3 ways to kick-start your legacy planning

Published in June 2020

Article Summary

It is never too early to start planning for the legacy you want to leave behind.

3 ways to kick-start your legacy planning

Everybody wants to leave a legacy of some sort. While not all of us will discover a miracle cure or invent a flying car, we can still leave a mark in the lives of those that come after us. It could come in the form of money or, in some cases, even stories that generations can pass on.

1. Pass down wealth

The first thing people think about when it comes to legacy planning is also the most obvious. We want our loved ones to be well taken care of financially, even when we are no longer around. One way to do this is to pass your wealth on to the next generation, and the best way to do so is through legacy planning-specific insurance policies. Legacy planning involves everything from identifying and preserving, to distribution or transferring a person's wealth and assets to someone else, and it could be anything from the house you live in to the money you have in your bank and Central Provident Fund accounts.

2. Teach your child a practical skill

The old saying holds true: Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime. There are many practical skills that you may teach your children, so they in turn may impart these to their own children in the future, such as how to enjoy a book, change the engine oil of a car, or simply use a power drill. These may not seem like big, life-changing skill sets, but a part of your legacy is to transfer knowledge to those who come after.

The old saying holds true: Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.

3. Tell your ‘Grandfather's Story’

This is a Singaporean way of saying 'to beat around the bush', i.e. delaying a talk or omitting the main points of a story. However, your so-called 'grandfather's story' is exactly what future generations need to hear. This does not refer to things you want the executor of your will to know, such as your preferred funeral arrangements. Instead, it is a legacy letter that speaks directly to your loved ones. It is your chance to tell your story and say all the things you wished you had told them before, such as stories of your family’s ancestry or history. The fact of the matter is that, beyond your wealth, legacy can come in the form of thoughts and feelings, too.

Learn more on how to leave behind an impactful legacy that future generations can remember you by.

This article is brought to you by UOB in partnership with Prudential. It was first published on Prudential Singapore’s blog Life Matters.

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