I sat down in my reading room and picked up The 7 Habits of Highly Effective People by Stephen Covey while sipping a cup of coffee. I came across an interesting philosophy from his book: a farmer kills the goose that lays golden eggs in an attempt to get all the eggs at once, ultimately destroying the source of his wealth. But how can we relate this to estate planning?
Understanding the Golden Goose in Estate Planning
In estate planning, the “golden goose” represents the assets and investments that generate wealth or provide support for your family. The “golden eggs” are the benefits and income these assets produce over time. The focus should not only be on distributing these assets (the “golden eggs”) but also on ensuring that the assets themselves are preserved and continue to generate value for future generations.
Actions That Kill the Golden Goose
Surprisingly, many people make two major mistakes when it comes to estate planning.
- Not Writing a Will
Many individuals neglect to write a Will, even when they own substantial assets. In the event of their passing, their assets will not be distributed to their beneficiaries as intended but instead will be divided according to the Distribution Act 1958.
- Insufficient Planning Beyond the Will
Even if they understand the importance of having a Will, how can they ensure that their beneficiaries will know how to manage the estate?
Let’s say you own multiple properties worth RM5 million, generating RM25,000 in monthly rental income. You’ve written a Will to bequeath these properties equally to your children, with the hope that they won’t sell off the properties for at least 10 years. You foresee that the rental income will increase as property values appreciate in the future.
But how can you ensure they’ll know how to manage the properties?
And how can you guarantee that they won’t sell the properties in the future?
Long-Term Success: Protecting and Growing the Golden Goose
Simply writing a Will won’t solve these concerns. The solution is to include a testamentary trust in your Will.
Here’s how it works:
- Set up a testamentary trust and list all the properties you wish to retain for the future.
- Instruct your trustee (this can be an individual or a trust company) to hold these properties for the duration of the trust, e.g., 10 years.
- Name your children as beneficiaries to collect the rental income generated by these properties.
- At the end of the 10-year trust period, instruct the trustee to distribute the properties to your beneficiaries.
Short-Term Thinking vs. Long-Term Vision
So, the question is—do you want to be the farmer who kills the golden goose because of short-term thinking? Or do you want to be the one who protects and nurtures the goose, ensuring it continues to lay golden eggs for years to come?
The choice is simple: think long-term, protect your wealth, and secure your family’s future.
For further details, you may make an appointment with our legal advisor here:
https://calendly.com/finex-and-co-legacy-advisory/tea-talk-with-legal-expert
如何保护你的财富，传承给你的受益人？
我坐在书房里，一边喝咖啡，一边翻开了史蒂芬·柯维的《高效能人士的七个习惯》。书里提到一个很有意思的哲学：一个农夫为了一次过拿到所有的金蛋，杀了下金蛋的鹅，结果反而断了自己的财路。可是，这个故事跟资产规划有什么关系呢？
在资产规划中理解“金鹅”
在资产规划里，“金鹅”指的是能够为你和你的家人创造财富的资产和投资，而“金蛋”则是这些资产不断产生的收入和利益。重点不只是分配这些资产（“金蛋”），更要确保资产本身能被保留，继续为未来几代人创造价值。
杀掉“金鹅”的行为
很多人在资产规划上犯了两个大错误：
- 没有立遗嘱
即使他们拥有可观的资产，但却没有立遗嘱。如果不幸去世了，资产可能无法按照他们的意愿分配，而是根据《1958年分配法令》进行分配。
- 只写遗嘱，规划不足
即使知道写遗嘱的重要性，但他们有没有想过：
- 受益人真的懂得如何管理这些遗产吗？
- 如何确保受益人不会把这些资产卖掉？
举个例子，假设你拥有多个价值 500 万令吉的房产，每月收租 RM25,000。你在遗嘱里写明将这些房产平分给你的孩子，并希望他们至少 10 年内不要卖掉这些房产，因为你预测租金会随着房产升值而增加。
但问题是：
- 你如何确保他们懂得管理这些房产？
- 又如何保证他们不会卖掉这些房产？
长期成功：保护和发展“金鹅”
单靠立遗嘱是无法解决这些问题的。解决方法是：在遗嘱里设立遗嘱信托（testamentary trust）。
具体操作是这样的：
- 建立一个遗嘱信托，列出你希望保留的所有资产。
- 指定一位受托人（可以是个人或信托公司），让他们在信托存续期间（例如 10 年）管理这些资产。
- 把你的孩子列为受益人，让他们领取房产的租金收入。
4. 在信托期限结束后，指示受托人将房产分配给你的孩子。
短视与长远的选择
所以问题来了——你想成为那个因为短视而杀掉“金鹅”的农夫，还是想成为那个保护和发展“金鹅”的人，让它继续为未来几代人下金蛋？
选择很简单：要有长远的眼光，保护你的财富，保障你家人的未来。
