Leaving a legacy beyond wealth

[SINGAPORE] Legacy planning often uses financial and legal instruments to make instructions for the distribution of assets to loved ones. But in our view, true legacy planning starts with first deciding what you want people to remember you for, and the beliefs that you wish to perpetuate; and then where appropriate and necessary, using financial and legal means to enable them.

When you do not articulate your values and beliefs, you are simply leaving behind an inheritance via an estate plan. The three commonly used instruments to pass on wealth are a will, trust and Letter of Wishes.

A will is a formal legal document that dictates the distribution of a person’s assets after death. It enables individuals to specify who will inherit their property, money and other possessions – ensuring their wishes are carried out. Additionally, a will can appoint executors and trustees to manage the estate, and designate guardians for minor children.