What is Estate Planning for High-Net-Worth Individuals?

What is Considered High-Net-Worth?

Benefits of Estate Planning for High-Net-Worth Individuals

Estate Planning Tips for High-Net-Worth Individuals

FAQs About Estate Planning for High-Net-Worth Individuals

Who are considered Ultra High Net Worth Individuals (Ultra HNWIs) in India?

up-arrow
In India, individuals with Rs.200 crores worth of assets or more are considered Ultra High Net Worth Individuals or Ultra HNWIs.

At what net worth should I create a trust?

up-arrow
You do not have to be a high net-worth individual to have trust. If you have some assets and want them passed on to your loved ones and your family, a trust can help avoid a lengthy probate process.

How often should high net worth individuals update their estate plans?

up-arrow
You should review and update your estate plans regularly, especially after major life events such as marriage, divorce, the birth of a child or grandchild, and significant changes in their financial situation. It is also important to review and update beneficiary designations and account titling to ensure that they align with your wishes and estate plan.

Why should HNWIs consider term insurance in estate planning?

up-arrow
Term insurance provides a large, tax-free death benefit that can cover estate taxes, debts, and ensure smooth wealth transfer. It prevents heirs from liquidating assets hastily, preserving the estate’s value. 

How does life insurance policies play a role in estate planning?

up-arrow
Life insurance provides liquidity to cover estate taxes, debts, and other expenses without forcing asset sales. Life insurance companies in India offer custom-designed policies for affluent clients that can be placed in trusts to keep death benefits out of the taxable estate.

What is the role of term insurance in estate planning?

up-arrow
While often used for income replacement, term insurance can also be a strategic estate planning tool. Term insurance companies in India offer high-value coverage that can be ideal for temporary needs, such as covering estate taxes or business obligations until permanent solutions are in place.

Latest News

Currently there are no news to show.

Read More

Renew & Download Policy Document, Check Challan, Credit Score, PUC & more

Anytime, Anywhere. Only on Digit App!

google-play-icon

Rated App

app-store-icon

Rated App