New School Year, New Estate Planning Check-In

September brings a new school year filled with sharpened pencils, packed lunches, and fresh routines. For many families, this season is a reminder of how quickly children grow and how life never stands still. It’s also a natural checkpoint to revisit important plans that protect your family’s future - specifically, your will and estate plan.

Life changes quickly, and your estate plan should keep pace with your family’s needs. Here are some key estate planning considerations for parents of school-aged children to review this fall:

1. Guardian Appointments

For parents with minor children, one of the most important functions of a will is naming guardians. This decision determines who would care for your children if you were no longer able to.

• Are your chosen guardians still the right fit? Circumstances change. Guardians may have moved, had more children of their own, or may no longer be in a position to take on the responsibility.

• Do you have alternates in place? Naming at least one backup guardian ensures there is a plan if your first choice cannot serve.

• Do your children’s needs align with your current choice? The right guardian when your child was a toddler may not be the best choice now that they’re entering middle or high school.

2. Planning for Children’s Inheritance

Your will controls how and when your children will inherit from you. Without clear directions, children may receive their inheritance at the age of majority (18 in Ontario) which may not align with your wishes.

Consider:

• Trusts for minors: A trust can hold funds until your children are older and better prepared to manage money. These trusts can also allow funds to be used for education, medical needs, and general support while children are growing up.

• Staggered distributions: Rather than providing a lump sum at one age, you may prefer staged payments—for example, a portion at age 21, another at 25, and the remainder at 30. This approach helps prevent a young adult from being overwhelmed by a sudden inheritance.

• Trustee selection: The trustee is the person responsible for managing and investing your children’s funds. Choose someone responsible, financially savvy, and trustworthy, and always name an alternate.

3. Registered Education Savings Plans (RESPs)

RESPs are an excellent way to save for post-secondary education, but parents should consider what happens to these accounts if they pass away.

• Successor subscriber: Your will can name a successor subscriber to take over the RESP. Without one, the account may collapse and the government grants may have to be repaid.

• Coordination with your will: If you’ve also made provisions in your will for education, ensure your RESP planning complements rather than duplicates those efforts.

4. Beneficiary Designations

Assets such as life insurance, RRSPs, and TFSAs often pass outside of your will, directly to named beneficiaries. These designations should be reviewed regularly to ensure they align with your estate plan.

• If naming minor children: Appoint a trustee to manage those funds until your children reach adulthood. Otherwise, the funds may need to be paid into court until your child turns 18, which may not reflect your wishes.

• Consistency with your will: Beneficiary designations should complement the provisions in your will. For example, if your will establishes a trust for your children, your designations should point to that trust.

5. Accounting for Life Changes

The start of a new school year highlights how quickly families grow and change. If any of the following events have occurred since your last update, it’s time to revisit your will:

• Marriage, separation, or divorce

• The birth or adoption of another child

• A move to a new home or province

• A significant change in financial circumstances

• A shift in your relationship with a chosen guardian, trustee, or executor

Even without major life changes, reviewing your estate plan every 3–5 years is best practice to keep it current.

Providing Peace of Mind

Reviewing a will is not just a legal exercise. It’s about providing stability and clarity for children in the event of the unexpected. By ensuring guardianship decisions are up to date, inheritance plans are structured wisely, RESPs are protected, and beneficiary designations are aligned, families can take comfort in knowing their children’s futures are secure.

If it’s been several years since your last update, or if you’ve never put a will in place, now is the perfect time to make it a priority. Taking a small step today can provide peace of mind for years to come.

If you would like to review your estate plan, please contact us to schedule a consultation

This blog post is for informational purposes only and is not intended to provide legal advice. If you require legal assistance, before taking any action you should contact us or another qualified lawyer to discuss your situation.