Short, Authoritative, Useful eBooks
Short, Authoritative, Useful eBooks
$4
‘Learn About Legacy Planning in 40 Minutes’ was written to provide an accessible guide to legacy planning for individuals from various walks of life: parents, the elderly, and asset-rich individuals. The book explains the essentials of organising and distributing assets in accordance with one’s wishes posthumously. It extends beyond simple will creation to include trusts and nominations.
The content is structured to demystify legacy planning, address common misconceptions, and emphasise the importance of aligning the plan with one’s values and life changes. Practical steps cover selecting advisors, gathering necessary information, and drafting key documents, supplemented by case studies that highlight common errors and their consequences.
Significant focus is placed on family communication to prevent inheritance disputes and ensure smooth plan execution. Also stressed is the need for regular updates to one’s legacy plan due to life events or financial changes. Appendices provide descriptions of key legacy-planning instruments and practical tools like will-preparation forms.
Your legacy plan is not static; it should be reviewed as your life evolves. Significant milestones that may require updates to your legacy plan include:
Review your legacy plan regularly—at least once every three to five years, or after significant life events take place. This ensures that your plan remains relevant and aligned with your goals at each juncture of your life. The passage of time often alters priorities, making it important to revisit these plans.
Vanessa Lim is a Financial Consultant at Great Eastern Financial Advisers in Singapore. She is a fierce advocate for early and adequate financial planning and preparedness in general and legacy planning in particular. Having a proactive approach to unexpected life events—any event with the potential of a huge, adverse financial impact on you and your loved ones—is for her a no-brainer, given the peace of mind and financial security it affords.
Vanessa has been in the financial advisory business for only four years but has been making ripples almost from Day 1. This despite the fact Day #1 of her professional life began in virtual mode: during the Circuit-Breaker months of the COVID-19 pandemic in Singapore.
Her passion for and dedication to her field of work are evident from the following: She was promoted to Senior Financial Consultant during her very first year; has qualified for the Million Dollar Round Table (MDRT) since 2020 (ie, 2020-2024); and has been a recipient of the Great Eastern Life Achievers Club since 2020 (ie 2020-2024).
Of course, she has put her money where her mouth is: She possesses 11 insurance policies covering various aspects of health and life protection. Her goal is to save half of her income for future needs, which include having a child and retiring by age 55.