6 steps to safeguard your family's future

5. Legal guardianship
If you have children under the age of majority, appoint a guardian -- known as a "tutor" in Quebec -- in your will. This is particularly important if you are a single parent. A guardian is legally responsible for your children's welfare and property until they reach the age of majority, which differs from province to province. You can name more than one guardian: give one person control over finances and the other one custody. Once your children are adults, they do not need a guardian.

TIP: If you have a child with a disability, look into testamentary trusts, knows as "discretion" trusts in British Columbia and "Henson" trusts in Ontario. These allow your child to qualify for disability benefits if he is unable to work when he reaches the age of majority.

Why you need one: If you and your spouse die at the same time, who will care for your kids? Until a guardian is appointed, your children will not have access to your estate funds. Guardians are not paid to raise your children, but many parents will leave a lump sum or ongoing payment for the guardian in their wills, which includes costs for the child's care.

The talk: Talk with your spouse or, if you are a single parent, other family members. Consider who you'd want to take on the role of guardian and who's willing.

When to update: If you and your spouse experience serious health changes. When reviewing your estate plan and wills, ensure the appointed guardian is still the best choice. Also consider major changes, such as schooling choices, and events in the life of your guardian, such as divorce. The guardian's legal responsibility ends when your children reach age of majority.

6. Final arrangements
Funeral arrangements are highly personal and usually guided by your spiritual beliefs. Preplanning a funeral often involves listing your preferences, such as burial or cremation, or prepaying for a service.

Why you need it: Preplanning allows you to make the call on the final arrangements for your remains. (At the simplest level, it's a chance for you to make sure there's no Barry Manilow soundtrack at your farewell fête.)

Ka-ching!: A traditional service followed by burial or cremation in Ontario ranges from $5,000 to $7,000. Cremation is about $512 (plus a container charge, ranging from $130 to $550). Costs vary by province; providers are required by law to supply detailed price lists, so you only pay for what you want. Preplanning contracts should outline all products, services and religious needs. You may also hold a service in your home.

The talk: Outline your final wishes to loved ones so they know what to expect before the time comes.

When to update: If your situation changes, revise both your funeral service and cemetery plans. It can often involve a fee.