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Never too early to secure your assets

Never too early to secure your assets

It is never too early to have a plan for one’s assets to minimize uncertainties that may complicate one’s future.  This was the message of the Estate Planning Basics webinar hosted by the RCBC Wealth Management Group.

RCBC President and Chief Executive Officer Eugene S. Acevedo pointed out that the webinar on estate planning aims to assist and guide its clients to organize their wealth. He added that wealth needs to be well managed and succession planning well charted to ensure a better future.  

In the webinar, Atty Carmina Carpio, the head of RCBC Retail Relationship Management Division explained that estate planning is not just for seniors but for everyone and that planning early is the key to success.

Carpio pointed out that managing one’s wealth helps ensure the financial stability of one’s heirs in case something unexpected happens.

“Our goal is to help our clients to start asking the right questions to evaluate their assets and situation in a more efficient and deliberate manner. Estate planning is not about dying. It is about having peace of mind,” Carpio said.

The webinar debunked certain myths around estate planning, one being that it is only for the truly rich. Estate planning is part of any sound financial plan for both high-networthindividuals as well as for those with modest assets.

Carpio outlined the basic steps for a sound estate plan. This plan includes creating an inventory of what you own and owe; evaluating family’s needs; knowing the law, what you can and cannot do; evaluating the need to engage professionals; documenting your wishes and establishing your directives; educating and communicating to heirs; as well as planning a periodic review of your plan.

The various financial tools that may be utilized to come up with a sound estate plan include, but not limited to, life insurance, investment management accounts (IMA), trust fund accounts, family corporations, one person corporation, sale or donation, gifts-in-trust, as well as wills.

In closing, RCBC Senior Vice President and Head of RCBC Wealth Management Jane N. Manago pointed out that it is never too early to secure one’s assets especially now that we are facing a pandemic.

“Planning includes our estate. We wanted to share with you the importance and urgency of estate planning and the many ways to plan. It is never too early to secure your financial assets,” Manago said.

RCBC’s Wealth Management Group offers financial/investment advice, retirement planning and estate planning complementary services to their clients. RCBC Wealth provides a wholistic approach wherein one Relationship Manager coordinates all the services needed to manage the financial matters of a client.

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