Becoming a Grandparent

Congratulations on the new addition to your family! Whether you're new to grandparenthood, or a seasoned 'professional,' now is the time to revisit your financial plans. Here we'll provide you with some tips to help you plan for your grandchild's financial and educational future.

Develop an estate plan

Now that a new family member has arrived, you may want to take this time to begin developing or modifying your estate planning. In doing so, you'll want to take into account:

• Your Will. If you don't have a "Will," be sure to consult a solicitor who can assist you with developing one. A will allows you to control how your assets are divided among your heirs after your death. Without one, state laws govern how your assets are distributed between your creditors and your heirs, and can create unnecessary confusion, stress and difficulties for your loved ones. 

If you already have an established will, consider amending it to include your new grandchild.

• Estate taxes. If you've included your grandchild in your will, consider the impact that taxes may have on the assets you pass on to your grandchild. Keep in mind, not all estate structures are taxed in the same.

Save for your grandchild's private education
Secure your grandchild's educational future by helping to fund his or her private schooling. Even contributing a small amount on a regular basis can help compound your grandchild's education fund.

Here are some things you may want to do before you open an educational savings account for your grandchild:

• Talk to the parents. Open up a discussion with the parents about their plans for their child's education. How will they save? Should their child be eligible, will they consider financial aid as an option? Keep in mind ahead of time that saving funds in an account established in the child's name could ultimately reduce the amount of financial aid the child receives. To prevent this from occurring, you may want to consider establishing an account in your own name instead.

• Learn what types of accounts are available. When it comes to saving for a private school education, there are a wide variety of alternatives. There are accounts designed specifically for either secondary or tertiary education that cannot be used for any other purpose. Alternately accounts can be established that have the flexibility to change if education priorities change. Ownership options for the education fund account will also need to be considered

Protect yourself and your grandchild with insurance

Consider the following types of insurance to protect you and your grandchild:

• Life insurance. If you have a life insurance policy, consider adding your grandchild as a beneficiary. If you don't have life insurance, you may want to consider establishing a life insurance policy to secure your grandchild's as well as other family members' financial future. Life insurance can provide your family with financial protection in the event of your untimely death and can help them pay for expenses such as funeral costs and medical expenses.

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