Planning a Legacy for your Estate

By Nikki Cheong, SingAlliance Pte Ltd

Estate planning prepares for the transfer of assets to an individual’s loved ones in the event of incapacitation or death while the term legacy planning evokes a more holistic approach, including crafting a lasting family narrative. Considering these uncertain times and the imminent “Great Wealth Transfer” from baby boomers, financial planning has become a pressing need for many wealthy individuals.

A smooth transfer of asset seeks to mitigate family strife by protecting beneficiaries, especially minors, and avoiding contest on will and personal representatives. In addition, it facilitates business succession by minimising impact to the company in the event of the owner’s critical illness, disability, or death.

Financial planning can also help legally insulate assets from creditors, and/or extensions of the family as well as reduce significant tax liabilities by considering multijurisdiction implications.

Some common instruments of estate planning include establishing a lasting power of attorney where the designated person can make decisions on one’s behalf in the case of loss of mental capacity, or employing wills to spell out the manner of asset distribution upon demise. Some also purchase insurance policies to allow beneficiaries to receive financial compensation in case of an unfortunate event.

There is a wide range of wealth planning structures available such as trusts and foundations, private label funds, and private investment companies. Essentially, it is key to consider individual circumstances and requirements before adopting the right tools to achieve optimal benefit.

Proper estate planning is crucial in defining the legacy one leaves behind. It is a complex process involving multiple parties, varying agendas, and potential conflicts of interests, thus making it paramount to work with experienced financial professionals to lay the groundwork early.

Nikki Cheong

Nikki Cheong

GGI member firm
SingAlliance Pte Ltd
Advisory, Fiduciary and Estate Planning
T: +65 6303 5050
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SingAlliance is an independent asset manager with presence in Singapore, Hong Kong, and Geneva, specialising in providing wealth management solutions to HNW individuals, families, and institutions. In Singapore, SingAlliance holds a Capital Market Services licence for Fund Management issued by the MAS.

Nikki Cheong is a Senior Relationship Manager at SingAlliance Singapore with more than 12 years of private wealth management experience in Hong Kong, Geneva, and Singapore. She first joined SingAlliance as a Portfolio Manager specialising in equities, before switching roles in early 2020 to service HNW clients in Asia.

Published: Trust & Estate Planning Newsletter, No. 07, Spring 2021 l Photo: efired -

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