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Make Your Will Online


wealthymattersNSDL e-Governance Infrastructure and Warmond Trustees and Executors have gotten together now to offer will-making services to the masses through their website EzeeWill.com.

India witnessed an exponential rise in the number of rich people following the economic boom that started in early 2000 and continued for more than seven years. The recent economic revival after the slowdown for more than five years is likely to boost disposable incomes, leading to a growing demand for succession planning.

NSDL, which maintains pension accounts of over 70 lakh Indian citizens apart from depositories like tax information network, is managing the online infrastructure to submit relevant data, while Warmond has engaged a panel of lawyers to study the data and prepare the wills for all communities across India.

The cost of making a will through this new online channel will be Rs. 4,000, whereas a traditional form of will-making through lawyers will cost anywhere between Rs 25,000 and Rs.1,00,000.So this initiative makes available a proposition at one-fifth the cost even at a lower-end.

 

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The World’s Biggest Life Insurance Policy


wealthymatters

Guinness World Records has announced the World’s Biggest Life Insurance Policy ever issued.

However,neither the record keeper nor the issuer would say who is covered by the massive policy.Dovi Frances, the adviser who arranged the policy, would only say it went to a well-known technology billionaire from California.

The wealthiest of the wealthy often buy life insurance for several reasons.Primary among them are tax purposes.In many countries,a wealthy estate is often hit with a hefty tax bill, and there may not be enough cash to cover it, since many millionaires and billionaires hold their wealth in investments.

This $201 million policy overtakes the previous record of $100 million.It is more complicated than most. It’s underwritten by 19 different insurance companies, each with a slice of less than $20 million. If a single company took the risk of the whole policy they would go into bankruptcy if a claim were to be made.

The yearly premium is in the low single-digit millions.

Tracking Your Assets


wealthymatters

As your wealth increases,one thing that’s bound to increase is the number of your material possessions.And keeping track of them and managing your assets and toys is a major issue. Small wonder then that the seriously wealthy have family offices,run like small companies, to manage their personal wealth.There are trusts with administrators to manage endowments.There are professionals and companies to manage car,yacht,art collections etc.Moreover if your money comes from businesses you are bound to sooner or later require systems and software and perhaps dedicated staff to manage your fixed assets and inventory.

Even for those of us who are not yet billionaires,maintaining an inventory of our household assets and valuable artifacts and collections,in a safe place, is a good idea.The effort of cataloging everything we own is time consuming and something of a pain in the neck but essential to purchase adequate home owner’s insurance.Also in case of claims,having detailed lists of your possessions,their depreciated value  and proof of actually possessing them at the time of claim,betters your chance of getting the insurer to payout a decent sum.Items like jewellery,art and antiques etc. need to be covered for full value via specialized policies or riders so that in case of theft or natural disasters or man-made disasters you can recover their full value.Also up to date inventory lists come in handy while estate planning and drafting your will. Read more of this post

Warren Buffett’s View Of Gold


wealthymatters.comToday the world’s gold stock is about 170,000 metric tons. If all of this gold were melded together, it would form a cube of about 68 feet per side. (Picture it fitting comfortably within a baseball infield.) At $1,750 per ounce – gold’s price as I write this – its value would be $9.6 trillion. Call this cube pile A. Read more of this post

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