Let’s face it. We all want to leave something behind for the people we love and care about, and by “people” we specifically mean our children. No parent ever rests easy with the idea of leaving their children without anything they can use to improve their own lives and create a future with comfort and security.

As parents, our hope is always to give them the means to build good lives complete with the means to enable and empower themselves against any and all sudden unforeseen events.

We all want the best for our children, regardless of what age they are and their level of financial independence.  Given this, it’s only logical that we take steps to protect our assets and finances, and prepare processes that will ensure they will get an amount that is sufficient enough to support their needs.

Here are some tips to keep in mind when planning the transfer of wealth:

1. Plan ahead
   It is highly recommended to plan well, plan ahead, and plan with the help of experts. It is challenging and tricky to try doing things on our own and make possible mistakes, so the first step would be to get the advice of a credible financial advisor with experience in planning legacy and inheritance matters.
   An effective financial advisor will determine your financial status and those of your family. He can propose the most effective methods to utilize your existing funds and assets, give helpful tips on how your family can govern this wealth, and put together a customized plan that will best protect them while at the same maximize their current and future value.
   Coordinating with a financial advisor from Sun Life Grepa Financial Inc. (Sun Life Grepa), one of the top life insurance companies in the country, will be helpful in getting practical financial advice and enable you to make enlightened decisions.

2. Educate your children
   Make sure your heirs are adequately prepared to receive this wealth. Aside from teaching your children the value of having trusted financial advisors, it would be helpful to instill in them the responsibility of using their inheritance wisely, your vision in giving them this gift and the mindset of preserving family traditions and wealth in the years to come. 

3. Have a plan to resolve conflict
   It is not uncommon to have conflicts within families or with other recipients of wealth when the time for the wealth transfer comes. Try to put together as early as possible a protocol that will help resolve conflict discussions in a fair and efficient manner. A discussion with a lawyer and your financial advisor will be most helpful.

4. Invest wisely
   Another step to consider would be choosing a financial plan that can help you grow your money during your golden years so it is sufficient enough at the time it will be bequeathed to the next generation. One such plan is Sun Grepa Power Builder, an investment-linked insurance product that can be used by those preparing for or approaching retirement to build their wealth while enjoying life protection.  

Let Sun Life Grepa be your partner in preparing wealth for the next generation.Call 8499633, visit any Sun Life Grepa branch, log on to www.sunlifegrepa.com or email wecare@sunlifegrepa.com.