Singapore HNWIs lead legacy planning adoption: survey

Advice drives planning decisions.

Some 45% of high-net-worth individuals in Singapore have a formal legacy plan in place, above the 41% recorded across the other markets surveyed by HSBC Life.

Another 39% of Singapore respondents are still in the early stages of planning and gathering information, whilst 16% have yet to begin.

The survey covered 100 Singapore-based high-net-worth individuals as part of a wider study of more than 900 respondents across nine markets in Asia and the Middle East.

Singapore respondents said their top legacy planning priorities were tax minimisation, stable long-term growth, and capital preservation.

HSBC Life said life insurance and wills were the most commonly used tools, with 49% using each, followed by joint ownership of assets at 35%, family offices at 33%, trusts at 32%, and lifetime gifting at 30%.

Professional advice was the main trigger for legacy planning decisions, with 42% citing advice from a financial adviser, banker, or lawyer. Financial advisers were also the most influential information source at 47%, ahead of lawyers or legal advisers at 41%.

Cost and complexity remained the main barriers. HSBC Life said 70% of Singapore respondents viewed premiums as prohibitively expensive, 62% said insurance returns were too low relative to other investments, and 68% said coordinating advisers on legacy matters was a burden.

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