The Process
| ► | Estate Consolidation | ► | Creation of Documents |
| ► | Estate Transfer – Initiation of the process | ► | Creation of Entities |
► In simple words this is collecting and controlling all your money
► Consolidation of bank accounts, credit cards, migration to technology (if not done already), all documents be it insurance, investment, property etc
► Making a log of everything with schedule of purchase and other relevant details.
► Making a summary of proposed large outgoing cash flows in the next few years
► This enables you to get great control over your wealth as well as enable you to get your basic book-keeping in order
Estate Transfer – Initiation of the process
► Once you have done the above and you know what you have and where the next most important step is to safeguard your wealth in the true sense.
► A general rule for all assets is to check on holdings and nominations. If you and/or your spouse go away without a nomination your children will have to face a daunting list of tasks to perform and co-ordinate to have the transfer in their name. This could also take years. If the children are not aware of what you have and you have moved addresses and the bankers do not know of this… imagine where the money would go?
► The same principle applies to all other investments as well.
► A good way to organize all of this is to prepare your will. Let someone also know where to find your Will once you are gone. There is quite a bit of complexity if you go away without a Will and without checking on holdings & nominations
► Better still is to do things by which you can pretty much bypass the Will and / or succession certificate process altogether.
► Make your Black Box!
Creation of Documents & Creation of Entities
You may read more about this in the section on left.
Please feel free to get in touch with us on +91-22-40024043 / 44 / 45 for further discussions in this matter. We will be glad to help you in any manner we can.