Legacy Planning:
Do It Now, Do It For Your Family

Often, dependants who have unexpectedly lost their loved ones share about being completely unprepared for what had happened. Over the years, I have seen a pattern in the emotional shifts they go through – from grief to anger, confusion and fear.

One lady I met, for example, experienced drastic emotional swings after the sudden death of her husband of 20 years. Grief arrived first. Then came anger as she spoke about how her husband had always been the one in charge of their finances and how they never discussed their financial situation together. Their savings, debts and investments – she had no clue about any of them. She didn’t even know the names of the tax preparer, insurance agents or financial planners managing her family’s finances.

Finally, she was gripped by fear, for her three children, herself, and their uncertain future. Having left the workforce 10 years ago to care for her special needs child, the new widow was worried about her ability to make ends meet. She didn’t know if her husband had any life insurance plans; she was also afraid of losing her home. All these, on top of having to manage her own and her family’s grief.

She is not alone. Many dependents often find themselves with the burden of fear and uncertainty when a loved one passes on unexpectedly without a solid plan in place. But it doesn’t have to happen. You can make the right preparations – through legacy planning – to help to ease your loved ones’ immense distress during such trying times.

So, what is legacy planning and how can you start?

Simply put, it is the process of planning how your money and assets should be managed and distributed after you pass away. Most importantly, it eases the financial and emotional toll on your family members while they manage your affairs during a time of grief.

One of the aims of legacy planning services is to assist you in gathering and organising all your important legal and financial information into one place for easy updating and retrieval. With a legacy plan, you and your dependents will know what information you have, what more you need, and where to retrieve your data.

To get started, you would want your documents organised for legacy planning.

Here’s what you can do:

  1. Gather all your important legal and financial documents.
  2. Submit your interest to josephchew@ippfa.com for a Legacy Planning Document Organiser I have put together for a list of important documents you need to collect.
  3. Check your documents against the list.
  4. Retrieve missing documents (if any) as soon as you can.

“Many dependents often find themselves with the burden of fear and uncertainty when a loved one passes on unexpectedly without a solid plan in place.”

I understand that many people, especially those in good health, tend to put off legacy planning. It forces you to confront your own mortality. You’ll have to make difficult decisions that will affect the ones you hold dear to your heart. But when you delay it, you run the risk of checking out without putting your affairs in good order. With a solid plan in place, you can make things easier for the people you love most.

K2 ADVISORY GROUP

Joseph Chew

Joseph Chew is a veteran in the financial advisory industry. Upon realising the world of financial planning in 1990, the former engineer decided on a career switch. He was attracted to the opportunity to fulfil his passion in making a positive impact to people’s lives financially.

He holds a diploma in life insurance (SCI) and is also a life underwriter training council fellow. With over 30 years of experience, his expansive network of clientele includes business owners and successful professionals across numerous industries in Singapore. He specialises in risk management, business continuity and private wealth planning. Joseph’s inherent ability to connect with people and deliver excellent service forms the pillars of his long-term relationships with his clients.

In his own personal time, Joseph went through a rigorous training programme to be certified as a ‘Kingdom Advisor’. This allows him to provide financial advice that are aligned with biblical teachings, which helps him cater to the long-term needs of his clients.

Certified as a trainer by the Australian Institute of NLP, Joseph also dedicates his time as a trainer to groom some of the top advisers at IPP.

“He specialises in risk management, business continuity and private wealth planning.”

Contact Number:
+65 96618089

Corporate E-mail:
josephchew@ippfa.com

IPP Financial Advisers Pte Ltd

78 Shenton Way #30-01 Singapore 079120Tel: +65 6511 8888 enquiry@ippfa.com   

IPP Financial Advisers Pte Ltd

78 Shenton Way #30-01 Singapore 079120
Tel: +65 6511 8888 enquiry@ippfa.com