Nelson Tan
Estate & Succession Practitioner
AEPP®
[Tagline]
Contact Details
Share the Practitioner
[Short introduction of [Name]
This interview was taken as an excerpt from 31st issue of “The Custodian”.
Plan well. Plan ahead. Take action.
1. When did you become a Precepts Estate & Succession Practitioner?
2. What prompted you to consider a career and business as a Precepts Estate & Succession Practitioner? Why did you choose Estate Planning?
I transitioned into Estate Planning after COVID disrupted the corporate world, particularly the Office Equipment and Services industry where I previously worked. The restructuring processes took a mental toll, leading me to leave without a clear path forward.
I sought guidance from three key individuals: Life Coach Mr Zaidi, Career Coach Mr Winston, and a veteran ESP, Mr Michael. Through these discussions, I realised I wanted to “be useful and helpful” in my next career. The meeting with Mr Michael introduced me to Estate Planning, opening my eyes to how it could align with this goal.
The certainty of death and the lack of preparedness in dealing with it motivated me to pursue this field. I completed a 5-day training with Precepts, where the structured approach and the supportive community convinced me this was the right platform for my next chapter.
3. What difference did Precepts make in your journey?
Precepts has been instrumental to my transformation from a Corporate Man to a Dedicated Estate and Succession Practitioner.
Precepts provided me with structured trainings, tons of resources and support. Precepts also provide a clear Framework, allowing me to practice Estate Planning very professionally.
The training and sharing among fellow practitioners have also been very valuable and helpful towards my learning.
4. What are some of your core beliefs for Estate Planning?
My core beliefs for Estate Planning are centered on accessibility and personalisation. Estate Planning isn’t just for the rich or elderly; it’s essential for everyone, especially for the benefit of loved ones who will need guidance and security during difficult times. Each person has unique concerns, values, and assets, so it’s crucial that estate plans are tailored to individual needs, rather than relying on generic templates.
Additionally, no estate plan is perfect forever. As life circumstances change, so should your estate plan. It’s important to regularly review and adjust it. My guiding principle is: “Plan Well. Plan Ahead. Take Action.”
5. What do you think clients should look out for when they are doing their estate planning to distribute their wealth?
During the planning process, clients should start with having a consolidated overview of their assets, liabilities and shortfalls. Consider how best to preserve these assets and protect their beneficiaries.
Be clear about their intent, and always consider how the assets are distributed (all at once, periodically, conditionally etc.) to the intended beneficiaries and its intended purpose.
6. We understand you regularly help individuals and families set up Trusts. What is the biggest challenge you face when you talk to them?
Clients always think they do not need a Trust and a Basic WILL is sufficient to meet their distribution needs. Clients also think that Trusts are complicated and expensive to setup. Besides that, other challenges include source of funds for the trust.
7. What are some of the principles you use to help them overcome these challenges?
Although death is certain, we never know when.
The Family Bank works in a similar fashion to Singapore National Reserves. Think how and why the Singapore National Reserves was setup and built throughout the years? And How the National Reserves has benefitted generations since?
Imagine your Trust as a dedicated Personal Assistant, hired for 100 years to manage your FAMILY BANK. It will safeguard the interests of your loved ones and beneficiaries, ensuring your instructions are followed precisely to protect and grow their legacy.
Estate Planning being the overarching umbrella of one’s pre-planning, inevitably includes risk management, mitigation of liabilities and financial planning for the various life stages especially in when it comes to Untimely Death, Total Permanent Disability, Critical Illness and Retirement.
8. How long is the normal process to complete a family wealth succession?
The normal process is completed over 3 to 5 meetups and takes between 45days to 90days. Having said that, it really depends on how convicted the client is. I do have clients that take up to 1 year to complete their first Estate Plan consisting of their WILL, LPA and Standby Trust.
9. What do you enjoy most about the business?
Meeting up with clients from all walks of life. It also opened up my mind about the dreams, concerns, issues and challenges faced by families. Being able to engage clients in meaningful and purposeful conversation and planning.
10. Tell us more about what motivates you in this business?
The ability to almost instantly get into an engaging and intimate conversation with referrals, family, friends, ex colleagues, and people around me the moment they find out that I am in Estate Planning is what really motivates me. It motivates me that I am able to share past experiences with them, to assist them in their first steps towards having their first plan or making improvements to their plans.
In addition, the lack of awareness about Estate Planning especially among the general public and people around me also motivated me to continue my learning and sharing.
11. What do your colleagues and/or family members think about you being an Estate Planner?
Schedule Your Consultation
We understand that navigating through complex matters can lead to questions and sometimes, uncertainties. That’s why we’re here to provide clarity and support when you need it most.
Please take a moment to fill out the form below, and our experienced team will promptly respond to your inquiry. Rest assured, we are committed to addressing any issue with the attention and expertise you deserve.
- Personalised Consultation
- Complimentary first consultation
- No fees needed till you choose to take the next step
