Page 36 - Waterfall Issue 11 2021

Waterfall News

WAnT TO BUiLD

A LEgACY?

By Nirdev Desai, Head of Sales at PSG Wealth

As the end of the year approaches and work

winds down, it is often the best time to get

personal affairs in order before the New Year

rears its head. As such, there is no better time to

focus on leaving a lasting legacy.

To establish a lasting legacy, I suggest from a risk perspective. This does not ensure that you have the time to
starting with these three steps. only include life cover (to ensure your implement these structures as
dependents are provided for) but also intended so that your legacy is
1. start early – do the severe illness and income protection passed on efficiently and smoothly.
necessary preparation to cover so that you are protected if your
cultivate wealth ability to earn an income is disrupted. 3. Reconsidering the
If you’re serious about leaving a legacy, constructs of a positive
you first need to secure that legacy. 2. Yes, you need a will ‘legacy’
This starts squarely with having a Many people neglect putting a This might seem like a strange
financial plan in place that allows valid will in place, perhaps because concluding point in an article about
you to build wealth holistically. Any talking about death is unpleasant leaving a legacy, however, it actually
landscaper will tell you that plants and often results in anxiety. circles back rather well to the first
take time to grow, and the same is However, not taking the time to do point. While reading this, you might
true for your financial portfolio. so can cause a lot of unnecessary think that leaving behind a legacy is
hardship for those left behind. a grandiose goal only for the wealthy
Before planting a garden, you should few. However, the biggest gift you can
prepare the soil. Similarly, wealth Winding up a deceased estate is not give your children is ensuring you do
is not cultivated overnight. It is the a quick process and dying without not become financially dependent on
result of careful budgeting, saving and a will (or leaving behind a disputed them at any point in the future and
investing over many years. Likewise, one) can further delay this process. allowing them the luxury of focusing
a little spring cleaning may be in Even if single with no dependents, on building their own legacies.
order if you have let your investment you will still leave assets behind
portfolio go to seed - remember that that need to be allocated. We also A proper financial planning exercise
your financial portfolio should be encourage everyone to ensure will help determine how much you
reviewed annually (at least) to ensure their will is updated whenever their need to save to have a financially
that it remains positioned to help personal circumstances change. secure retirement. Starting sooner
you achieve your goals successfully. rather than later is the important
However, if your intention is specifically first step to take. So, if you have been
Lastly, everybody knows that green to leave a legacy, working with a delaying the process of putting your
thumbs need to take precautions to fiduciary practitioner is strongly financial affairs in order, I suggest
keep pests under control. Part of the recommended. Putting specific using the energy of the season to
holistic investment planning process structures in place to secure your your advantage and plan to leave a
should be to ensure you are covered estate can take years. It is best to financial legacy that truly matters.

34 Waterfall Issue 11 2021