Preparedness in legacy planning is rapidly accelerating in Asia though the vast majority are concerned that riches will not last after the next generation, according to a Sun Life study.
Wealth transfer efforts in Asia are accelerating with 22% of individuals in the region claiming to have a fully documented and communicated legacy plan in 2026, according to a Sun Life study entitled Passing the Torch, up from 10% last year. The proportion with no legacy plan at all fell from 31% to 15% in the same period.
However, there are concerns that family riches will not last for long. 70% of respondents in the study worry that their wealth may not be preserved beyond the next generation and only 20% said they feel fully prepared to pass on their legacy today.
Legacy planning is about more than money
More than just transferring and preserving financial assets, respondents stressed the desire to pass on values or knowledge as part of their legacy plan. The top ranked areas of focus included skills and education (33%), family values (32%) and life lessons (31%).
On what they want their wealth to achieve, the leading responses included the creation of long-term opportunities for loved ones (61%) and the coverage of essentials like housing and healthcare (52%).
The second edition of the study was based on response from 3,073 individuals across six markets: Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam.
