Ang Jolie @Mei
Education empowers individuals to make informed decisions about their estate. Every person is unique, and their estate plan should be tailored to their individual goals and values, says experienced Estate & Succession Practitioner, Ang Jolie @Mei in this Q&A with The Custodian.
Q) When did you become a Precepts Estate & Succession Practitioner (ESP)?
A) Year 2016.
Q) What prompted you to consider a career and business as a Precepts Estate & Succession Practitioner? Why did you choose Estate Planning?
A) After my father’s passing in 2004 without a Will or funeral plan, I saw the devastating impact on loved ones. In 2010, I started a funeral company and discovered many Singaporeans fail to plan their legacies, leaving families in turmoil. This sparked a desire to make a difference. I realised estate planning is equally crucial for preparing for the unexpected. By integrating estate and funeral planning, I offer a one-stop solution from “Womb to Tomb,” ensuring a seamless transition for loved ones. Good planning secures one’s legacy, protects family members, and ensures wishes are respected. As a Precepts Estate & Succession Practitioner, I guide families through this critical process, empowering them to prepare for the future with confidence and peace of mind.
Q) What difference did Precepts make in your journey?
A) Precepts has been a transformative force in my journey, offering unparalleled resources, support, and growth opportunities. Its extensive programs, workshops, and mentorship have empowered me with the expertise, knowledge, and insights necessary to excel. Being part of its community has also connected me with likeminded individuals who share similar values and aspirations, creating a collaborative and encouraging environment. Precepts has been a trailblazer, establishing a comprehensive suite of services to provide a holistic solution. This has enabled me to position my company as a true “Womb to Tomb” provider, offering a seamless and integrated experience for families, thanks to PreceptsGroup.
Q) What are some of your core beliefs for Estate Planning?
A) I believe that education empowers individuals to make informed decisions about their estate. Every person is unique, and their estate plan should be tailored to their individual goals and values. The well-being and protection of loved ones should be a top priority, ensuring a smooth transition and peace of mind. Ultimately, estate planning should provide individuals and their loved ones with peace of mind, knowing that their wishes will be respected and their affairs are in order.
Q) What do you think clients should look out for when they are doing their estate planning to distribute their wealth?
A) When planning the distribution of their wealth, clients should carefully consider several key factors to ensure a smooth and successful transfer of their assets to their loved ones. Clearly defining their wishes regarding asset distribution is essential, including identifying the intended beneficiaries and their respective shares. Clients may also want to set conditions for inheritance, if desired. Additionally, they should consider family dynamics and potential conflicts, taking steps to mitigate them where possible. Regular reviews with a financial advisor and estate planner, as well as updates to their estate plan, are crucial to reflect changes in circumstances and goals. By thoughtfully considering these factors, clients can achieve peace of mind knowing their wishes will be respected.
Q) We understand you regularly help individuals and families set up Trusts. What is the biggest challenge you face when you talk to them?
A) When helping individuals and families set up trusts, the biggest challenge I face is addressing common misconceptions. Many people believe trusts are only for the extremely wealthy or too restrictive, and that a will is sufficient for their needs. However, after discussing their specific requirements and requests, I often find that a trust is necessary to complement their Will. I help clarify the various types of trusts and their flexibility to address different needs, dispelling these misconceptions and showing how trusts can benefit anyone. Understanding family dynamics is also crucial, as I recommend trust structures that can help prevent conflicts and promote harmony among family members.
Q) What are some of the principles you use to help them overcome these challenges?
A) To help clients overcome challenges with trusts, I focus on education, personalised guidance, and effective communication. I believe that empowering clients with knowledge is key, so I take the time to educate them on the fundamentals of trusts, including basic concepts and terminology. This foundation of understanding enables them to make informed decisions about their estate planning. From there, I work closely with each client to determine the best type of trust for their individual circumstances and goals. This personalised approach considers factors such as family dynamics, financial situations, and tax implications. By taking a thorough and collaborative approach, I help clients navigate complex decisions and make informed choices about their trust. This approach builds confidence and understanding, ensuring clients feel empowered to make the best decisions for their estate planning needs and achieve peace of mind.
Q) How long is the normal process to complete a family wealth succession?
A) The process usually takes several months to a year or more, depending on the family’s asset complexity and situation. A patient and diligent approach is necessary for effective wealth preservation and transfer. Additionally, family wealth succession planning is an ongoing process that requires periodic reviews and adjustments to ensure the plan remains relevant and effective as circumstances change.
Q) What do you enjoy most about the business?
A) I find immense fulfillment in helping individuals and families achieve their goals and secure their legacy through estate planning. It is a privilege to empower them to protect their loved ones, achieve their aspirations, and leave a lasting impact. Building multi-generational relationships with clients and their families is also a joy. Witnessing the positive consequences of our collaboration unfold over time and seeing families grow and thrive, knowing that I have played a role in their comfort and security, is deeply rewarding.
Q) Tell us more about what motivates you in this business?
A) If I can inspire one person to plan and secure their legacy, I could potentially impact generations. My father’s lack of preparation left our family unprepared, and I have seen the challenges that come with it. Now, I am driven to help others avoid similar struggles. By empowering individuals to plan and secure their legacy, I aim to make a lasting impact on generations to come. This motivation fuels my passion to help families secure their well-being and legacy, making a meaningful difference in the lives of those they love.
Q) What do your colleagues and/or family members think about you being an Estate Planner?
A) They often turn to me to seek advice and guidance. I reckon they appreciate my empathetic approach and expertise in helping them plan for the future. They know I will take the time to understand their unique needs and provide personalised guidance to secure their legacy and protect their loved ones.
This article was first published in our newsletter, The Custodian Issue 30. Click here to access our latest newsletter
