Why protect my assets?

We all want to protect our hard-earned assets for ourselves and our loved ones.  While things are going well, review how you own your wealth so when the worst occurs those assets are not lost.

Assets should be protected from:

• Business failure: unpaid creditors cannot access your personal assets;
• Getting sued: disgruntled customers cannot target them;
• Relationship breakdowns: property relationship laws presume equal sharing of unprotected assets;
• Wasteful children: both your children and their partners;
• Incapacitation:  illness or absence may prevent you making decisions.

What Are My Options?

1. Trusts: legal structures to separate you from ownership of your assets, which are held by trustees and therefore not endangered by the threats outlined on the cover page.
2. Separate Business Entities:  trading through a company separates those in business from the entity carrying on the business.
3. Wills:  to speak when you no longer can.  Should be updated whenever your circumstances change.
4. Powers of Attorney: appointing someone to organise your affairs and make decisions if you are: overseas, incapacitated by physical or mental illness, or otherwise unable to make decisions.  These may be for Property matters when you are unable to act or mentally incapacitated, or for Personal care and welfare if you are mentally incapacitated.
5. Insurances: specialist advice on appropriate types should be sought.

Changing Circumstances

Have you?

• Recently been married, separated or divorced
• Entered into or ended a de facto relationship
• Had children
• Started or bought into a business
• Purchased significant property
• Inherited money
• Decided to travel overseas

If so, you should consider your asset protection needs.  We can assist with setting up trusts or companies and preparing wills and powers of attorney.  This is best done in good times, so that you’re prepared.