It’s hard to motivate people to get started with Aging & End of Life Planning. Most of the time, people don’t want to think about getting older and passing away. They don’t want to think about health emergencies and making urgent care decisions. A lot of the time, they don’t even want to think about money at all.
But if there’s one thing that does convince a lot of people to finally draft a Plan, it’s children. It goes without saying that once you start having kids, your life and your priorities get completely rearranged. If nothing else, every parent wants to give their children the best future they possibly can. That means having a Will, life insurance, a plan for guardianship—all the basics.
But here’s our hot take: Planning doesn’t just start with your kids. It also starts with your parents.
Don’t forget the previous generation
Don’t get us wrong—your kids are definitely a major reason why Aging & End of Life Planning is so important. A solid Plan is one of the best gifts you can give them, and one of the best ways to ensure their comfort and safety should anything happen to you and your partner.
But Planning isn’t just for the next generation, or even just for your generation. It’s also an important tool for taking care of your parents and older relatives. And in all likelihood, barring emergencies and worst-take scenarios, you’re going to need a Plan for your aging parents’ needs way before you’ll need one for your kids.
As they get older, your parents are going to start needing more help—financially, emotionally, logistically. That could mean relatively simple changes, like more visits from you or driving them to appointments.
But if their cognitive or physical capabilities start to decline, they might start requiring support in more and more aspects of their lives. They might need assistance with preparing and eating meals; with remembering to take various medications; with getting around their home safely. This could end up necessitating major changes to their living situation, like hiring a PSW, downsizing to a more suitable home, or moving into an assisted living facility.
Planning when you’re “sandwiched”
As a culture, we’re not good at talking about aging and mortality in general. Even as Canada’s population is rapidly aging, older adults—and the people who take care of them—remain largely invisible in our culture. The result is that many Canadian families are operating without a concrete plan for how they’ll navigate the needs of the older generation.
According to a 2023 survey, about 60% of unpaid caregivers under age 55 spend up to $500 a moth on care-related costs, while 17% spend even more than that. That adds up to $6,000 a year, a cost burden shouldered by more than 8 million Canadians who act as caregivers.
This problem is even more pronounced for the sandwich generation—Gen Xers and Millennials who are raising young children and caring for aging parents at the same time. No matter how much you love your family, it’s tough being pulled in multiple directions at once. Research shows that sandwich caregivers report higher levels of emotional, psychological, and physical burnout, as well as negative financial impacts, decreased job security, and lower earning potential.
Planning holistically, across generations
The reality is that Aging & End of Life Planning isn’t just about preparing for your own future. it’s about supporting the people you love at every stage of life. The strongest plans don’t focus on a single individual or generation; they take a holistic view of the family as a whole.
That means thinking about who may need care, who may provide care, how financial responsibilities could shift over time, and what resources will be available when they’re needed most. It means having conversations early, documenting wishes clearly, and putting the right legal and financial tools in place before a crisis forces difficult decisions.
Families are complicated—even more so when multiple generations are going through big life transitions at the same time. An Aging & End of Life Plan is a tool to help all of you navigate those changes as a team. The sooner you sit down to think about what the future might look like, the better prepared you and your loved ones will be to face whatever’s on the horizon.
