Create Lasting Financial Legacy With These Steps

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When you’re busy pursuing your life goals, it’s easy to forget why you’re doing it.

Of course, there may be more immediate plans right now, like getting through this pandemic safely, seeing your kids complete their education, or paying off your mortgage. But if you stop to think about it, all of your hard work is in providing a better future not only for yourself but for your loved ones.

However, leaving an inheritance isn’t just about making a will about how to distribute the assets in your life. In order to leave a lasting legacy for future generations, you will need to make the right financial choices ahead of time. And this first step starts with you.

Plan the distribution of your wealth

Wealth transfers are by no means simple or easy. In fact, it can create a lot of tension within families. Therefore, it’s important to start thinking about how you want to share what you’ve built with the next generation.

How to start managing and preserving your wealth for the future? You can start with these steps.

  • Have a conversation with your family

Prepare your family members for what to expect and what roles and responsibilities you will give them if something unforeseen should happen.

  • Decide on your transition plan

Write down the details of the planning and distribution of your wealth to avoid future conflicts. Even if you don’t plan to share this information with your loved ones, you need to decide how you want to support them and who your beneficiaries are.

  • Put your thoughts in a will

Remember to record all your wishes in a will and update it based on changes in your family or even multigenerational families over the years.

  • If you are a business owner, prepare a succession plan

Your plan for the business should be kept separate from your personal finances to ensure that your business and your legacy is passed on to the next generation without unnecessary confusion.

Build your net worth

Achieving financial security for yourself in this life is hard work already, but you need to do more if you want to leave a foundation for the next generation as well. Growing wealth is a gradual path that requires good planning as well as careful spending over a lifetime, combined with good financial habits like saving and investing regularly.

Few people can afford to leave a legacy of millions for their children, but we can all leave a legacy of good financial habits. Setting a good example now to start building wealth by budgeting, managing debt, saving and investing will instill your legacy of good financial habits in your children.

How to become a good financial model?

  1. Budget and live with it.
  2. Once you know how much you’re going to spend, start setting aside your savings for an emergency fund.
  3. Take steps to protect your family with takaful insurance / coverage.
  4. If you have unpaid debt, start working to reduce it.
  5. Start investing in your retirement fund.

Setting a good example by managing your money responsibly provides the foundation you need to grow your wealth and preserve it for generations to come.

Protect your business

If you own a business, you need to take steps to protect it for years to come, even when you’re gone. And it starts with protecting your key employees.

Sun Life Malaysia Keyman Insurance protection can help you:

  • Protect the key employee or manager responsible for operating the business. This employee is essential to the functioning of the business and their death, disability or absence could prove catastrophic for the business or organization.
  • Find the right financial and healthcare solutions for key executives to ensure the business can continue to run smoothly and grow.

Sun Life Malaysia can help you plan, build and protect your wealth, whether personal or professional, for the future with the right wealth planning solutions, including wealth protection, will writing and other benefits.

Raymond Lew, CEO, President and Country Head of Sun Life Malaysia

Taking the right first steps will ensure you leave a lasting and secure legacy. According to Raymond Lew, CEO and President / Country Manager of Sun Life Malaysia, one of the biggest challenges people face in these difficult times is passing on a real and tangible financial legacy to their children and grandchildren.

“This is where wealth planning comes in to pave the way for a smooth wealth transition for the next generation, and along the way, helps protect and even grow your hard-earned money,” Lew explained. .

Protect and Secure Your Financial Legacy with Sun Life Malaysia

Need to protect your wealth while growing it and at the same time providing for your family if something unexpected happens to you?

Schemes linked to investments such as Legacy of the Sun-i and Sun Inspirasi are designed to help your family enjoy an uncomplicated financial legacy.

Main advantages of Sun Legacy-i * include:

  • High financial support in the event of death or total permanent disability plus up to 200% of the sum covered for causes related to accidents
  • Cost of drafting your will can be refunded up to RM 10,000
  • Zakat payment in the name of the insured at the end of the plan
  • High non-medical limit up to RM 2 million without medical examination
  • Flexible contribution and duration of coverage from 5, 10 or 20 years old that you can adjust according to your budget

Meanwhile, Inspirasi Sun * offers:

  • Security and insurance for your loved ones in the form of Hibah (gift of love)
  • Up to 3 times the additional payment in the event of accidental death
  • Cash payment in the 5th and 10th contract year
  • Flexible contribution payment period and contract duration

* Baths and conditions of application

Together with Sun Life Malaysia, you can start to build a lasting legacy and find the right protection solutions for everything that’s important to you. Start your legacy today for a better tomorrow.

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