Singaporeans are increasingly documenting and communicating their legacy plans, with the proportion of fully documented plans rising from 12% in 2025 to 32% in 2026, according to Sun Life Asia’s latest report. However, concerns remain about whether heirs are ready to manage the wealth they inherit. Among those worried their wealth will not last beyond the next generation, 55% cite beneficiaries’ financial preparedness as a primary concern, surpassing worries about market volatility at 43%.
The report, “Passing the Torch: When legacy means more than money,” highlights that whilst 82% of high-net-worth individuals in Singapore are confident in their financial literacy, only 29% have fully documented and communicated their plans. This gap between confidence and action underscores the need for better preparation of heirs to handle financial responsibilities.
Sujoy Ghosh, CEO of Sun Life Private Wealth, emphasised the importance of preparing the next generation, stating, “Families have traditionally focused on how wealth will be transferred. These findings show they also need to consider what happens after.”
The survey also reveals that legacy priorities extend beyond financial assets, with 46% of respondents valuing family traditions and 32% prioritising educational opportunities for the next generation. Millennials, in particular, express significant concern about preserving wealth, with 81% fearing it may not survive beyond the next generation.
As more families formalise their legacy plans, involving heirs in discussions about wealth management is crucial. Nearly 72% of respondents report that older generations have communicated some aspects of their plans, though only 34% have done so fully. This suggests a need for more comprehensive family conversations and professional advice to ensure a smooth transition of wealth.
