With property values increasing and many family-owned businesses expanding, more Filipino families are facing problems when transferring wealth to the next generation. Without proper estate planning, assets can end up frozen, tied up in legal disputes, or even sold off just to settle taxes.
At Pru Life UK’s Legacy Uncorked event in Manila, Rampver Financials chairman and CEO Rex Mendoza warned that while families work hard to build wealth, many fail to protect it for their heirs. He said estate planning is not only a financial task but a responsibility to ensure continuity across generations.
The event brought together high-net-worth families, business owners, and wealth advisers to discuss succession strategies. Mendoza stressed that families must prepare for both wealth creation and wealth transfer, especially amid global uncertainty. He noted that heirs often struggle not because they lack assets, but because they lack guidance and financial literacy.
Pru Life UK President and CEO Sanjay Chakrabarty echoed the concern, saying estate settlement remains a major hurdle for many Filipino families. Some are forced to sell land or businesses just to pay estate dues. He emphasized that estate planning is important for all families, not just the wealthy.
During the event, Pru Life UK introduced PRUWealth 10, a single-pay life insurance product designed to provide immediate liquidity for estate expenses, protect assets from forced sale, and ensure a smoother transfer of inheritance.
Chakrabarty said structured wealth transition is becoming a growing priority as more families seek stability and long-term protection. A wine appreciation session, led by The Sip Studio’s Chie Gatchalian, symbolized how legacies—like fine wine—must be intentionally preserved.
Legacy Uncorked forms part of Pru Life UK’s broader push to promote financial education and estate planning in the Philippines, helping families secure and sustain multigenerational wealth.
