Estate & Succession Practitioner (ESP)
Sharing with Lim Jui Seck
This interview was taken as an excerpt from 26th issue of “The Custodian”.
Estate Planning: Doing good for clients and society at large
Precepts Group Estate & Succession Planner, Lim Jui Seck, who joined the firm when it was first established in 2008, shares his journey in Estate Planning with The Custodian
When did you become a Precepts Estate & Succession Practitioner (ESP)?
I joined Precepts on 2 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 ESP? Why did you choose Estate Planning?
I knew Precepts CEO, Mr Lee Chiwi, for a few years before the launch of the firm in 2008 and have great respect for him. I believe that Estate Planning is important and urgently needed by every adult, 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 Precepts and the professional support generously given by colleagues here are significant in my pleasant journey with Precepts.
What are some of your core beliefs for Estate Planning?
Estate Planning is urgently needed for every adult, irrespective of age, marital and wealth status. By having a properly structured Estate Plan with the relevant Estate Planning instruments put in place, people can be assured that their wishes and intentions will be effectively carried out, reduce suffering of loved ones and avoid unnecessary financial losses when loss of mental capacity or an unexpected demise strikes them.
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. They should consider the value and legacy to pass on and the character, intellectual and social conditions of their beneficiaries.
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 a correct understanding of Estate Planning and are not aware of the adverse impact of not doing their Estate Planning while they are healthy and with sound mental capacity. As such, I have a mission to raise public awareness through educational talks and sharing in such topics.
What are some of the principles you use to help them overcome these challenges?
I must have the patience and passion 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 adverse impacts and consequences of not doing Estate Planning.
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 will help my clients to enjoy peace of mind, reduce suffering of their loved ones and avoid unnecessary financial losses when loss of mental capacity or an unexpected demise strikes them.
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.
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