Estate planning is the process of arranging and planning your succession and financial affairs. Estate planning services ensures the management of your estate during and beyond your lifetime and plan your legacy. Basically, it is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, Life Insurance, Pensions, Real Estate, Cars, Personal Belongings, and Debts are all part of one’s estate. Estate plans must be written, signed, and notarized by the person who owns the estate.
An estate is considered to be as the total property, whether real and personal owned by an individual prior the distribution of trust or will. The distribution of both the real and personal property among its prospective heirs comes inside an estate planning. The aim to preserve the maximum amount of wealth during the possibility of an intended beneficiaries and flexibility towards the prior death of an individual comes under estate planning.
Your “estate” is an inclusive of all property owned by you at the time of your uncertain death. Your bank accounts, life insurance policies, real estate, personal property and even your other securities ,all are treated as your valued estate.
No one likes to think about their own mortality; however Estate Planning is one of your most important financial obligations. We believe that the wealth that you work a lifetime to create should be protected. For this reason, we offer Estate Planning strategies to provide our clients with the comfort and peace of mind given an unfortunate event.
Who does not want that their loved one would remain financial feasible even after your death? To make this possible even in your absence, the implementation of estate planning is definite to make. All the existing legal questions related to your financial status are actively solved by a well qualified estate planner. An experienced estate planning attorney of our well established organization can recognize you with all the options which are available to meet the basic estate goals of yours and your loved ones in mind.
Understanding of the right estate planning option turns out to be absolutely feasible in solving your complex financial worries, as the availability of resources available promises in uplifting you and your family financial status to extreme heights.
We have a specialized and dedicated in-houseteam to help our clients tailor a structure to articulate and implement their vision for succession and continuity of the family wealth during their lifetime. Our in-depth experience in continuity of family wealth helps us to visualize the specific needs of each clients’ family.
The primary goal of Estate Planning is ensuring that the estate of the individual passes to the Estate owner’s intended beneficiaries, often including efficient succession planning and avoiding or minimizing court proceedings in succession matters.
Estate Planning helps you ensure the following:
- Planning for harmonious succession and disposition of your estate
- Protection of your estate with your family’s needs in mind
- Effective management of your estate during and beyond your lifetime
- Preparing your Estate for unforeseen eventualities
Without an appropriate estate plan, friends and relatives can spend a lifetime (and their life savings) battling over your assets. An ill planned succession risks negative financial consequences for the family fortune and leads to unnecessary stress and conflict among family members. Therefore, it is necessary to have an estate plan in place to prevent any issues in the future, and Indian Wealth Management can guide you throughout the process.
When planning your Estate for preservation, management and succession various roles need to be considered to carry out the necessary activities. Will is a legal declaration of a person’s intention with respect to his property which he desires to be carried into effect only after his death. Trust provides for management of the estate during a person’s lifetime and also provides for distribution and management of wealth post demise. There are various documents involved such as living trust, power of attorney and charitable trust.
At Arhaum Enterprises(Indian Wealth Management), we understand that Estate Planning is all about taking care of the complications involved during unfortunate times. The role of a financial planner becomes all the more crucial when it comes to drawing mutually agreeable solution, and finding the right estate planning with documents that are legally enforceable. We offer the following estate planning services:
- Advisory: Advise on the structuring of an Estate Plan for the benefit of future generations and management and administration of the Estate during and post life.
- Drafting and Execution: Facilitating drafting of Wills, Trust Deeds and ancillary documents tailored to specific family needs.
- Trusteeship: Acting as a Corporate Trustee for administration and distribution of the Estate.
- Executorships: Acting as an Executor for administration of the Estate on the death of the Settler.
- Safe Custody: Providing safe custody for all the movable assets viz. jewellery, paintings, etc. and title documents of various properties.
Taking care of your family has always been the No. 1 priority in your life, and that isn’t going to change. The best way to make sure they are taken care of after you pass is to establish an estate plan. Through this process, our clients are able to benefit:
- Your property goes to the right beneficiaries
- A smooth transition of your assets
- Ease the burden of your family, preventing any conflicts in the future
- Minimize taxes, court costs and other related legal expenditure
- Naming a guardian for your loved ones
- Help for your immediate family and fulfill the needs for your family’s survival after your death
- Plan your business succession
- Designate who will manage your estate in the future
- Provides a peace of mind to our clients
The biggest drawback of investing in property is that the requirement of lump-sum money is far higher than in any other form of investment. However, that can be overcome with some planning wherein home loans can be taken and/or investment can be made in property under construction so that the outflow of money is in small construction-linked steps which is much easier to handle. Another drawback is that, if due care is not exercised initially while choosing the property, the loss suffered may be very heavy – far heavier than in any other investment avenue.
Golden Rules of Property investment
There are three Golden rules to follow when investing in property:-
Rule 1: Location!
Rule 2: Location!
Rule 3: Location!
If this most important rule is taken care of by a thorough research in the beginning, most of the later disappointments are already taken care of. Other minor rules to watch out for are:-
Clear land title.
Reasonable cost of acquisition as per the prevalent market price.
Real (and not imaginary) reasons why rates should increase in future.
Availability of buyers for your property in foreseeable future when you plan to sell it.