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Finance

Should You Write Your Own Will?

Should You Write Your Own Will?

Finance
Writing a will is not exactly a fun experience, whether you do it yourself, or hire a lawyer. No one likes to dwell on their own mortality. In fact, an AARP survey revealed that two out of five Americans over the age of 45 don't have a will.However, it's an important favor that you can do for your family. The time right after your death is inevitably going to be tough on them, and having a well-written will can minimize the legal and financial complications they'll face.Do you even need a will?Whether or not you enjoy the idea, a will is a necessity. If you don't have one, after your death, your estate will go through a form of probate called intestate succession that's costly and takes a long time. A judge will appoint an "administrator" to settle your estate. The admi...
RBI makes Banks responsible for misselling third party products

RBI makes Banks responsible for misselling third party products

Finance
MUMBAI: Banks for the first time have been made accountable for misselling third-party products like insurance policies or mutual fund schemes. Customers can also file complaints against banks for problems with mobile and digital banking services. The RBI on Friday said that it has widened the scope of its Banking Ombudsman Scheme 2006 to include deficiencies arising out of sale of third-party investment products by lenders. Under the amended scheme, a customer would also be able to lodge a complaint against banks for non-adherence to the RBI instructions with regard to mobile or electronic banking services. Following the amendment, the pecuniary jurisdiction of the ombudsman to pass an award has been doubled from Rs 10 lakh to Rs 20 lakh. The ombudsman has been empowered to award comp...
What we are reading: For week ending June 23, 2017

What we are reading: For week ending June 23, 2017

Finance
At ET Wealth, we know that your time is precious. There is information overload for investors and not all of it would be useful and helpful in decision making. And, it's true even for us. So, along with the ET Wealth 's daily dose of articles on personal finance, we will help bring to your notice some truly interesting articles/blogs/videos in the realm of personal finance from across the globe. These are interesting pieces we have read over the week and found. Five reasons why stock markets aren't going to crashGlobal stock markets are close to record highs, valuations look stretched and investors are nervous. Is a major crash around the corner? Personal finance: The true cost of ‘me’Do you really know how much it takes to sustain your life in one month, or have allowances and expens
5 questions to ask before combining finances (or not)

5 questions to ask before combining finances (or not)

Finance
How to talk to your kids about moneyYou've swiped right. They laugh at your jokes. Intellectually, you're inspired. There are a lot of important dimensions to deciding on a life partner. But one that consistently gets overlooked is what they are like financially. Though your financial chemistry may not be what's lighting you up right now, one of the most important things you can do as a new couple is to get to know each other money-wise. Taking a relationship to the next level is often a key time to have a money talk. Finances should be talked about early and often to avoid larger conflicts, stress, and turmoil later on, says Megan Ford, a financial therapist based in Georgia. "We are often conditioned to feel awkward and uncomfortable entering these discussions, even with the most inti...
Big banks make it through stress tests, investors await cash release

Big banks make it through stress tests, investors await cash release

Finance
U.S. banks made it through the latest round of stress testing relatively unscathed, setting investors up for news next week of payouts from the industry's biggest names.Testings results released Thursday by the Federal Reserve show that the 34 institutions under scrutiny have enough capital to make it through the two scenarios regulators posed — one akin to the financial crisis and another entailing a shallower downturn.Under the scenarios, the banks tested "would experience substantial losses." However, in total, the institutions "could continue lending to businesses and households, thanks to the capital built up by the sector following the financial crisis."The tests marked the third straight year the banks all met the Fed's standards for health and could boost arguments from Republican