The key to effective wealth planning is ensuring a safe and protected future for your loved ones. This is why legacy planning is important to make sure your wealth goes to your family after your death.
Legacy planning is an important part of making sure that your assets are distributed among your loved ones. Designating the right heirs for your wealth is an important financial decision and one that requires adequate financial advice and planning. It is a long-term investment plan to grow your wealth and leave it for your loved ones in case of any unfortunate incident.
If you have done legacy planning or not, you will need a financial advisor to help you decide about your inheritance and wealth. Since legacy planning involves a number of documents, it is essential to start the process as early as possible.
Our PRUWealth Enrich, a new legacy solution will help you maximise the protection for your loved ones, build greater wealth and secure legacies that go beyond your lifetime. It gives you the power to safeguard your family’s and assets' security, even when the unexpected happens. Our Wealth Planner will guide you on each step to grow your wealth in the right direction and make sure that your legacy is protected. Contact us today to find out more. Let us be your legacy planning partners today.
Legacy Planning FAQ
What is legacy planning?
Legacy planning is the process of ensuring your property and all other assets are properly bequeathed to your family or others who are important to you upon your passing. It is sometimes referred to as estate planning. The legacy plan can be simple or complex, depending on many factors, including the size of your estate.
Why is legacy planning important?
Legacy planning is important because:
It ensures that your assets are distributed in the exact way you want.
It protects your loved ones from financial risk or even financial ruin.
It protects your loved ones against having the state decide on the distribution of your estate.
Life insurance in legacy planning protects your loved ones financially and allows them to maintain their standard of living in the event of your death.
It is especially important for individuals who are business owners or have property that requires management.
Is legacy an estate?
No, your legacy is more than an estate. Your estate refers to everything you own. This would include all your property and property rights. Your legacy encompasses all your assets and everything else you have worked for. This would include intellectual, spritual, relational and social capital. However, in terms of wealth planning and protection, the terms legacy planning and estate planning are often used interchangeably.
What is the difference between legacy planning and estate planning?
Both legacy and estate planning concerns the passing on of your assets when you die. However, estate planning encompasses only your assets, such as your property and bank account. Legacy planning includes both your tangible assets and intangible assets. This might include the values and character you want to impart your loved ones or charitable giving.
How does a legacy plan work?
A legacy plan, which includes a will, helps you to decide how your assets will be distributed and who they are passed to when you die. By having a legacy plan, you’ll avoid having the management of your assets and estate go against your wishes.
How do I make a legacy plan?
To make a legacy plan,
First, you’ll have to gather information on your assets and where they are located. This will include real estate, bank accounts, investment accounts, insurance policies, etc.
Then, you’ll need to decide who you want to leave your assets to. You can also donate to charity if you so desire.
You’ll also have to decide on the person who executes your will upon your death.
It’s best to seek help from a professional as a legacy planner can help you navigate through laws and taxes, and offer effective strategies.
Lastly, leave detailed instructions to a trusted executor to be sure that your assets are distributed as you wish.