Financial Considerations

Making the appropriate financial arrangements will ensure that you don't leave the costs up to your children's guardian and will allow your children to have the lives you want for them.

• Consider investing in a mutual fund, registered education savings plan (RESP) and/or an in-trust account for your children
• You can also add a clause to your will that allows for a loan from the child’s inheritance to be made to the guardian, if necessary, to ease the financial burden
• If you designate your child as the beneficiary of your RSP or life insurance policy, the funds will likely be under the control of a court official until the child reaches the age of majority. The same would happen if you die intestate (without a will) while your child is under the age of majority. It is wise to consult your lawyer to ensure that the inheritance you leave for your children will remain intact and be available when they need it.