5 smart ways to prepare for your new baby

family wealth management

5 smart ways to prepare for your new baby

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The birth of your new little son or daughter signals a fresh beginning for your family’s financial security. Here’s what you need to know.

The average cost of raising a child is the subject of some debate, but according to figures calculated by MoneySense.ca, it’s a staggering $253,954. And that’s before you send Junior off to university.

So, whether you’re welcoming your first bundle of joy or expanding your brood, here are 5 financial steps you should think about taking:

1. Draw up a will

During this joyful period of sleep deprivation, the thought of writing a will may be the furthest thing from your mind. But who will take care of your child if — heaven forbid — you and your spouse both die unexpectedly? A properly written will allows you to designate a guardian to care for your children until they become adults, and to name a property guardian or trustee to manage your money for them. What if you die without a will? Then all core decisions about your child’s care and inheritance may be left to the court system to resolve. Find a lawyer to help guide you through the process so you know your wishes will be carried out.

To read the remaining 4 steps you should think about in this article by SunLife, CLICK HERE. As always contact Harry or David if you have questions.