Is legacy planning only for the wealthy?

Perhaps one of the greatest misconceptions in life is that many people do not think they need a will, as they are not rich or famous and thus have no “legacy” to leave behind.

It is undeniable that the rich and famous do have a legacy to leave behind; for example, Kobe Bryant, who passed away in January 2020, will be forever remembered as one of the greatest basketball players in the world. However, it is an utter misconception that only the rich and famous have legacies to leave behind. Assigning the word “legacy” to only the rich and famous is a grave disservice to the human race.

Be it the CEO of a global company, a teacher, or a parent – everybody leaves behind a legacy when they die. The question is, what legacy do you want to leave behind? Drawing up a will helps you plan out your legacy, as you discover what kind of impact you wish to leave on the world and how you should achieve your goals.

Tun Abdul Hamid Mohamad, the former Chief Justice of Malaysia once said: “As everybody must die one day, everybody, no matter how poor he is when he is alive, will have an ‘estate’ when he dies. How much his estate is worth is another question.”

Whether you are rich and famous or an ordinary person, you will leave behind an estate that will require administration. You may think that as you do not own many assets, your family should be able to easily inherit your assets upon your death even without a will. However, it is not as straightforward for your family to just “take over” your assets as you may think. Without a will, the process of administering your estate will be far more tedious, costly, and time-consuming than if you had left behind a will.  A will enables you to set out who is to be your executor, your beneficiaries and the division of your estate to which beneficiaries.  If your beneficiaries are minor children, it facilitates the appointment of guardians and trustees for their care and concern.

Your will is your legacy plan. The fact that you do not have an estate worth billions of dollars does not negate the need for a will. Take on the responsibility of building your legacy, piece by piece so it will be easier for your loved ones.