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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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Protecting The Family Businesses And Wealth


wealthymatters

For business families succession planning is important to ensure the continuity and growth of  business and  protection of  the economic interests of all family members.Family business owners are concerned about the interests of their spouses post their demise, disputes among siblings over the wealth and the leakage of the family’s wealth as a result of litigious divorces or family fights.Then there are concerns about ring fencing assets from litigation and confiscation.Sheltering from taxes is another common concern.

Both the objectives of ensuring the continuity and growth of  business and  protecting  the economic interests of all family members could be conflicting at times.Protection of the economic interests of all the family members often results in the distribution of wealth because it may  involve each  family member directly holding shares of the company.This may prove detrimental to the interests of the business for various reasons.One of them is that all the family members may not be inclined to run the business.Another reason is that one of the family members owning a significant stake may dispose off his/her holding to an external party,thus leading to loss of control over the company.Since all the family members are not inclined to run the business on a day-to-day basis,it would be essential to split the management and operating roles from the ownership,which entails a fresh challenge.The business owner might want to give exactly equal number of shares to everyone,but those who work in the business may feel they are entitled to more.Likewise,those who don;t work in the business may feel the same way about their own shares.After all,they may reason, they’re not drawing salaries,so they should get a bigger share of dividends and profit-sharing. Read more of this post

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