In the face of such organisational and regulatory hurdles – which can be particularly perplexing for a spouse or other heirs in case of an UHNWI’s untimely passing – many wealthy property owners rely on the advice of trusted local advisors like real estate professionals, tax consultants, and lawyers.
Here, the key benefit of a digital wealth management platform lies in securely facilitating workflows and information sharing among multiple stakeholders. The Altoo Wealth Platform, for example, gives property owners a secure, one-stop digital environment for:
- Interacting with property managers, family members, or anyone else involved in the ongoing management of properties. The level of each user’s privileges can be customised on a “need-to-know” basis to ensure confidentiality.
- Getting an overview of the legal ownership structure used for each property.
Storing lease agreements, titles, mortgage contracts, and any other type of records associated with individual properties. All documentation is far more accessible and easier to categorise compared to hunting through email chains and checking who is in CC. Also, access to information can be easily limited to defined users as required.
