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Planning for your financial legacy refers to the act of preparing how your wealth and assets will be inherited and distributed to your family and loved ones after your death. While this can understandably be a difficult process for many people, it is also a necessary one to give yourself and your loved ones’ the peace of mind.
It is only natural that you want to establish and nurture a legacy that will last for years after working so hard to build what you have. Creating and maintaining a legacy plan can help you ensure that you can continue to support the people you love when you no longer can.
Why should you plan?
With a proper financial legacy plan in place, you’ll have control over who receives your assets and can prevent any arguments or uncertainties surrounding the inheritance of your assets.
Preparing a will, insurances, bank accounts and vital contact details also allows your loved ones to have access to everything they need so that your wishes can be carried out in the proper manner.
You’ll also have the ability to make special arrangements to financially support a family member with health problems or set up a trust fund for someone who might need it in the future.
In short, planning for a financial legacy aims to eliminate any uncertainties on the division of your wealth and assets, and ensures that your beneficiaries will have the finances that they need. As your assets and life situation will change over time, you’ll also want to review your plan with a financial advisor yearly or when a major life change happens. By doing so you’ll have a proper plan in place which will give you the peace of mind to enjoy life knowing that no matter what happens, your loved ones are financially secure.
Building a legacy
For a start, investing in the stock market can be a great way to do this as it has the potential to continue growing over the years.
Alternatively, a common and popular option is insurance. Setting aside atleast BND10/month on a life insurance policy can protect your family financially when you are no longer able to.
You can speak to a financial planner to find out your best options.
How do you start planning?
Here’s a step-by-step guide on how to start planning for your financial legacy.
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We will be introducing a new online business banking service, bringing new and improved features to enhance your experience with us. The new service will be rolled out to all customers in phases and our existing Baiduri Business i-Banking service will remain available to you, until such time you have been successfully migrated to the new service.
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*Note: We are currently rolling out our new online business banking service, Baiduri b.Digital Business to existing customers in phases. For users who have not yet received their new login credentials, please continue to access the Business i-Banking service for your online banking needs. For more information, please contact us at [email protected] or call 2268 637/8/9 during business hours.
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