Q) When did you become a Precepts ESP?
A) I became an ESP in 2010, back when it was known as Rockwills Singapore. I was among the pioneer practitioners with the company.
Q) What prompted you to consider a career in Estate Planning?
A) To be the best advisor, one needs a comprehensive understanding of legacy planning. Clients today are much more sophisticated than they were a decade ago, and Singapore’s growing affluence highlights the increased need for trust planning and advisory services.
I’m glad I chose to specialise in this field, even when demand was low 14 years ago. Today, I see clients frequently, as the need for trust planning advisory has grown significantly.
Q) What difference has Precepts made in your journey?
A) The courses offered by Precepts Academy have deepened my knowledge and equipped me with expertise essential for this role.
Working with a reputable Trust Company has built trust and credibility with my clients, reinforcing confidence when the trust becomes operational.
On a practical level, I’ve gained firsthand insight into the operational responsibilities of a Trustee, enhancing my ability to manage client needs effectively.
Q) What are your core beliefs about Estate Planning?
A) I believe in the 3 Ps: Plan, Prepare, and Provide.
Plan ahead to divide assets among loved ones to keep the
family united.
Prepare a list of assets to save your executor from unnecessary expenses.
Provide the resources your family needs to ensure they remain secure, even in your absence.
Q) What should clients look out for when doing Estate Planning?
A) Clients must stay updated on changing tax regulations where they hold assets, as new tax regimes can lead to unexpected costs.
Informal arrangements are another concern. For example, a brother might pay the deposit for a property under the sister’s name. If the sister passes away, will the brother’s contribution be repaid, or will the property pass entirely to her heirs?
Lastly, many lack a plan for mental incapacity. While an LPA is a good start, clients must also plan for how resources will sustain long-term caregiving arrangements. Unfortunately, resources often run out faster than expected.
Q) What challenges do you face in helping clients set up Trusts?
A) The biggest challenge is raising awareness about the need for sustainability in asset distribution.
For example, many clients want to give their beneficiaries a lump sum inheritance. Once I introduce alternatives, such as annuity-style income streams, they begin to see the benefits.
Similarly, clients are often eager to transfer properties directly to their children. I offer options like trust structures, which many ultimately adopt to maximise the value of their assets.
Q) What principles do you follow to help clients overcome these challenges?
A) Harmonising relationships among beneficiaries is crucial. Equally important is maximising asset value to ensure resources are fully utilised.
Q) How long does it take to complete family wealth succession planning?
A) It typically takes 2 to 3 months to establish the broad direction of the plan. However, estate planning is a continuous process that evolves over time, requiring regular updates and interactions.
Q) What do you enjoy most about your work?
A) I have always been passionate about Law and Finance. As a Legacy Planner, I get to combine both interests while being professionally rewarded for my expertise.
Q) What motivates you in this business?
A) As a leader building my estate planning team, it’s fulfilling to help others excel in this field. I strive to demystify estate
planning and make it approachable.
Many of my mentees tell me that I make the process look simple and easy. That feedback inspires me to continue mentoring and grooming a new generation of skilled estate planners.
Q) How do your colleagues and family feel about your role as an Estate Planner?
A) It helps to have someone in the family who is well-versed in Financial and Legacy Planning. My advice is often well received, and my family members even help share my educational content with others. I believe they’re proud to see me in this field.
This article was first published in our newsletter, The Custodian Issue 32. Click here to access our latest newsletter
