Legacy Planning with Intention: Reflective Questions to Consider
Legacy planning often gets pigeonholed as just a financial endeavour. A distribution of assets after one's passing. But a legacy that truly matters is about the values we instil, the connections we nurture, and the ripple effects of our actions that shape the lives of those who come after us.
Building a legacy full of meaning is about living purposefully in the present. This process of personal growth calls for reflection, careful choices, and taking deliberate steps to transform our intentions into a worthwhile legacy.
In this article, we will explore what legacy planning is, key questions to ponder as you shape your legacy plan, and how to take concrete action to ensure your wishes are fulfilled through thoughtful planning and financial tools like Income Insurance’s plans.
Why Legacy Planning is Important
Why engage in legacy planning? It is a thoughtful gift, for us and those we leave behind. It offers clarity and control, knowing that our intentions will be respected. Additionally, it ensures that our hard-earned assets are safeguarded and transferred according to our wishes, free from preventable challenges.
Some of the practical benefits of legacy planning include:
- Peace of mind: Documenting your wishes ensures they will be honoured, reducing uncertainty and anxiety. This also helps prevent potential disputes and facilitates a smoother transition for your family.
- Passing down values: Legacy planning can be used to provide strategic support for causes close to your heart, empowering you to not only pass down your values and beliefs but also to create a lasting, positive impact on your community for generations to come.
- Resolving conflicts: Address unresolved issues and make amends where necessary to foster a sense of closure and harmony.
- End-of-life decisions: Alleviate the burden on loved ones by addressing healthcare preferences in advance.
- Preserving legacy: Another reason why legacy planning is important is that it ensures your family benefits from your foresight, providing support for future generations and safeguarding their financial well-being.
10 Key Self-Reflection Questions for Legacy Planning
These questions are designed to guide you through the process of legacy planning, encouraging you to think deeply about your values, relationships, and goals and ultimately uncover the true meaning of your legacy.
Value-Based Legacy Planning Questions
- What are my core values and beliefs that I want to pass on to future generations?
Consider the principles that have guided your life and the ideals you hold dear. How can you ensure that these values continue to inspire and shape the lives of your descendants? - What principles or life lessons have shaped my life, and how can I ensure they continue to inspire others?
Reflect on the experiences and wisdom you've gained throughout your life. How can you share these insights to benefit others, even after you're gone? - What aspects of my cultural or family heritage do I consider most valuable, and how can I preserve them for posterity?
Identify the traditions, stories, or artefacts that connect you to your heritage. Consider how you can pass on these treasures to ensure they are not lost or forgotten.
Relationship-Based Legacy Planning Questions
- Who are the most important people in my life, and how do I want to express my love and appreciation when planning my legacy?
Reflect on the individuals who have profoundly affected your life and the relationships you hold dear. Consider how your legacy can show the depth of affection and appreciation you have for these individuals - Are there any unresolved conflicts or misunderstandings in my relationships that I need to address before it's too late?
Legacy planning can be an opportunity for healing and reconciliation. Consider if there are any amends you need to make or forgiveness you need to seek. - How can I ensure that my legacy fosters strong bonds and positive connections among my loved ones even after I'm gone?
Think about ways to encourage continued communication, shared experiences, and mutual support among your family and friends, creating a sense of togetherness.
Goal-Based Legacy Planning Questions
- What are my proudest accomplishments, and how do they contribute to the legacy I want to leave behind?
Reflect on the achievements that have brought you the most satisfaction and meaning. How do these accomplishments reflect your values and the difference you wish to make? - What impact do I want to make on my community or the world, and how can my legacy contribute to that vision?
Consider the causes or issues you care about deeply. How can your legacy planning continue to support these endeavours and create positive change in the world, infusing your life's work with meaning? - What financial resources do I have, and how can I use them to support my legacy goals and benefit my loved ones?
Evaluate your assets and financial situation. How can you ensure that your resources are used wisely to provide for your loved ones and further your legacy aims? - What are my wishes regarding healthcare and end-of-life decisions, and how can I communicate them clearly to ensure they are respected?
Express your preferences regarding medical treatment and end-of-life care. Ensure that your loved ones and healthcare providers are aware of your wishes to avoid confusion or conflict.
Beyond Self-Reflection: Taking Action
Self-reflection is a crucial first step in legacy planning, but it's equally essential to translate your intentions into concrete actions. This involves creating a legacy plan that addresses both your financial and non-financial aims.
Various financial tools, including whole life insurance plans, can play a significant role in safeguarding your financial legacy. These plans typically offer coverage against death and terminal illness, ensuring that your loved ones remain financially secure and your legacy goals can be accomplished.
One example of a whole life insurance plan is Income’s Provenance Solitaire, which comes with certain benefits to preserve your family’s heritage and safeguard your loved ones, in just a single premium:
- Policyholders are protected against death and terminal illness with a high minimum protection value1,2 of up to 320% of the sum assured till age 851.
- Remain secure with a guaranteed cash value of 80% of your single premium3 from the day your policy starts.
Nurture Your Legacy: A Lifelong Journey
Remember, legacy planning isn't a one-time event; it's an ongoing conversation with your future self. As your life evolves and your priorities shift, revisit your plan periodically to ensure it remains relevant and reflective of your intentions. Life is a journey of constant change, and your legacy plan should adapt along with you.
Take a proactive approach today and consider Income’s various whole life insurance plans to create a lasting legacy that honours your values, strengthens your relationships, and leaves a positive impact on the world.
1 During the term of this policy, if the insured becomes terminally ill or dies, before the anniversary immediately after the insured reaches the age of 85, 100% of sum assured and 100% of bonuses or minimum protection value of the basic policy, whichever is higher will be paid. The minimum protection value of the basic policy depends on the age of the insured at policy entry date (age last birthday), and it is up to 320% of the sum assured. Minimum protection value means a percentage of the sum assured shown in the policy schedule. If the insured becomes terminally ill or dies, on or after the anniversary immediately after the insured reaches the age of 85, 100% of sum assured and 100% of bonuses will be paid. Bonus rates are not guaranteed and will vary according to the future performance of the Life Participating Fund.
2 Provenance Solitaire includes a non-participating compulsory rider, Provenance Solitaire – Protection Benefit. This rider pays part of the minimum protection value. Please refer to the policy conditions for further details.
3 Guaranteed cash value of 80% of your single premium. Single premium refers to the premium amount before any additional premiums charged due to medical conditions.
This article is meant purely for informational purposes and does not constitute an offer, recommendation, solicitation or advise to buy or sell any product(s). It should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income Insurance products mentioned are specified in their respective policy contracts. Please seek independent financial advice before making any decision.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income Insurance or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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