Legacy and Succession Planning

Assuring and empowering your loved ones beyond your lifetime is another form of love shown towards them. You have the authority to choose to do that today!

What is Family Legacy and Succession Planning?

Family legacy planning is about structuring and preserving your estate securely for your next generation to create a foundation for your family’s future. Legacy planning is for everyone and anyone who wants to make sure that their loved ones are well taken care of.


We spend a great deal of time accumulating wealth for mainly 3 reasons:
1. To provide a better lifestyle for our family
2. Fulfil and make dreams happen for our family

3. Fulfil responsibility to our family


Naturally, the accumulated wealth is intended to be passed to the next generation in a matter of time. However, there are some crucial aspects to consider such as:

·      What structures must be in place for the estate to be transferred smoothly?

·      How do we ensure that the estate will fall into the intended persons?

·      How do we ensure that there will be continued unity amongst the family and minimal disputes during the distribution? How can it be a fair distribution if the assets are different in nature (hence differ in value)?



Three Types of Wealth Management Tools

When it comes to family legacy planning, there are 3 types of wealth management tools – wills, trusts and foundations. We have summarized the purpose and use case of each:

Wealth Management Tools - Wills
Wealth Management Tools - Trusts
Wealth Management Tools - Foundations

Overlooked Areas in Family Legacy Planning - EPF & Insurance Nominations

No matter which wealth management tool – wills, trusts and foundations – is used for your succession planning, most tend to overlook these areas:


1.     EPF beneficiary nomination

a.     Only the nominated person can request for the withdrawal of EPF funds and he/ she must present in person with the necessary documents. Hence, it is important to notify the person once nomination is done

b.     The withdrawal of EPF funds, if done within a certain timeframe, will entitle an additional pay-out from EPF itself

c.     If there is no nominee, EPF funds will automatically go through the Distribution Act 1958 and it is a lengthy process

2.     Life insurance nomination

a.     It is important to know if your insurance policy is deemed as trust or non-trust policy. If it is a trust policy, no one else can receive the benefits pay-out except the nominee(s) themselves and the policy monies is free from creditors. On the other hand, if it is a non-trust policy, there may be issues that arise as the policy money forms part of the estate which means it is subject to creditors’ claims

b.     If there is no nominee, the policy monies will automatically go through the Distribution Act 1958 and it is a lengthy process


When it comes to family legacy planning, complete planning involves taking into account debts and liabilities, unpaid taxes, company business interest liquidity, and so on. Liquidity and cashflow is important to consider as the usual distribution process takes time. During the waiting period, while the estate is being sorted by the executor(s) or administrator(s), is crucial. Will your surviving loved ones have enough income to sustain their lifestyles?


Assuring and empowering your loved ones during the distribution transfer process is one step ahead in planning and that is a form of love towards them!

Not sure if you have nominated correctly or would like to quick check on whether your legacy and succession plans are in place? Our team can assist and give you a free second opinion. Just reach out to us!


        Services We Offer