. The rates shown below may not be typical in all situations Estate Asset Fee Factor Current Valuation Estimated Fee Real Estate Principal residence 1.00% $300,000 $3,000 Registered investment plans Passing directly to named beneficiary 0.00% - - Managed by Franklin Templeton Investments (10 years plus) 1.00% $407,000 $4,070 Managed by Franklin Templeton Investments (1 to 10 years) 1.50% - - Non-Franklin Templeton Investments accounts 2.00% - - Publicly traded securities (non-registered) Passing by survivorship 0.00% - - Managed by Franklin Templeton Investments (10 years plus) 1.00% $377,000 $3,770 Managed by Franklin Templeton Investments (1 to 10 years) 1.50% - - Non-Franklin Templeton Investments accounts 2.00% $2,844,000 $56,880 Personal property Automobile(s) 2.00% $20,000 $400 Art 2.00% $15,000 $300 Jewellery 2.00% $16,000 $320 Other collections 2.00% $17,000 $340 Estimated Total Executor Fee 1.73% $3,996,000 $69,080 F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 1. 8

13 I D E N T I F Y I N G P R O S P E C T S SAMPLE FEE QUOTATIONS, cont d Scenario B This client is not currently qualified for the Investment, Trust & Estate Program, because they have only $235,000 invested with Franklin Templeton Investments. To qualify for the Investment, Trust & Estate Program, they need to move at least $265,000 into new Franklin Templeton Investments. Working with their Advisor, they make a plan to invest these assets in the next 3 months, when their bank GIC s mature. Fiduciary Trust Company of Canada agrees to provide a fee quote because the client will qualify in a short period of time. By investing additional funds with Franklin Templeton Investments, they will now qualify for the legal fee rebate, and also reduce the Executor s fee rate on those assets from 2.50%* to 1.50%. If the assets are managed by Franklin Templeton Investments for more than 10 years, the Executor s fee rate will fall to 1.00%. Executor s fee rates are customized to reflect the size and complexity of each individual estate. The rates shown below may not be typical in all situations. Estate Asset Fee Factor Current Valuation Estimated Fee Real Estate Principal residence 2.00% $325,000 $6,500 Publicly traded securities (non-registered) Passing by survivorship 0.00% Managed by Franklin Templeton Investments (10 years plus) 1.00% Managed by Franklin Templeton Investments (1 to 10 years) 1.50% $235,000 $3,525 Non-Franklin Templeton Investments accounts 2.50%* $440,000 $11,000 Cash and Cash Equivalent Bank accounts 2.00% $8,000 $160 Estimated Total Executor Fee 2.10% $1,008,000 $21,185 * Non-Franklin Templeton Investments Asset fee factor varies based on estate value and the underlying nature of the assets. Fiduciary Trust Company of Canada (FTCC), is a fully owned subsidiary of Franklin Templeton Investments Corp. It is a fully licensed Trust Company registered to provide services in each province across Canada. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 1. 9

14 I D E N T I F Y I N G P R O S P E C T S POTENTIAL CLIENT LETTER Date Dear Client: In my business, I work with clients who are at different stages in their lives. Recently, one of my clients had to act as executor of his mother s estate. He told me that he found it very difficult finding the time away from his business to attend to matters, and because he was also grieving the loss of his mother it was one of the most difficult experiences in his life. He said initially he was honoured that his mother had asked him to be her executor, but a year later he vowed that he would never do it again. My client s experience made me realize that sometimes we take for granted that a member of our family is the best person to act as executor or trustee of our estate. But often this is a very heavy burden to place on our loved ones. Sometimes the services of a professional executor and/or trustee are the best solution to this dilemma. As your advisor, I m excited when I can introduce you to new services that I believe may be valuable to you. Recently, I have been working with a company called Fiduciary Trust Company of Canada (a subsidiary of Franklin Templeton Investments) that is in the business of acting as a professional executor and trustee. Many clients choose to appoint Fiduciary Trust Company of Canada as their executor for one or more of the following reasons: They do not wish to burden their family or friends. Their family lives far away, or those that live nearby are not the people they would choose as their executor. They realize that none of their family or friends has the time or expertise to administer their estate. The person they are considering may predecease them. They are concerned family members appointed as co-executors would not get along and would have difficulty making decisions. They suspect that there may be family conflict between some beneficiaries of their estate and they need an executor who will be absolutely impartial. Their Will creates a trust which will require professional management for an extended period of time. I would like to help you decide if you could benefit from the professional executor and trustee services offered by Fiduciary Trust Company of Canada. Please take a few minutes to review the enclosed Rate Your Executor questionnaire. If you decide that you would like to consider appointing Fiduciary Trust Company of Canada as your executor and/or trustee, I can introduce you to a complete estate planning program offered by Fiduciary Trust Company of Canada and determine if you qualify. Please call me / I will call you soon to discuss this opportunity and help you decide if this program makes sense given your circumstances. Sincerely, Advisor s Name Advisor s Title / Company Use this letter to promote the benefits of a Corporate Executor to your client when you do not know enough about your client s situation to determine whether or not they need the services of a Corporate Executor and/or Trustee. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E

15 I D E N T I F Y I N G P R O S P E C T S PRESUMED QUALIFIED CLIENT LETTER Date Dear Client: As your advisor, I m excited when I can introduce you to new services that I believe may be valuable to you. Based on what I know about your current situation, I think you and your family could benefit from the professional executor and trustee services offered by Fiduciary Trust Company of Canada. Please take a few minutes to review the enclosed Rate Your Executor questionnaire. I think that Fiduciary Trust Company of Canada s services might interest you because: [Delete benefits that are not applicable to your client. Insert specific references to the client s situation if appropriate.] Unlike private individuals, Fiduciary Trust Company of Canada will always be available and ready to serve as your executor. Fiduciary Trust Company of Canada will make solid, carefully considered business decisions regarding your estate. Fiduciary Trust Company of Canada will never favour one beneficiary over another. Beneficiaries will be treated fairly and respectfully and all interests will be balanced. The professionals at Fiduciary Trust Company of Canada have specialized knowledge and training, and have direct experience administering a large number of estates. They have already encountered most situations that arise in the course of settling an estate, and they know how to respond. I can help you determine if you are qualified for this service (a minimum investment is required, and you must decide to appoint Fiduciary Trust Company of Canada as your executor and/or trustee in your Will). By participating in this program, I can arrange for you to receive independent and expert advice about your estate from Fiduciary Trust Company of Canada. They will work with me and your lawyer (Fiduciary Trust can refer you to an experienced estate lawyer if you need one) to ensure that your estate plan is solid and well documented. As a result of this planning, we can help you create all of the legal documents needed to protect your estate and ensure that your wishes are carried out exactly as you intend. You may need to create a new Will to take effect upon your death, and other documents that protect you in the event of disability. And, if you qualify for Fiduciary Trust Company of Canada s program, you will be eligible to receive a legal fee rebate to offset some or all of the cost of obtaining a new Will. Please call me / I will call you soon to discuss this opportunity and help you decide if this program is a good idea for you. Sincerely, Advisor s Name Advisor s Title / Company Use this letter if you have a good understanding of your client s financial situation and why they would benefit from the services of a Corporate Executor and/or Trustee. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E

16 A D V I S O R S G U I D E T O T H E I N V E S T M E N T, T R U S T A N D E S T A T E P R O G R A M STAGE 2: GATHERING INFORMATION W E A L T H T H A T E N D U R E S

17 G A T H E R I N G I N F O R M A T I O N TRUST AND ESTATE DIAGNOSIS NOW EDITABLE! Name Date Note: This document is intended to collect information, not advise or recommend solutions. A legal professional will interpret this information, provide advice and prepare the necessary legal documents. It is possible that additional information or clarification may be required from you. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 2. 1

18 G A T H E R I N G I N F O R M A T I O N SECTION 1 PERSONAL INFORMATION Client Title ( Mr./ Mrs./ Miss/ Ms./ Dr.) Last Name:... First Name:... Middle Initial(s):... Permanent Address:... City:... Province:... Postal Code:... Mailing Address:... City:... Province:... Postal Code:... Home Telephone:... Business Telephone:... Fax: Date of Birth:... Place of Birth:... Citizenship:... Residency for tax purposes:... Spouse/Partner Title ( Mr./ Mrs./ Miss/ Ms./ Dr.) Last Name:... First Name:... Middle Initial(s):... Permanent Address: Same as client City:... Province:... Postal Code:... Mailing Address: Same as client City:... Province:... Postal Code:... Home Telephone:... Business Telephone:... Fax: Date of Birth:... Place of Birth:... Citizenship:... Residency for tax purposes:... F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 2. 2

19 G A T H E R I N G I N F O R M A T I O N MARITAL STATUS Client Married Single Common Law Date of Marriage/Co-habitation:... Marriage Contract/Co-habitation agreement Yes No (Please provide a copy) Separated Divorced Widowed From Whom & Date:... Matrimonial Property settlement Yes No Maintenance agreement Yes No (Please provide a copy) Location of Safety Deposit Box:... Location of Personal Papers Safety Deposit Box Other Describe contents: Do you have an existing Will? Yes No Do you have Multiple Wills? Yes No Do you have an existing Power of Attorney? Yes No Do you have an existing Health Directive? Yes No Spouse/Partner Married Single Common Law Date of Marriage/Co-habitation:... Marriage Contract/Co-habitation agreement Yes No (Please provide a copy) Separated Divorced Widowed From Whom & Date:... Matrimonial Property settlement Yes No Maintenance agreement Yes No (Please provide a copy) Location of Safety Deposit Box:... Location of Personal Papers Safety Deposit Box Other Describe contents: Do you have an existing Will? Yes No Do you have Multiple Wills? Yes No Do you have an existing Power of Attorney? Yes No Do you have an existing Health Directive? Yes No F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 2. 3

20 G A T H E R I N G I N F O R M A T I O N YOUR FAMILY Please list all of your children, including children from previous marriage(s), from outside of marriage and adopted children. Full Legal Name Address Date of Birth Marital Status Children Relationship to Client/ Co-client Citizenship Country of Residence If more than 4 children, please include details on the Notes page. Do any of the following issue(s) apply to your family? (If yes, please provide name and/or details) Mental or physical disabilities Yes No... Social assistance payments received Yes No... Questionable financial maturity Yes No... Spendthrift issues Yes No... Marital issues Yes No... Substance abuse Yes No... Other (Please describe)... F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 2. 4

21 G A T H E R I N G I N F O R M A T I O N YOUR PROFESSIONAL ADVISORS Investment Advisor:... Firm:... Address and Telephone No. : Lawyer:... Use independent legal counsel recommended by Fiduciary Trust Company of Canada. Fiduciary Trust Company of Canada has enlisted the services of estate, trust and tax planning specialists across Canada to ensure quality of advice and professionalism. Use client s existing lawyer. Firm:... Address and Telephone No.:... Accountant:... Firm:... Address and Telephone No.:... Banker*:... Firm:... Address and Telephone No.:... Insurance Agent:... Firm:... Address and Telephone No.:... Physician:... Firm:... Address and Telephone No.:... Other:... Firm:... Address and Telephone No.: * If more than one, specify other(s) under General Notes Section. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 2. 5

22 G A T H E R I N G I N F O R M A T I O N SECTION II Who will administer your Estate and Trust(s)? Who will look after your dependents? Appointments Within Your Will (A) Executor and Trustee: First to die (or upon first death): Surviving Spouse Only Fiduciary Trust Company of Canada as Sole Executor/Trustee Fiduciary Trust Company of Canada as Co-Executor/Co-Trustee with Surviving Spouse Fiduciary Trust Company of Canada as Co-Executor/Co-Trustee with (Please list full name and address)... Other (Please list names and addresses)... Last to die (or upon last death): Fiduciary Trust Company of Canada as Sole Executor/Trustee Fiduciary Trust Company of Canada as Co-Executor/Co-Trustee with (Please list full name and address) Note: Upon receipt of this questionnaire Fiduciary Trust Company of Canada will complete a customized fee quote for Executor and Trustee services. If you have chosen another individual as Co-Executor with Fiduciary Trust Company of Canada, it is important that you inform them of their duties and document how they will be compensated. (B) Guardian of Minor Children Not Applicable Please list name of child, name(s) and address(s) of Nominated Guardian(s) Alternate(s):... Note: It is important to inform your nominated guardian of responsibilities and duties. Please list any comments or requests regarding the care and well-being of your children: F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 2. 6

23 G A T H E R I N G I N F O R M A T I O N SECTION III Who gets what & when? (A) Distribution of Your Estate Leave Spouse/Partner all residue upon your death Yes No (If No, describe below) Note: Residue is the portion of the estate remaining after all debts, taxes, specific bequests, administrative fees and expenses are paid. In the event your Spouse/Partner pre-deceases you, distribute your estate residue equally among all your children. Yes No (If no, please describe below) In the event that one or more of your children pre-deceases you (or dies before receiving balance of their share) is it your wish that their portion of the estate be distributed in the following order?: Yes No (If No, please describe below) 1) To the children of your deceased child (i.e. your grandchildren) 2) If no children of your deceased child exist, your surviving children receive remaining share in equal amounts 3) Other:... What age did you want your children and/or grandchildren to receive a distribution? Note: The funds would be held in-trust until they reach your specified age OR ages. 18* Other Note: confirm ages by checking the appropriate box or add your own preferred age for distribution. Specific Bequests (i.e.) cash or other property to friends/relatives/charities, etc. 1)... 2)... 3)... 4)... 5)... *Age of majority is 19 in BC, NB, NFLD, NS, North West Territories, Nunavut and Yukon. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 2. 7

24 G A T H E R I N G I N F O R M A T I O N cont d (B) Distribution of Your Household and Personal Goods Upon Client s death: First to Spouse/Partner See Memorandum listing specific items for recipients Other (Please describe) Upon Spouse s/partner s death: See Memorandum listing specific items for recipients Other (Please describe) General notes if required (C) Assets and Liabilities Inventory You do not have to complete areas where you have provided statements or copies. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 2. 8

25 G A T H E R I N G I N F O R M A T I O N cont d Assets Primary Residence Owner Address (Client, Co-Client, Joint) Current Market Value Investment Property and/or Recreational Property Owner Adjusted Name/Address (Client, Co-Client, Joint) Cost Base Current Market Value Non-Registered Investment Accounts (including cash deposits at bank or trust company). Please attach statements where applicable. Owner Adjusted Name (Client, Co-Client, Joint) Cost Base Current Market Value Franklin Templeton Investments Current Assets Franklin Templeton Investments Planned Assets Private Loans/Notes Yes No Private Mortgage Yes No In the event of death; Private Loans, Mortgages & Notes Forgive Repay F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E 2. 9

26 G A T H E R I N G I N F O R M A T I O N cont d Assets Registered Investment Accounts (Please attach statements where applicable) Type (eg. RRSP, Spousal RRSP, RRIF, LIF, LRIF) Owner Beneficiary Current Market Value Franklin Templeton Investments Current Assets Franklin Templeton Investments Planned Assets Pension (Please attach statements where applicable) Not Applicable Pension Type Client Client Beneficiary Spouse/Partner Spouse /Partner Beneficiary Company Yes No Yes No CPP Yes No Yes No Joint Beneficiary Yes No Yes No Life Insurance Insurer Owner Beneficiary Value Lifestyle Assets (Significant personal property) Item (eg. car, boat, aircraft, jewelry, etc.) Owner Current Market Value F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E

27 G A T H E R I N G I N F O R M A T I O N cont d Business Interests/Private Companies/Farming Interests Name/Description Owner Market Value Franklin Templeton Investments Current Assets Franklin Templeton Investments Planned Assets Liabilities Name/Description Owner Market Value Do Any of the Following Apply? Personal Guarantee Yes No Private Loans/Notes Yes No Private Mortgage Yes No Director and/or Senior Management of a Company Yes No Executor and/or Trustee Yes No Business Risks Yes No If you answer yes to any of the above questions, please provide additional details below: To the best of your knowledge, is there any pending/on-going litigation against you? No Yes (If yes, please describe) F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E

28 G A T H E R I N G I N F O R M A T I O N SECTION IV Who will make decisions for me if I am no longer capable? Wealth Protection in the Event of Incapacity (A) Power of Attorney What is a Power of Attorney? A Power of Attorney is a legal document that gives one or more persons the power to manage an individual s financial affairs. Note: an attorney in this context does not imply a lawyer, this could be anyone you designate. Who do you appoint as your Attorney? Surviving Spouse only Fiduciary Trust Company of Canada as Attorney Fiduciary Trust Company of Canada as Co-Attorney with Surviving Spouse Fiduciary Trust Company of Canada as Co-Attorney with (Please list names and addresses)... Other [(Please list names and address(es)]... If you have more than one attorney, please indicate the preferred decision making process: Jointly Jointly, either one acting alone Majority Rule Have you informed your attorney of their duties?: Yes No Please choose the type of Power of Attorney: Enduring: Giving the power to perform all financial acts, such as paying your bills, arranging a mortgage, selling your investments, or withdrawing money from your bank. The Enduring Power of Attorney continues even if you become mentally incompetent. Do you want this Enduring Power of Attorney to only come into effect upon conclusive proof of mental incapacity? Yes No General: Giving the power to perform all financial acts, such as paying your bills, arranging a mortgage, selling your investments, or withdrawing money from your bank. Limited: Limited to a specific period of time or to a specific transaction, such as selling your house, while you are out of the country, performing banking transactions, or handling your Canada Pension Plan cheques because you find it difficult to attend to these. Notes: (1) A Power of Attorney document is automatically revoked: (i) by your death (ii) by mental incapacity, unless it is an enduring or continuing Power of Attorney (iii) by the death of your attorney, unless an alternate is named (iv) by formal, witnessed revocation in some provinces (v) by delivering a letter to your attorney stating that it has been revoked (vi) by the public trustee if your attorney is acting inappropriately F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E

29 G A T H E R I N G I N F O R M A T I O N cont d... (2) If you are later asked to sign a Power of Attorney at your bank or trust company, please follow one of two options below: (i) Provide a copy of your existing Power of Attorney instead of signing the bank s Power of Attorney (Note: this is not an option if you have an Enduring or General Power of Attorney and if you only want your attorney to have access to a specific bank account, not all financial acts.) (ii) Ensure that the bank s Power of Attorney contains wording to the effect I am not revoking any previous Power of Attorney documents. I want multiple Power of Attorney documents. (3) If your Estate is large or complex, consider setting up a Living Trust, instead of a Power of Attorney. (B) Health Directive What is a Health Directive? A Health Directive is an advanced health care directive that indicates your wishes regarding the types or degree of healthcare or medical intervention you would like to receive or refuse when you are unable to speak for yourself. In this case you would appoint an agent. Who do you appoint as your Agent? Spouse Other (Please list names(s) and address(s)) (Note: A corporation such as Fiduciary Trust Company of Canada cannot act as an Agent). Alternate(s):... Have you informed your Agent of their duties?: Yes No Confirm the following statements to be included in your Health Directive as related to any matter of a non-financial nature: My health care Yes No My accommodation Yes No With whom I may live and associate Yes No My participation in social, educational and employment activities Yes No Legal matters that do not relate to my estate Yes No Primary guidelines for health care service providers: (Please check those that apply) I want all diagnostic and therapeutic interventions, which can be reasonably expected to allow me to regain the capacity to make my own decisions. If I am not expected to regain the capacity to make my own decisions, then I want treatment only if such treatment will relieve pain and suffering. Comfort care should be given even if the effect is to shorten my survival. Specific issue/requests: (i.e.) If you want to be an organ donor, make it clear that you can be left on a ventilator for that purpose. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E

30 G A T H E R I N G I N F O R M A T I O N PRIVACY POLICY We take our commitment to your privacy seriously We all want to feel safe about the information we give to financial institutions. That s why Fiduciary Trust Company of Canada is committed to safe-guarding information provided to us by investment representatives or by individual securityholders of our products and customers of our services. Please take a few minutes to read about how we protect the confidentiality of non-public personal information. Who we are and how our Privacy Policy serves to protect you Fiduciary Trust Company of Canada is a wholly owned subsidiary of Franklin Templeton Investments Corp., which is part of Franklin Templeton Investments, a global investment organization, comprised of the various subsidiaries of Franklin Resources, Inc. The organization provides global and domestic investment management, securityholder and distribution services to the Franklin Templeton Investments products, high net worth and institutional accounts, as well as separate account management services, and trust and custodial products and services. The Franklin Templeton Investments products, Franklin Templeton Investments Corp., and Fiduciary Trust Company of Canada (together referred to as we, our, and us throughout this notice) do not sell or share non-public personal information of individuals outside of Franklin Templeton Investments, except as is permitted by law. Our privacy statement describes the steps we take to protect each individual s information and explains when non-public personal information about current or former customers may be shared with other parties. What type of information do we collect? When you, as an individual, invest in our products or engage our services, your investment representative or you provide us with your non-public personal information.we collect and use this information to service your accounts, provide you with the desired services and respond to your requests. The non-public personal information we collect falls into the following three categories: Information we receive from you on applications or know your client forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, social insurance number, investment selection, beneficiary information, account holdings, financial situation and possibly your personal bank account information if you are signing up for certain account options that involve the transmission of money between your bank account and your account with us. Information about your portfolio, transactions and account history with us. This category also includes your communications to us concerning your portfolio, investments or accounts. Other general information that we may obtain about you such as demographic information. To offer you a broad range of products and services, we may share information under limited circumstances In order to better service your accounts and provide you with more choices, we may share non-public personal information under the limited circumstances described on the back: Within Franklin Templeton Investments Franklin Templeton Investments works as an organization to provide products and services that benefit our customer base. We may share all three categories of non-public personal information among ourselves (that is, among the Franklin Templeton Investments products, Franklin Templeton Investments Corp., Fiduciary Trust Company of Canada and FTC Investor Services Inc.). We may also share information with other Franklin Templeton Investments companies. F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E

31 G A T H E R I N G I N F O R M A T I O N PRIVACY POLICY, cont... Outside of Franklin Templeton Investments We share all three types of non-public personal information with third party companies outside of Franklin Templeton Investments only as permitted by law. Below are some examples of third parties to whom we may disclose non-public personal information. While these examples do not cover every situation permitted under the law, we hope they help you understand how your information may be shared. We may share non-public personal information: With companies that work for us to service your accounts, or to provide services or process transactions you ve requested. For example, we may use companies to assist us with mailing statements, processing cheques, or providing online transaction or account maintenance capabilities. With a party representing you, such as your investment representative, or to other third parties at your direction/consent. When permitted or required by law, such as in response to a subpoena or other legal process or the use of your social insurance number to submit tax reports to Canada Customs and Revenue Agency. Additionally, we may disclose all three types of non-public personal information to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. If this occurs we will ensure that the outside companies with whom we do business are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we ve asked them to perform. If you wish to withdraw consent to your personal information being collected, used and disclosed for the purposes listed above, please contact us at the number or address listed below. However, in some circumstances, legal requirements may prevent you from withholding or withdrawing consent. We may also limit the products and services we provide to you if you withhold or withdraw consent if the collection, use and disclosure of your personal information is necessary for provision of that product or service. Confidentiality and security Our employees are required to follow procedures with respect to maintaining the confidentiality of our customers nonpublic personal information. Additionally, we maintain physical, electronic, and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing customer information and making changes when appropriate. Keeping current Through account statements and telephone account access, we provide you with access to your account information. If, for any reason, your account information needs to be updated or changed, please contact us immediately at the customer service phone numbers listed below. We will promptly correct the information and address any inquiries. We ll review our Privacy Policy We will review our Privacy Policy annually. Periodically we may revise our Privacy Policy, and will provide you with a revised policy if the changes materially alter the previous Privacy Policy. We will not, however, revise our Privacy Policy to permit the sharing of non-public personal information other than as described in this notice unless we first notify you and provide you with an opportunity to prevent the information sharing. At all times, you may view our current Privacy Policy on our website at fiduciarytrust.ca, or contact us for a copy at We have appointed a Privacy Officer at Fiduciary Trust Company of Canada to address any concerns, queries or complaints you may have. Our Privacy Officer may be reached at the number above, by ing the Privacy Officer at privacyofficer@fiduciarytrust.ca or by mail at the following address: Privacy Officer 350 Seventh Avenue S.W. Suite 3000, Calgary, Alberta, Canada T2P 3N9 F I D U C I A R Y T R U S T C O M P A N Y O F C A N A D A S T A G E