When it comes to protecting your personal assets, there are many risk factors such as:
- relationship failure
- loss of capacity
- Estate litigation.
How do you protect the wealth that you have built up before marrying or entering into a de facto relationship? There are certain protective steps that can be taken.
If there is a claim against you, then the worst thing that can happen to you (from a financial point of view) is becoming a bankrupt. That’s why protecting your wealth involves structuring it in such a way that if you are sued and you do become a bankrupt, it will not be lost.
Loss of capacity
Whether we like it or not, there is a strong chance that many of us will lose our ability to manage our finances as we near the end of life. An enduring power of attorney is a great first step, but it does not fully address all the various legal structures that may exist in your affairs. Quite often, other steps must be taken to protect all your wealth against the risk of you losing capacity.
We help minimise the risk of your Estate being sued and ensure the intentions outlined in your Will are adhered to.
There are usually no magical words in a Will that will avoid such claims. A lot depends on how you legally structure your affairs prior to death.
Asset protection involves making sure the right person gets the right asset at the right time.