Estate & Succession Practitioner (ESP)
Sharing with Johann Tay
This interview was taken as an excerpt from 24th issue of“The Custodian”.
A key to good estate planning is to care about the well-being of beneficiaries
This is the view of PreceptGroup’s Yulianto Adi Wiguno AEPP®. He talks about what motivates him as an Estate & Succession Planner at the firm.
When did you become a Precepts Estate & Succession Practitioner (ESP)?
August 2020.
What prompted you to consider a career and business as an Estate & Succession Practitioner at the firm? Why did you choose estate planning?
As a financial planner, my promise is to provide a comprehensive financial planning service to all my clients and their families. I believe that estate planning is a crucial part of any client’s financial plan. It helps to protect them against the possibility of mental incapacitation, facilitates business/ investment continuation as well as safeguards the well-being of loved ones in the event of a client’s death.
What do you think is the difference that PreceptsGroup has made in your journey?
PreceptsGroup has trained me to provide a comprehensive estate planning service to my clients and their loved ones. The group also offers a comprehensive one-stop solution for estate planning services that suits my estate planning philosophy and meets my clients’ needs.
What are some of your core beliefs for Estate Planning?
Beyond wealth distribution, I believe that estate planning is more about the transfer of values. A comprehensive estate plan will take care of wealth distribution, family harmony and assets transfer from one generation to the next. How an estate planner understands a client’s values and helps him translate that into a plan is the key to well-crafted, comprehensive estate planning
What do you think consumers should look out for when they are doing their estate planning to distribute their wealth?
I think the key to good estate planning is to focus on caring about the well-being of the beneficiaries: What, how much and how to give. The beneficiaries will have enough for their well-being, but it should not destroy their character and potential to grow and mature as individuals. Distributing too much to beneficiaries when they are not ready may be more detrimental than helpful.
We understand you regularly help individuals and families set up Trusts. What is the biggest challenge you face when you talk to them?
Many people still think that Trusts are only for the rich and not important for them – it is something that they have never thought of doing. Even those who are knowledgeable about Trusts think that they will not be able to afford the cost of setting one up.
What are some of the principles you use to help them overcome these challenges?
I have helped many clients to understand that the purpose of setting up Trusts is not only about wealth distribution or protection but also the transfer of values and, to a certain extent, helping beneficiaries build strong character. Through the consultation and planning process, clients understand that not all Trusts are costly and setting one up is well within their financial capacity. Testamentary Trusts and Standby Trusts are some examples of Trusts that many young families can afford.
How long is the normal process to complete a family wealth succession?
Typically, one to two months, depending on whether the client is ready with purpose, intent, and all the people involved in their estate planning process.
What do you enjoy most about the business?
I feel joy and fulfillment when I am able to help clients to not only plan for wealth distribution and protect the well-being of their beneficiaries but, more importantly, how their good values can be transferred to the next generation as their legacy. I believe that legacy is not only about wealth but more about character and values.
Tell us more about what motivates you in this business?
Estate distribution is one of the main causes of family disharmony and many people are still not aware of the importance of estate planning. Each friend I help means I help one more family, especially their young children. Therefore, I am always excited to meet new friends who need my help in estate planning.
What do your colleagues and/or family members think about you being an Estate Planner?
They think it is an important and honourable profession as many people are not educated in how to do estate planning yet. My financial planning clients feel assured that I can also help them in this area, to continue to take care of their family in the event that they are no longer around.
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