Categories
News

Covid-19

NOTICE TO PRECEPTSGROUP CLIENTS AND FRIENDS

COVID-19 UPDATES FOR POST CIRCUIT BREAKER MEASURES FROM 2ND JUNE 2020 ONWARDS

WE CONTINUE TO SERVE YOU

All our services shall continue to be available.

Our Estate and Succession Practitioners will be able to provide one-to-one Estate Planning Consultation via phone/video call on the following matters:

  • Will Writing & Attestation
  • Trust Set Up
  • Execution of Lasting Power of Attorney

We welcome any enquiries. Hence, for clients who need Estate Planning Services, please contact us at:

Main Line: 62218633

Email: contactus@preceptsgroup.com

 

Do take note the measures we have put in place:

All meetings conducted at our office are strictly by appointments only. PreceptsGroup reserve the right to accept, postpone, cancel, or deny any visits to our office.

All visitors are required to wear a face mask, as well as log into SafeEntry and TraceTogether mobile application while within the premises.

Any visitors who are unwell in any way will not be allowed into our premises.

All representatives will be required to wear both a face mask AND face shield for all face to face appointments with clients.

 

We look forward to providing estate planning solutions to you while we continue to serve the community at large.

Most of all, take care, stay safe and connected.

Categories
News

Thoughts from Lee Chiwi, CEO of PreceptsGroup International

As I reflected upon the article, it connected with what we at PreceptsGroup do for our clients.

At the National level, the government unveiled the unprecedented $60.1 billion COVID-related measures ($55 billion under Unity and Resilience Budges and additional $5.1 billion Solidarity Budget) to help everyone here in Singapore, practically anyone who has a stake here. The ability of the Singapore government to do this and probably reasonably unique compared to other counties had to do with the building and setting aside of past reserves over the years through prudent spending. The tapping on the reserves was in anticipation that someday, Singapore might need it in a crisis such as the present pandemic. This unlocking of the reserves requires the sanction of the President, so there are checks and controls. In Singapore, we are fortunate to have our reserves held in a “mega trust fund” which operates at the national level when difficulties arise.

What we are experiencing now nationally, has its parallel with the trust structure that we set up for families. This is the part that many clients do to create reserves at the family unit level.

In the Straits Times on 27 Mar2020, one of the articles of a columnist’s headline read “No more denying the importance of having deep reserves”.

Over the life of the trust, the surplus of the family’s wealth is set aside and the initial trust fund is built up. Income of the trust fund is accumulated and this is added to the family fund as a reserve and resources for the rainy day. When the rainy day comes along which impact the lives of the family members, that is the time when the reserves are needed. The unlocking comes with the trustee and the protector giving consent to the draw down of the funds to assist the family member in many scenarios of adversity-loss of job, inability to work, medical illness and emergencies, creditor attack, loss of menta capacity etc.

Today the pandemic is very much on our minds and with government intervention, we are all fortunate and many of us will ride through the crisis. But what future crisis lurks round the corner? How should we brace ourselves and our family members for such future uncertainties? A takeaway for families is that we should all do our part to create that family reserve for the future rainy day. Set up your family trust if you have not done so! At PreceptsGroup, “Leaving precepts for families” is what we do to help clients with their legacy plans.

In the meantime, stay healthy!”

At a time when many people are staying home, many are thinking of their family matters, in particular what happens to their loved ones in unfortunate circumstances. This period is when their estate and succession plans take centre stage.

However, with the advent of technology, people are likely to take the easy route of doing their Wills online, giving them a false sense of security.

What they do not realise is “If you make any mistakes whilst writing your Will and you don’t realise before you’re able to write a new one, there could be questions regarding your intentions or problems executing your Will when you’ve died. This may result in your estate not being distributed how you would have liked which could easily cause unnecessary problems and upset for your loved ones during what will undoubtedly be a difficult time.

Given the complexity of modern families, a simple or DIY Will may not be suitable. We always say there is no one-size fits-all when it comes to Wills so we recommend in all cases to seek the advice and the services of a professional to ensure that your wishes are correctly recorded.”

At the same time, Wills Disputes are on the rise, with many claims that the Will has failed to make reasonable provisions.

Categories
News

The Custodian – PreceptGroup Newsletter

CEO Message:

After establishing the Rockwills Singapore Group of Companies in 2008 for more than 12 years, I had the opportunity to execute a management buyout in September 2019. It was a harmonious exercise as the acquisition was amicable and the relationship remains strong with Rockwills Malaysia Group of companies. I am director of Rockwills Trustee Bhd and some of the current directors continue to serve on both of the group’s boards. Together we have a sizeable pool of mutual clients appointing our respective Trustee companies as the Executor and Trustee for their Estates.

With the acquisition, we also took the opportunity to rebrand ourselves and in the process take stock of the business and, our directions for the future. The brand had to reflect the core values that our company serves in helping our clients create legacies for their families. The meaning of “Precepts” resonates with our business as a Precept refers to a rule, directive or principle, that guides one’s actions. It could be the words to live by and to help guide one in making a decision. Using legal structures and estate planning tools, we help our clients establish the guiding posts for their future generations to live and build on and maintain their core family values.

In the past ten years, we have established very good foundations in the estate planning and trust administration industry. In this issue, our team will share about how we have helped several families resolve challenging estate administration cases. We are committed to share these experiences so that our clients can avoid painful mistakes that could break up family relationships and cause anxiety.

One of our visions is to continue to expand the core expertise of the Estate Planning industry so as to bring legacy planning services to a wider pool of clients, including mass affluent, and High net worth clients. We believe that we must share our expertise and develop our network regionally as the whole region also face aging population challenges. We are also determined to invest and maximize technology in our services and work.

It is an exciting period of growth for our company and we are ever thankful to our clients and partners who share our journey together so far. We thank you for your trust in us and we shall continue to strive to be a game changer in Estate & Succession planning for you as well as the industry.

By Lee Chiwi
– CEO, PreceptsGroup