Why Estate Planning is Essential for you

Estate planning is meant to assist you in managing your estate. Effective estate planning is imperative in order to avoid property discords and disputes. Getting into such disputes will only drain your financial resources and time. However, Estate planning is still not a very popular concept and ranks low in investors’ priority list.

You may, like many other investors, think that estate planning is something that you do not need. Some of the reasons behind this belief are:
 

• You may think that estate planning is only for the rich and elite. However, estate planning is a very broad concept and encompasses various issues including end-of-life medical care, general private affairs, asset management, etc. Hence, this activity effectively helps you in planning for the above mentioned important aspects.
• You may think that your finances are quite simple to handle and manage. However, exigencies never come invited. By charting out an effective estate management plan, you ensure that such unforeseen situations do not adversely affect your loved ones.
• Do you have a habit of procrastinating your estate planning activities? The most probable reason behind this may be your gut feeling that the opportune time has not arrived. However, estate planning will help you to safeguard the interests of your loved ones in case you become disabled or are not in a position to take decisions. Hence, it is advised that you start planning early.
• While planning for the physical properties you always commit the mistake of forgetting about the digital properties. Remember there are various important accounts and documents that are password protected. You can ensure proper management of these accounts by authorizing the agent to do the same (in case you are no longer capable of doing so). 
• Exigencies are a part and parcel of everyone’s life. Being optimistic is a good thing, but thinking that you will never face contingencies is unrealistic; you may be in for a rude shock. A detailed estate plan will help you in ensuring that your spouse and children do not have to get into legal hassles in order to prove their ownership. There are various other issues too on which you would be required to take a final call. Some of these issues include deciding a property manager or setting aside an amount to take care of your medical bills.

There is a high possibility that you might have not started thinking about your trustee. This is a mistake most people commit. The trustee will be entrusted with the job of managing your wealth. Hence, it is imperative that you name the most trusted of your aides to perform this activity.

Do you still think that estate planning is not that significant? Think again! Inefficient planning can give rise to conflicts.

Given the importance of this activity, it is imperative that you get in touch with your provider today. You can also contact different Private Banking Organizations in India, many of which are experts at offering estate management services.

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Managing Wealth with Family Offices in India

Did you know how many Indians were there in the Forbes top 100 billionaire’s 2014 real time ranking list? There were 4 names including those of Mukesh Ambani, Dilip Sanghvi, Laxmi Mittal and Azim Premji in the top 100.In fact, Ambani presently holds the 27th position in the list which means that he has also made it to the top 50 billionaires globally.

We all know that gaining wealth is tough but after accumulating such wealth the toughest job is to maintain it. As the value of money will only decrease it is important to invest wisely. For maintaining your wealth and increase it with time, it is necessary that proper investments are made by the professional wealth services. This is how people with appropriate investment can reap profits while increasing their bank balance. It is important to note that the professionals can provide all the information you require for increasing your wealth over a period of time.

India has the fastest rate of minting millionaires, which makes it a perfect place for wealth managers. It is true that the in the past billionaires were reluctant to take professional help, but now with the young generation of billionaires, the concept is getting a warm welcome. In fact, in a research conducted by Indian rating agency Crisil, it is said that the 62,000 households of India, with an income of 5 million dollars will reach 219,000 by 2015.

Basically, a family office or a single family office is a private company that helps wealthy families in managing their assets and investments. A U.S. based research firm, Cerulli Associates have managed assets worth $3 trillion and more worldwide. It has also stated that international banks and institutions like UBS, Morgan Stanley, Bank of America Merrill Lynch have assets worth $350 billion.

However, in India, Wealth management organizations are at its nascent stage and it has been predicted that by 2015 there will be more than 940 offices. Previously, the old billionaires were not comfortable sharing information with anyone about family wealth. This trend has led a lot of them starting their own offices rather than going to private banks or wealth management service providers. Azim Premji, (Chairman of Wipro India’s third largest IT Company) has an in-house family office, PremjiInvest, worth $1 Billion of personal wealth.

The concept of family offices in india holds huge potential, however, till now only 20% of it has been penetrated according to Markets and Markets, a full market research company and consulting firm. Therefore, if you’re searching for such services, it is worth doing some research. The smart way is to go online and look for leading wealth management service providers. You’ll find a range of websites that provide such services. You can then select one as per your requirements. It is best to contact professional wealth management companies for quality services. Contact them now!

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