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Legacy Planning: Planning for Your Family

In its simplest form, legacy planning is the process of thinking about and preparing for the transfer of your assets after death. It can include financial and non-financial assets, such as property, businesses, investments, collections, and even family heirlooms.

Why is legacy planning important?

There are a few reasons why legacy planning is an important process. Firstly, it can help protect your family from unnecessary financial and emotional stress at a difficult time. Secondly, it can ensure that your assets are distributed per your wishes, rather than being subject to the laws of intestacy (which dictate how property is inherited in the absence of a will). Lastly, the process can minimize the amount of inheritance tax payable on your estate.

How do I start?

If you are thinking about legacy planning, the first step is to list all your assets and debts. This will give you a clear picture of what you can leave behind and help you make informed decisions about how to distribute your assets as you plan the future.

Once you have a list of your assets, you need to decide what you want to do with them. This can be difficult, but it is essential to consider what would best serve your loved ones financially and emotionally.

If you have specific instructions for distributing your assets (such as leaving a certain amount of money to a particular charity), it is crucial to make these known in a legally binding document, such as a will.

Legacy planning is an important process that can help protect your loved ones after death. By making a list of your assets and deciding how you want them to be distributed, you can ensure that your wishes are carried out and that your family is taken care of financially.

What resources are available for legacy planning?

If you need help getting started, many resources are available, including online tools and professional advisers. The most important thing is to get started so that your loved ones are taken care of in case of death.

When you legacy plan, you are essentially creating a roadmap for your family that will help them tremendously should something happen to you. This is not only an act of love but also an act of protection. You want to know that your family will be taken care of financially and emotionally if you are no longer here to do so yourself.

If you are looking for legacy planning services, I would be happy to help you plan to secure your family’s future. Contact me today and let’s get started building a better future.

Andik Imran

Engage a professional Singapore real estate agent

ANDIK IMRAN | BSc Business
CEA Reg No: R061801F

9450 8732
PropNex Realty Pte Ltd

PropertyGuru | Instagram | Facebook

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