3 Succession and Wealth Planning Tips Every Woman of the Family Must Know

All the hard work you’ve put in to save up and build your wealth is a life milestone in itself. What’s more, if you’re running your own business, you have a “legacy-in-progress” of sorts. When you’re likewise a mom or your family’s breadwinner, your business is an essential means to earn so you can help your loved ones live a comfortable life. Unpredictability or sudden changes in life that women go through, however, is part of reality and may impact business, income, health, and relationships. Regardless of age and financial status, as long as you have an asset to protect, it only makes sense to start planning how to preserve your wealth and prepare should the worst happen.

This is why entrepreneurs and business magnates plan to ensure their loved ones can live comfortably long after they're gone. They do this by taking decisive steps to protect their estate and equip the next generation with the knowledge and skills to manage it well.


Here are three ways you can preserve wealth: 

1. Educate your heirs on managing your wealth and business 

When we talk about wealth transfer, it’s not simply a question of how seamless or fast the transfer is, but also about how the wealth can be sustained by your heirs. Remember that you don’t only have financial assets to pass down, but values and philosophies that have helped you achieve or grow those financial assets. Without this, what you worked hard for many years could crumble overnight. Consider this as part of planning for wealth preservation to protect future generations.

Financial literacy teaches one how to manage wealth from concepts, processes, to how-to's. Schools or financial coaches can help provide short courses, training programs, and online references to build up understanding on different financial topics. Unlike financial literacy, however, values are caught, not taught, and you can start instilling good values as early as now (or as your as your heirs are).

Your wealth has a bigger narrative and storytelling is a powerful means of transferring values. Have those family conversations, create healthy connections, and lead a life consistent with what you teach. When the right time comes, you’ll have peace of mind that your wealth will be in capable hands.

It's not easy to transfer to the next generation the business acumen you honed for decades. It may take years to even learn the basics, especially in running larger organizations.

This is where having solid financial literacy as well as wealth and business management know-how come in. You may opt to involve your family in the business early on, so when the right time comes, you know it'll be in capable hands.

2. Protect your health in case of emergencies 

While you may do everything you can to live healthier, unforeseen medical emergencies could significantly impact your wealth. Mounting hospital expenses could dry up your savings, which could create a financial strain on your loved ones and put their future at risk. This is why having a comprehensive health plan is important. It will allow you to continue leading a healthy life while ensuring you're adequately covered and can get the best healthcare when you need it.

For example, AXA Philippines offers Global Health Access. It's ideal if you're looking for comprehensive health insurance in the Philippines for your healthcare needs. From common and serious illnesses to life-threatening pandemic diseases, Global Health Access has you covered whether here or abroad.

Furthermore, Global Health Access offers up to P175 million in global medical coverage, along with the freedom to choose your doctor. You can also enjoy cashless transactions in over 1,400 hospitals and clinics in the country and 9,000 abroad. Also included are value-added services such as international emergency medical assistance and 24/7 access to health support and a global concierge.  

3. Plan your retirement right away 

Nobody knows what the future holds. Because of this, lay out a detailed plan for your retirement while you are still young and able. While in the process of your retirement planning, ensure as well that your wealth and estate will be properly distributed when the time comes. This will help ensure a smooth transition of your assets to your rightful heirs who will properly preserve, manage, and distribute your wealth. Doing so avoids potential legal issues that may arise after you're gone. More importantly, careful estate planning will give you peace of mind knowing you'll be able to take care of your family whatever happens to you.


Consider getting a product like AXA's all-around insurance plan MyLifeChoice. Having a MyLifeChoice plan lets you protect your income and plan ahead for your retirement. Through MyLifeChoice, invest your money in AXA’s Target Date Fund and maximize your investment’s growth potential as you approach your target retirement year. Moreover, you can enjoy a bonus equal to 70% of your first-year premium for long-term investment so you can keep building your retirement fund. It also offers flexible payment terms and provides coverage in case of untimely passing, accident, or critical illness so your family can keep living the life they deserve.

With your income protected and secured, get that head start on your retirement plan towards preserving your wealth for the future of those who matter to you. By having all-around protection that includes life, health, and accident coverage together with smart estate planning, and well-prepared and educated heirs, rest assured that your legacy will remain intact whatever lies ahead. These are important investments you need to make together with your other financial decisions. Because whatever you do today will impact the life your loved ones will have tomorrow. 

Know you can game plan your retirement and the security of your family’s wealth. Get started by talking to an AXA financial partner partner online or follow our Facebook page.

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