Fellow SINGAPOREANS slog long every day and spend much energy drawing up a lifetime plan thinking about how best to grow their money, not just for better-quality lives but also to provide for the next generation.
Singaporeans do have sound lifetime plans and have generally been quite successful in accumulating wealth. A recent Credit Suisse wealth report showed that Singapore is the second-richest nation in the Asia-Pacific region, and the fourth-richest in the world, in terms of average wealth per adult.
But how can you ensure that the wealth that you have worked so hard to accumulate over the years will be protected and added to, and that a legacy will be maintained down the generations according to the lifetime plan?
"No one should presume that a family lifetime plan will automatically be maintained," said Mr Mark Daniell, author of the book Family Legacy And Leadership.
"Mere hope is not a strategy, nor a likely pathway to an enduring legacy."
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