Each Generation Will Reap What The Former Generation Has Sown

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GENERATIONS FOR GENERATIONS

Written by Dave Loh

What do you want to leave your children after you're gone? How will your offspring cope in this world without you in it? What is your legacy to them??

It's something every person thinks about when faced with their mortality. No matter our backgrounds, we all have one thing in common, a heritage. The legacy that we pass on to the ones who come after us would be one they would have to live with for the rest of their lives.?

This issue shares the importance of legacy planning to ensure your wealth is distributed among your loved ones as you intended, fairly and efficiently without any stress. Legacy planning is about mindfully identifying, preserving, and distributing your wealth.

THINKING ABOUT THE LEGACY

My household just welcomed another family member, a newborn baby girl. After that, my parents always showered my little girl with love and attention. These acts of care and kindness make me think about what precious thing I could leave my offspring other than just lovely outfits.?

A FINANCIAL STRATEGY

Legacy planning is a financial strategy that sees a person bequeath their assets to a loved one or next of kin after death. Legacy planning is vital to consider before a person passes away. This article will discuss how one can utilise insurance to boost our assets' benefits and value. Such plans as universal life insurance and single premium whole life plans can bring the most benefits.?

REASONS FOR LEGACY PLANNING

• Giving to Multiple Generations, a well-managed legacy plan will see one's assets distributed across multiple generations. This also ensures that history is shared and not forgotten by one's descendants.?
• Better Management, lack of proper planning can cause one's legacy to become flawed and thus not fulfil its purposes. When legacy planning is well-managed, one can ensure that everything is in order and prioritises what is more important. It is crucial to start early not to miss out or overlook essential details due to memory lapses. This way, we can revise our planning regularly to include changes and amendments as we move along in life.
• Maintained a relationship, a well-planned legacy can help avert quarrels among family members. Therefore, it is essential to find a suitable financial adviser who can operate with the trust of all beneficiaries.?

Do you believe legacy planning is important? Share your thoughts in the comments below.

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