Becoming A Grandparent

Becoming a grandparent can significantly impact the way you view your finances. You may have already begun to consider what part you can play in creating a solid financial foundation for your grandchild. How can you incorporate them into your overall financial plan?


Starting to save for a child's education early can have a big impact on the funds available to your grandchild when they are ready to go to college or university. Making contributions to an RESP is a great idea as Government grants can also add additional funds. You can open trust accounts for your grandchildren and contribute regularly.

You should work with your Financial Advisor to determine at the outset how you can balance any gifting with your own retirement needs and be prepared to re-evaluate as your situation changes - maybe you'll have more grandchildren!



You may choose to consider if you'd like your will to reflect the fact that you now have a potential new beneficiary. Family circumstances can change dramatically and suddenly. You may want to establish a trust for your grandchild and stipulate exactly the assets you'd like in that trust after your death.

We can help you get started. Simply contact us to set up an appointment today!

You can also contact one of our Wealth Consultants at PlanWright Financial to set up a FREE consultation. They can help you with your financial plan, RESPs, estate planning and so much more. PlanWright Financial is a wholly owned subsidiary of Encompass Credit Union.



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