Q) When did you become a Precepts Estate & Succession Practitioner?
A) I joined Precepts in August 2022 as an ESP.
Q) What prompted you to consider a career and business as a Precepts Estate & Succession Practitioner? Why did you choose Estate Planning?
A) I transitioned into Estate Planning after COVID disrupted the corporate world, particularly the Office Equipment and Services industry where I previously worked. The restructuring processes took a mental toll, leading me to leave without a clear direction.
I sought guidance from three key individuals: Life Coach Mr Zaidi, Career Coach Mr Winston, and veteran ESP, Mr Michael. Through these discussions, I realised I wanted to “be useful and helpful” in my next career. The meeting with Mr Michael introduced me to Estate Planning, and I saw how it could fulfil my desire to help others.
The certainty of death and the lack of preparedness for it motivated me to pursue this field. After completing Precepts’ 5-day training, I was convinced that this was the right platform for my career shift.
Q) What difference did Precepts make in your journey?
A) Precepts has been instrumental in transforming me from a corporate professional to a dedicated Estate and Succession Practitioner. They provided structured training, ample resources, and a supportive framework that helped me practice Estate Planning professionally and confidently. The knowledge shared by fellow practitioners has also been invaluable to my growth.
Q) What are some of your core beliefs for Estate Planning?
A) My core beliefs focus on accessibility and personalisation. Estate Planning isn’t just for the wealthy or elderly; it’s for everyone, especially to safeguard loved ones. Everyone has unique concerns and assets, so estate plans should be tailored to individual needs rather than using generic templates.
Additionally, estate plans must evolve with life changes, making periodic reviews essential. My guiding principle is: “Plan Well. Plan Ahead. Take Action.”
Q) What do you think clients should look out for when they are doing their estate planning to distribute their wealth?
A) Clients should begin by consolidating an overview of their assets and liabilities. It’s important to be clear about their intentions and how they want their assets to be protected, preserved and distributed.
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) Many clients believe a simple Will is sufficient and often think Trusts are too complex or costly. Clients focus on asset distribution and not estate planning.
Q) What are some of the principles you use to help them overcome these challenges?
A) I explain that just as Singapore has National Reserves to benefit future generations, a Trust can act as a “Family Bank.” A Trustee acts like a dedicated Personal Assistant, ensuring assets are safeguarded and distributed according to their wishes for up to 100 years.
Estate Planning also incorporates risk management, mitigation of liabilities, and financial planning, especially for untimely death, disability, critical illness, and retirement.
Q) How long is the normal process to complete a family wealth succession?
A) Typically, it takes 3 to 5 meetups and between 45 to 90 days, although some clients may take up to a year depending on their conviction to complete their Estate Plan, which often includes a Financial Review, Will, LPA and Trust.
Q) What do you enjoy most about the business?
A) I enjoy meeting clients from all walks of life and gaining insight into their dreams, concerns, and family challenges. Engaging in meaningful conversations and helping them with purposeful planning is incredibly fulfilling.
Q) What motivates you in this business?
A) What truly motivates me is the instant connection I make when discussing Estate Planning with clients, friends, and family. Being able to share experiences and help people take their first steps in planning their legacy is very satisfying and fulfilling.
Additionally, the lack of awareness about Estate Planning drives me to keep learning and sharing with the wider community.
Q) What do your colleagues and/or family members think about you being an Estate Planner?
A) My ex-colleagues, friends, and family now see the value of Comprehensive Estate Planning and think highly of my work. They’ve found the knowledge helpful, and appreciate that I’m making a purposeful impact through my career. Being an Estate & Succession Practitioner allows me to be both useful and helpful to everyone around me.
This article was first published in our newsletter, The Custodian Issue 31. Click here to access our latest newsletter
