In the interests of disclosure, we are not the grandparents who buy a lot of toys, designer clothes or fancy treats for our grandchildren. Now, of course, we indulge them once in a while. However, for birthdays and other special occasions, we contribute to their education fund. A gift we believe will keep on giving.
Beyond Traditional Inheritance: The Power of Living Legacies
When we think about “leaving a legacy,” our minds often go to wills, inheritances, and passing along possessions after we are gone. But we believe some of the most meaningful legacies happen while we’re still here, when we can see, in real time, how our help changes lives.
For us, the idea of a living legacy became real thanks to my mother-in-law. Years ago, she passed along a small inheritance to our children, not for toys or quick purchases, but with one purpose in mind: to give them a financial head start and to use a small amount of money wisely. The gift was never about the money. It was about education, responsibility, and the opportunity to make thoughtful decisions. It gave them the chance to understand the value of a dollar and the long-term power of smart choices.
Now, I often think about how that same principle can be applied to education and how grandparents can play a role.
What Makes Education the Best Living Legacy Gift for Grandchildren?
Education is an investment that pays dividends for a lifetime. It can help a grandchild avoid crippling student debt, open doors to better opportunities, and foster critical thinking skills that serve them in every area of life. Whether it is contributing to a Registered Education Savings Plan (RESP), covering a specific course, or funding a certification program, your contribution is more than financial. It’s a statement: I believe in your potential.
Here’s why we see it as one of the best gifts you can give:
- It compounds just like money. Knowledge builds on itself. A single course, degree or program can set off a chain reaction of opportunities.
- It teaches more than academics. Along the way, your grandchildren will learn discipline, problem-solving, and perseverance.
- It relieves pressure. Reducing the financial burden of education allows them to focus on learning, not just surviving.
Selfishly, it also feels good to see your gift in action. A living legacy allows you to watch the doors open for the next generation, to share in their milestones, and to be part of their story while you’re still here to enjoy it.
We have nine grandchildren who are currently too young to appreciate the importance of budgeting; however, when the time is right, we will talk about budgeting, living within your means and help them connect the dots between what they learn in school and how they will manage money in the real world.
And the good news is, you don’t have to be wealthy to leave a living legacy.
What are Some Creative Funding Solutions for Today’s Grandparents?
More and more Canadians are finding creative ways to support their families, and one trend I’m seeing is grandparents tapping into the equity in their homes to help fund a grandchild’s education. It is a conscious choice: instead of waiting to pass along an inheritance, they’re using those resources now to invest in something that lasts far longer than a property, your grandchild’s future.
Small, consistent contributions, financial and educational, can have a significant impact over time.
The message we want them to receive is that we are investing in you, and your future matters.
In the end, that’s a gift they’ll carry far beyond graduation.
