Financial Quotient

What is legacy planning?

We hear the terms estate and legacy planning a lot in the course of financial planning. They are very different processes that can be utilised to ensure that a comprehensive plan is in place prior to one's death.

A traditional estate plan aided by tools such as a will is typically focused on assets such as real estate and cash sitting in bank accounts, and how these will be distributed in the event of a person's death.

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A version of this article appeared in the print edition of The Sunday Times on April 21, 2019, with the headline 'What is legacy planning?'. Print Edition | Subscribe