Legacy planning for my family
Recently, my mom wanted to do up a Will for herself and suggested that we seek the aid of a legal firm. Incidentally, the following day, one of my readers requested me to do a topic on legacy planning. Henceforth, in this article, I will pen down my thoughts and insights on legacy planning. I also hope that readers will benefit from my research on this topic.
Most people tend to procrastinate on legacy planning. Indeed, in life, there are many priorities that take up our time and resources. But you should note that death is an inevitable part of our life journey. If you don’t do a proper legacy planning, your loved ones could be at a loss of what to do if you suffered from an unfortunate event. Just imagine the emotional turmoil and the prospect of navigating through the financial maze when family disaster strikes.
Legacy planning involves more than just crafting a Will. A proper legacy planning also need to factor in retirement planning and the potential event of total incapacitation. A Will is only effective upon the Will-maker’s death while Lasting Power of Attorney (LPA) operates after the donor loses his mental capacity.
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