PreceptsGroup Estate & Succession Practitioner, Lim Jui Seck, joined the firm when it was first established in 2008, shares his journey in Estate Planning.
When did you become a Precepts Estate & Succession Practitioner?
I joined Precepts on 02 May 2008 when it was first established. It was called Rockwills Group Singapore in those days.
What prompted you to consider a career and business as a Precepts Estate & Succession Practitioner? Why did you choose Estate Planning?
I knew Precepts CEO, Mr Lee Chiwi, for years before the launch of the firm in 2008 and have great respect for him. I believe that Estate Planning is important, but it is grossly under-served.
What difference did Precepts make in your journey?
Precepts has helped me to become a professional Estate Planner and enabled me to offer comprehensive Estate Planning solutions to clients. The ongoing training courses and seminars offered by PreceptsGroup and the professional support are significant in my pleasant journey with PreceptsGroup.
What are some of your core beliefs for Estate Planning?
Estate Planning is crucial for everyone, irrespective of age, marital and wealth status. By having a properly structured Estate Plan with the relevant Estate Planning instruments in place, people are assured that their wishes and intentions will be effectively carried out. It also reduces suffering of loved ones and avoid unnecessary financial losses when in circumstances such as loss of mental capacity or when an unexpected demise happens.
What do you think clients should look out for when they are doing their estate planning to distribute their wealth?
They must first establish their intentions and priorities for their loved ones. They can then consider and express their ideas on how their assets or wealth can be best managed to realize these intentions.
We understand you regularly help individuals and families set up Trusts. What is the biggest challenge you face when you talk to them?
They do not have enough understanding of Estate Planning and are not aware of the adverse impact of not having a Will, LPA and other appliable Estate Planning instruments while they are healthy and alive with sufficient mental capacity. As such, I have a mission to raise public awareness through educational talks and sharing on such topics.
What are some of the principles you use to help them overcome these challenges?
Passion, perseverance, and patience are some traits required to educate and serve people in our society. I try to help them establish their macro intentions and enlighten them on how that can be accomplished with proper structuring of an Integrated Estate Plan. I also help them to understand the impacts and consequences of not having an Integrated Estate Plan.
How long is the normal process to complete a family wealth succession?
The process of Estate Planning for family wealth succession can take a few months or even longer. It depends very much on two factors, namely people and assets: The number and structure of family members and the dynamics of the relationships between them as well as the types of assets and structure of asset holdings, particularly business entities and real properties.
What do you enjoy most about the business?
The challenges in structuring Estate Planning solutions to best meet clients’ needs, the satisfaction in gaining their trust and confidence in the services we offer and lastly, knowing that we are doing good for our clients and society at large.
Tell us more about what motivates you in this business?
Proper Estate Planning helps my clients have peace of mind, reduce suffering of their loved ones and avoid unnecessary financial losses when loss of mental capacity or an unexpected demise happens.
What do your colleagues and/or family members think about you being an Estate Planner?
They have respect and admiration for my passion and dedication to serve in this profession.
This article was first published in our newsletter, The Custodian Issue 26. Click here to access our latest newsletter.
