HNW individuals fear wealth may not last beyond next generation: report

Three in four Singapore HNWIs believe their heirs may not be financially equipped to manage inherited wealth.

A majority of high-net-worth (HNW) individuals in Singapore fear their wealth will not last beyond the next generation, despite high awareness of estate planning tools.

According to a survey from Sun Life, amongst Singapore respondents, 67% said they worry their wealth won’t outlast their children, and only half expressed full confidence that their heirs would honour their wishes or preserve and grow inherited assets.

The survey highlighted a significant preparedness gap: whilst many recognise the importance of planning, only 43% feel fully prepared today. Just 25% have both completed and communicated their plans, whilst 35% have only partial plans in place. About 17% have taken no action.

Key barriers to planning include legal and tax complexity (37%), a lack of advice (36%), discomfort discussing death or money (35%), and generational value differences (34%).

The study also found widespread concerns about heir readiness. Three in four Singapore HNW individuals believe their heirs may not be financially equipped to manage inherited wealth. Other major concerns include the potential for family conflict (59%) and the impact of market volatility (53%) on wealth preservation.

Whilst awareness of planning tools is high, actual usage remains limited. For example, 78% are aware of wills or estate documents, but only 41% have used them. Similarly, 81% are aware of financial advisers, with 53% using them, and 72% are familiar with trusts, yet only **45% have put one in place.

When asked what constitutes “good legacy planning,” respondents pointed to financial protection for the family (67%), the ability to pass down sufficient wealth (61%), and having a clear, well-communicated estate plan (48%).

Top legacy goals among Singapore HNW individuals included long-term wealth creation (61%), philanthropic giving (58%), and support for family needs such as housing and healthcare (56%).
Many are also placing greater focus on heir education and preparedness.

This includes encouraging open conversations about money (67%), teaching basic financial skills (61%), and sharing personal financial experiences (51%) to help the next generation navigate future responsibilities.