Top of main content

How to achieve your legacy goals

Before you plan for your family legacy, you need to fully understand your legacy needs to find the product that's right for you.

Your legacy needs may include:

  • Preserving your assets to pass them on to your heirs
  • Allocating assets appropriately, especially if you own assets that aren't very liquid
  • Allocating assets as you deem fit, and maintaining confidentiality

Let's use an example to see how good planning can help you meet your legacy needs:

Mr. and Mrs. Chen own assets worth approximately RMB20 million, including a business worth RMB8 million. They have two children, but only one wants to take up the business. The couple plans to split their assets equally between their two children when they retire.

Without legacy planning:

Mr. and Mrs. Chen will have to ensure that their retirement expenses do not exceed RMB8 million to ensure that their children will inherit assets worth RMB12 million.

With legacy planning:

Assuming that Mr. and Mrs. Chen’s lump-sum single premium of RMB3 million may be used to buy a life insurance policy worth RMB8 million*. Without having to break up the business, their two children may each inherit assets worth RMB8 million, and Mr. and Mrs. Chen could also increase the retirement expenses available to them to RMB9 million.

* This insurance policy is not an actual representation, and is for illustration purposes only.

Advantages:

  1. Long-term financial security: Protect your personal and your heirs’ financial needs on a long-term basis
  2. Increase your liquid assets with insurance planning: Ensure you have ample liquidity for your retirement
  3. You could choose to allocate any amount exceeding your retirement expenses to your heirs or set it aside for charity

Thus, fully understanding your legacy needs will help you to find the right product.

Contact us

Want to start growing your wealth but not sure where to start? Leave your contact information and we will call you back within 2 working days.

Make an appointment This link will open in a new window

General enquiry on personal financial related service

400-820-3090

Please dial the country code of mainland China +86 if you are calling from overseas, Hong Kong SAR, Macau SAR, or Taiwan

You might like

How to plan for your retirement

 
This link will open in a new window
elder couple are searching information; the image used for how to achieve your legacy goals

Be prepared for illness

 
This link will open in a new window

Understanding legacy planning

 
This link will open in a new window

Disclaimer 

The contents of this article, whether in whole or in part, may not be reproduced or further distributed to any person or entity for any purpose, and must not be distributed to any other jurisdiction where its distribution is unlawful.

The views expressed and the information contained in this article are for general reference only, and are not intended to offer any professional opinion (including but not limited to financial, tax, legal or accounting advice) or investment advice. In addition, the information contained herein has not taken into consideration your investment experience, objective, financial sources and relevant circumstances. You should not regard this article as the bank offering opinions/advice in these areas, or rely on it as the basis of any investment or other decisions. This article does not constitute any advertisement, promotion, recommendation, offer, solicitation of offer or advice for any product or service offered by the bank. The bank is not recommending or soliciting any action based on it.

The bank and HSBC Group make no guarantee, representation or warranty and accepts no responsibility for the accuracy, timeliness or completeness of the views and information contained in this article including any third party information. Third party information is for your reference only, and shall not be deemed as the bank’s recommendation or endorsement of any views, data or other information contained therein. The views expressed in this article are subject to change without notice.

Back to top