Legacy Planning Singapore

May I ask you:

When our late Minister Mentor Lee Kuan Yew passed on, did he leave a legacy for the whole of Singapore?

I believe your answer will be a resounding YES.

He envisioned Singapore to be a corrupt-free country and because of how he run the country, today, Singapore is successful. We as Singaporeans hope that this legacy will continue for generations to come.

Well, we might not be as noble as Mr Lee, but within our small capacity, our loved ones and our family, we would want to leave our own legacy to our next generation when we passed on.

And, most of our legacies are in terms of our financial assets and properties.

Read further to find out more..

What Is The Definition & Concept Of Legacy Planning? 

The concept of leaving a legacy is about passing on your ideas, visions and properties to the people you care about.

More often, common people like you and me will leave our legacy in terms of our assets to our loved ones upon death.

And when we talk about legacy planning, it is about developing a financial strategy so that upon the bequeath of the person, the legacy can be carried out as planned.

What Is The Difference Between Legacy Planning And Estate Planning?

Estate planning is simply about leaving your estates (assets and properties) to your next generations and your loved ones. It is about planning your estates and making sure that upon the death, these assets are well distributed according to your will.

More often, financial tools like will writing and creating a trust are used to make sure that your estates are well planned and distributed.

Legacy planning, however, is taking a step further on the concept of estate planning.

Legacy planning is taking into considerations your vision, thoughts, morals, mindset, values and beliefs when developing a strategy when distributing your estates.

Why The Need For Legacy Planning? 

May I ask you:

If you have a few assets like a property, monies in the bank, a car and a business, if something mishap happens, what will happen to all these assets?

If you have a child that is still young and depends heavily on you for financial support and unforeseen circumstances happens, what will happen to your child? Who is going to take care of them? Who is going to provide for them financially?

Just think about it:

Do you want your loved ones and family to be burdened because of you?

Well, it is because of all these reasons, and because of family is just too precious to us.

We have to protect it and we have to plan ahead.

What Is The Concept Of Legacy Planning With Life Insurance?

So, how does life insurance comes into play during legacy planning?

When unforeseen circumstances happens, example death, the life insurance policy will payout the death benefit of the policy to your loved ones.

Proper planning is essential when purchasing a life insurance policy and that is because if the pay out of the policy is not sufficient, your loved ones might not benefit fully from the proceeds of the policy.

For example, you are earning $5,000 per month ($60,000 annual income) and you have a growing kid. Your wife is a housewife that does not work and only depends on this income for the family.

And you purchased a policy that pays out $50,000 upon your passing. It is clearly insufficient for your loved ones.

The amount, $50,000, only allows your loved ones to be covered for less than a year.

Without proper planning, your wife have to take on new jobs immediately to support the family.

Is this the legacy that you want to pass on to your loved ones upon your passing?

How Do I Plan For My Legacy?

The first step to developing a plan for your legacy planning is to know what exactly do you want to leave to your loved ones upon your passing.

It might sounds easy but often this is the toughest question to ask yourself.

We recommend that you to pen down exactly what do you want to leave your legacy.

Secondly..

What do you have?

Do you have a million dollar house?

Do you have some monies in the bank?

Do you have some stocks or assets with certain companies?

Do you have a successful business that is still running and do you want to still continue this business?

These are some of the questions that you might ask yourself to have a clearer idea of what assets or properties you want to leave the legacy to.

Thirdly:

How can I develop a plan to address those questions?

Now:

After understanding what you want and listing down the list of assets that you have, the next step is to develop a financial strategy to make sure that all these concerns are addressed in a detailed and comprehensive manner.

This is the time that you might engage a financial planner to draft a life insurance proposal to meet your concerns.

You might also need to engage professional estate planners to help you draft a will.

Last but not least..

What’s next for your legacy planning?

We will always need to continously review your legacy plan.

Due to numerous factors in our life and surroundings, we have to always keep abreast about the situation and take measures to address them.

Here are some of the reasons:

  • Your needs and concerns change
  • Market changes and volatility
  • Inflations

Therefore, looking at the above constant changes, it is best to always have an annual review on your legacy plan to make sure that it is up-to-date with the current financial status.

About Financialogy

We are a group of competent and licensed financial planners that specialised in legacy planning.

Our range of products and services provides legacy planners like yourself the tools to carry out your legacy plan.

Want To Know More About Us?

If you would like to know more about us, you may contact us at (+65) 9380 2839 or you can click on the button below to enquire about the different financial services that we provide.

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About Us

We are a licensed and certified financial planner in Singapore that provides a comprehensive financial planning solutions to meet all your financial and insurance protection needs.

Contact Information

Address: 47 Scotts Road, Goldbell Towers, Singapore 228233

Contact Number: +65 9380 2839 

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