Legacy Planning
Leave a legacy for your loved ones Take Care of the Future: Legacy planning is no longer just for the rich and famous. As long as you desire to make a difference to someone financially, a legacy plan is for you. Your Finances We all want our loved ones to be well taken care of, even after we're no longer around. One way to do that is by passing on one's wealth to the next generation through a legacy-planning-specific insurance policy. But what does the concept involve and how should one decide on an appropriate, purposeful plan? My Paper spoke to Ms Michelle Teo, a financial-planning director at Tokio Marine Life Insurance Singapore, and asked her to shed some light on the topic. What is legacy planning? In the financial-planning arena, the term "legacy" commonly refers to the money or property bequeathed to a party in a will. Legacy planning involves a process of identifying, defining, preserving and distributing or transferrin