Life doesn’t always give us time to prepare. Whether it’s the loss of a spouse, a diagnosis like dementia, a move to a retirement facility, or simply the realization that it’s time to plan for the future, these transitions are emotional, complex, and often overwhelming.

That’s why I created The Family Transition Blueprint, a step-by-step guide to help seniors and their families navigate financial planning during and after major life changes. Whether you’re in the middle of a transition or planning ahead, this framework is designed to bring clarity, confidence, and peace of mind.

1. Wait Until the Dust Settles

Grief, stress, and uncertainty cloud judgment. In the early stages of a major life event, it’s natural to feel pressure to “do something” - sell the house, move money, change plans. But emotionally charged financial decisions are rarely wise ones.

Give yourself permission to pause. Most financial decisions can wait until the initial shock has passed. A clear mind leads to better outcomes.

2. Enlist the Right Help

You don’t have to do this alone. Surround yourself with professionals who are:

• Transparent about fees and compensation
• Experienced in working with seniors and families
• Committed to long-term relationships
• Willing to collaborate with your other advisors (lawyers, accountants, etc.)

Financial planning after losing a spouse or facing a health crisis requires specialized support. Choose advisors who understand the emotional and financial complexity of these transitions.

3. Identify and Quantify Your Goals

You’ll never hit a target you can’t see. Start by asking:

• How can I minimize taxes?
• Do I want to simplify things for my loved ones?
• Do I need help drawing a secure retirement income?
• Can I cover medical expenses throughout retirement?
• Do I want someone to walk with me through difficult decisions?

Your goals will shape every part of your financial plan. Clarity here is key.

4. Take Inventory

Before you can build a plan, you need to know where you stand. That means reviewing:

• Assets and liabilities
• Income sources (pensions, CPP, investments, etc.)
• Current and projected expenses
• Insurance policies
• Your will and powers of attorney

This step lays the foundation for everything that follows.

5. Build Strategic Solutions

Once you understand your goals and your financial picture, it’s time to explore strategies that improve your situation. These might include:

• Adjusting your investment portfolio for income and stability
• Rewriting your will to reflect new priorities
• Naming direct beneficiaries to avoid probate
• Optimizing your investment withdrawal schedule to reduce taxes
• Maximizing tax-advantaged accounts like TFSAs and RRSPs
• Considering permanent life insurance for estate planning

Even small changes can have a big impact - especially when it comes to taxes and legacy planning.

6. Implement the Plan

This is where your team comes in. With the right help, you can put your strategies into action confidently and efficiently. Whether it’s updating legal documents, restructuring investments, or setting up new accounts, execution matters.

This is also the time to coordinate your team. Your lawyer, accountant, and financial advisor should be working together, not in silos. A well-orchestrated plan ensures nothing falls through the cracks and that your financial life is aligned across all fronts.

If you’re helping a parent through this process, consider holding a family meeting to share the plan and ensure everyone understands the goals and responsibilities. Transparency builds trust and reduces future stress.

7. Monitor and Adjust

Life changes. Markets change. Tax laws change. Your financial plan should evolve too.

Review your plan at least once or twice a year to ensure it still reflects your goals, your lifestyle, and your financial reality. A good advisor will help you stay proactive, not reactive.

A financial plan is not a one-time event, it’s a living document. Life changes, and so should your strategy.

Here’s what to review at least once or twice a year:

• Investment performance and income needs
• Changes in health, housing, or family dynamics
• Updates to tax laws or estate rules
• New goals or priorities (e.g., gifting to grandchildren, charitable giving, travel plans)
• Insurance coverage and long-term care planning

Even small adjustments like changing the order in which you withdraw from your RRSP, TFSA, and non-registered accounts can have a big impact on your tax bill and your estate.

If you’ve recently downsized and now have a large lump sum to invest, this review becomes even more critical. Many seniors are investing significant capital for the first time, and it’s essential to ensure those funds are working safely, efficiently, and in alignment with your goals.

A good advisor will help you stay proactive so your plan continues to serve you and your family, no matter what life brings.

You Deserve a Plan That Reflects Your Life

Major life transitions are never easy—but they don’t have to be chaotic. With the right blueprint, you can move forward with clarity, confidence, and control.

Whether you’re navigating financial planning after death of a spouse, preparing for long-term care, or helping a parent downsize, this framework is designed to support you every step of the way.

Conor Amyot is a Senior Consultant with over 10 years of experience in financial planning. Born and raised in Oshawa, he brings a deep understanding of the financial challenges families face during life’s most difficult transitions. Conor lives with his wife and their two young children and is passionate about helping widows and survivors find clarity, confidence, and peace of mind through personalized financial planning.

Email: Conor.Amyot@IG.ca 
Phone: (905) 441-1871

Conor Amyot,

Senior Consultant

IG Wealth Management Inc., Mutual Fund Division

This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Conor Amyot is solely responsible for its content. Seek advice on your specific circumstances from an IG Advisor. Insurance products and services distributed through I.G. Insurance Services Inc. Insurance license sponsored by The Canada Life Assurance Company.