When there is a will, there is a way.
Leaving a legacy behind isn’t just about providing for your loved ones. Legacy is a way of leaving your values, principles and beliefs in this world.
But many are afraid to talk about this.
However, it has to be done.
For a start, here are three advantages of legacy planning and three core Estate Planning tools you can immediately consider for yourself.
Have you already started this process?
3 Key Advantages to Legacy Planning
It is known that a financial plan enables a person to bequeath assets such as money, property and valuable possessions to their next of kin or a loved one after their passing.
But what are the other advantages of doing this?
1️⃣ Peace of mind during a person's golden years.
2️⃣ Leaves a lasting legacy for the ones he/her cherishes, so they can live comfortably and well.
3️⃣ Early planning allows a person to protect and possibly even grow his/her wealth.
So where can you start with your legacy planning, if you haven't already done so?
Take Advantage of the Following To Begin Legacy Planning in Singapore
To begin, take advantage of the following 3 Core Estate Planning Tools to kickstart your legacy planning:
1️⃣ Look at Insurance Policies that allow nominations
For insurance policies with a death benefit, a person is able to make a nomination.
By doing so, the person can decide who and how much his/her nominee would receive.
However, there are 2 types of nominations - revocable and irrevocable (Trust). Most nominations are revocable which means you are able to change details at any time.
2️⃣ Will (& Testamentary Trusts)
Creating a will allows a person to specify who receives what for all their assets after their demise.
The signing of a will must involve the presence of 2 witnesses and thereafter the legal document must be kept in confidentiality.
Upon death, the executor of the will is required to gather all documents and apply for the Grant of Probate.
3️⃣ CPF Nominations
The savings of a person's Central Provident Fund (CPF) account cannot be distributed via his/her will.
Therefore, you should ensure that your CPF funds are nominated to people whom you wish to bestow the money, in the event of your passing.
More details about CPF nominations can be found via this link: https://www.cpf.gov.sg/Members/Schemes/schemes/other-matters/cpf-nomination-scheme. You may also choose to make your nomination online if you prefer to.
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Want to kickstart your legacy planning?
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