"Leaving A Lasting Legacy"
Explore the inspiring legacy of Madam Lam. Her thoughtful estate planning and dedication to charitable causes have left a lasting impact on many lives. Discover her journey, the meticulous planning with PreceptsGroup, and the heartfelt moments honoring her legacy. Read on to see how Madam Lam’s vision continues to make a difference.
Tea ceremony and cheque presentation to celebrate the legacy of a Precepts client
In May, Precepts Trustee Ltd held a tea ceremony and cheque presentation to celebrate the legacy of its late client, Madam Lam Lai Ore. We describe the events of the day and highlight how we had helped to accomplish her legacy wishes.
The mood in the Precepts office at International Plaza was fresh with anticipation on the afternoon of 10 May 2024 as Precepts Trustee Ltd (PTL) welcomed guests for a tea ceremony to celebrate Madam Lam’s legacy and a time for her close ones to reflect on her life and share her testimony.
The guests comprised of some close family members, the protector of the Standby Trust, Precepts Estate and Succession Practitioner Diana Seah, management and staff of PTL, and representatives from three Christian organisations, namely MSI Professional Services Ltd (MSI), Discipleship Training Centre (DTC) and Fellowship of Evangelical Students (FES).
The late Madam Lam had allocated substantial sums of over SGD3 million from her Trust to benefit MSI, DTC and FES. The event hosted by PTL was also intended as an occasion for representatives of MSI, FES and DTC to express their gratitude to the family.
Diana Seah and Madam Lam’s nephew shared their memories of Madam Lam, and in particular her strong Christian faith despite her illness. They warmed to photos that FES had received from its alumni who managed to trace her from those early years when she was active with the FES.
Subsequently, representatives from MSI, FES and DTC talked about their respective organisation’s mission, vision and key mandates. The session ended on a sweet note with cheque presentations to the three organisations. With her donations, Madam Lam’s legacy will help fulfil the beneficiaries’ missions that she had such a strong passion for.
Madam Lam’s legacy
In 2014, Madam Lam confirmed her estate planning intentions by finalising her Last Will and Testament with Precepts. She appointed PTL as the sole Executor. At the same time, she set up a revocable discretionary Standby Trust to receive the residual estate from the Executor. When she passed away in 2018, the discretionary Trust received private properties and a substantial amount of movable assets.
In her Letter of Wishes, Madam Lam instructed PTL to manage the private properties to generate rental income, and subsequently, sell the private properties by 2023.
The late Madam Lam wanted to have a portion of her trust fund channelled “to God’s work to benefit people who need to know God.” She was grateful to have been richly blessed materially, with family and friends, and in most areas of her life. She believed that the Lord had guided and multiplied her investments and she wished to give something back.
Accordingly, she wished for the Trustee to channel the rental income and final sale proceeds from the private properties to MSI, FES and DTC. She set out criteria for these recipient organisations, that they each had to prove that they believe in the Apostle’s Creed, be involved in ministry that directly or indirectly work towards the expansion of God’s kingdom, and are not involved in any financial scandals such as the embezzlement of funds.
Being an educator herself, Madam Lam selected Christian organisations that reflected her values and belief that education is the most powerful weapon which one can use to change the world. MSI, FES and DTC were each entitled to receive a specified percentage allocated by Madam Lam in her Letter of Wishes.
The three beneficiaries
In early 2024, the Trustee started to reach out to the three Christian organisations. MSI is a non-profit organisation serving the holistic needs of the people in inland China, focusing on promoting meaningful exchange to equip local communities in the areas of agriculture, community development, education & education sponsorship, marketplace & business consultation as well as medical & healthcare.
FES works with tertiary students through campus-based fellowship groups known as Christian Fellowship and are present in most of the public tertiary institutions and some private colleges in Singapore.
Incorporated in 1971, DTC has a mission to glorify God by equipping graduates to serve churches in Asia and the rest of the world through the formation and discipling of the whole person within a residential cross-cultural community under the lordship of Jesus Christ.
As part of the compliance and due diligence requirements, the Trustee visited the organisations to assess that they were aligned with Madam Lam’s wishes. Satisfied that the organisations met all the compliance and due diligence requirements, the Trustee completed all the distributions to MSI, FES and DTC by early June 2024.
Thought about leaving behind a legacy for charitable organisations?
At Precepts, we are aware that many people have a desire to create charitable donations for public benefit through their estate planning solutions. Some choose to make distributions through their appointed Executors using their Wills while others choose to register with the Commissioner of Charities to set up charitable purpose Trusts.
If you are keen to include charities in your estate planning solution, you may consider using the Standby Trust, as described in Madam Lam’s case. By doing so, you can ensure that your legacy lives on, benefiting causes and organisations that are close to your heart.
For more information on pursuing a charitable path that underpins your legacy, contact our team at PTL. We will guide you through the process and help you make informed decisions about your estate planning.
This article was first published in our newsletter, The Custodian Issue 30. Click here to access our latest newsletter.
