These gaps can lead to frozen assets, legal disputes, and forced liquidation, industry leaders warned at Pru Life UK’s exclusive Legacy Uncorked event held at the Grand Hyatt Manila.
Why it matters
While many families are focused on wealth accumulation, far fewer prepare for the complexities of inheritance and succession.
Rex Mendoza, chair and CEO of Rampver Financials, emphasized in a press statement that estate planning “is not just a financial task—it is a responsibility to one’s heirs and a commitment to continuity.”
Mendoza, the event’s keynote speaker, said many Filipino families build substantial assets yet fail to protect them for the next generation.
“Legacy is not just what one leaves behind; it’s how one prepares others to carry it forward,” he told high-net-worth families, business owners, and wealth advisers in attendance.
What they’re saying
Mendoza stressed that unpredictability — from economic shocks to health crises and policy shifts — has become a permanent feature of modern financial planning.
“Uncertainty is now a constant,” he said, warning that families without emergency liquidity and structured succession plans expose their heirs to unnecessary financial risks.
He also noted that failed legacies often stem not from the loss of wealth but from the absence of generational preparation.
“Heirs do not fail because they lack inheritance; they fail because they lack guidance,” he said. Wealth, he added, must be transferred “with wisdom, purpose, and financial literacy,” alongside disciplined investment strategies and diversification for long-term sustainability.
Zoom in
Pru Life UK president and CEO Sanjay Chakrabarty underscored the urgency of legacy planning in the Philippine setting, where estate settlement remains one of the biggest hurdles to preserving family wealth.
“Many families are forced to sell land, businesses, or long-held assets simply to settle estate obligations,” he said. “Estate planning is not just for the wealthy—it is for every family that wants continuity, stability, and dignity in how their assets are passed on.”
State of play
To support financially prepared transitions, Pru Life UK unveiled PRUWealth 10, its single-pay life insurance solution designed to generate estate liquidity and prevent forced asset sales. The product aims to ensure that families can settle obligations immediately, preserving both legacy holdings and family relationships.
“PRUWealth 10 provides immediate liquidity at the moment families need it most,” Chakrabarty said. “We continue to see growing interest among discerning families and business leaders who recognize the value of structured protection.”
Between the lines
Conversations around legacy are no longer taboo among affluent Filipino families, Chakrabarty said. Instead, structured wealth transition has become a rising financial priority as families seek to protect not only their life’s work but also intergenerational harmony.
The big picture
Legacy Uncorked also featured a curated wine appreciation journey led by Chie Gatchalian, co-founder of The Sip Studio — a symbolic reminder that legacies, like fine wine, must be cultivated with intention and care.
The event forms part of Pru Life UK’s broader commitment to financial education and estate planning advocacy, equipping families with tools, guidance, and professional advisory to safeguard multigenerational wealth. —Ed: Corrie S. Narisma
