Why naming a guardian in your will is only the beginning of preparing someone to care for your children.

By Cameron Smith, CFP®, CIM®

We spend a remarkable amount of time planning for our children's futures.

We research schools, sign them up for activities, save for their education, and try to give them every opportunity to grow into happy, capable adults.

But there's one future most of us would rather not think about.

The one where we're no longer around.

According to a 2024 survey by Narrative Research, only 34% of Canadians between the ages of 35 and 54 reported having a will.

That's a sobering number, particularly when you consider how many people in that age group are raising young families.

Now, the probability of dying in your 30s or 40s is relatively low. Thankfully.

But in financial planning, probability is only part of the equation. We also have to consider the consequences.

And if you have young children, those consequences go well beyond money.

You've named a guardian. Now what?

Have you stopped to consider what you're actually asking of them?

Read the full article here.