Protection of Assets
Our Private Client team can give you specialist advice on all aspects relating to Wills and Estates.
At The McKinstry Company, we know that our clients value the feeling of security that forward planning can provide. When you have worked hard to build up your assets, it is important that you feel they are adequately protected. This can be important at various points in your life – from when you are getting married to when you are considering how your assets will be dealt with when you are no longer here.
Below we discuss two key options for asset protection – pre-nuptial agreements and trusts. If you have any questions about either of these processes – or about any other options that may be available to you –get in touch. We pride ourselves on our client-centric approach and would be happy to advise you in any decision making.
How Can I Protect My Assets?
One way to protect your assets is by creating a trust. Establishing a trust can be an excellent means of protecting and preserving assets for future generations, and may be beneficial to you and your family.
If you set up a trust, you can ring-fence assets for specific, named individuals or for a class of beneficiaries (e.g. your grandchildren). In setting up a trust, it is vital that you consider what assets should be included in the trust and how these should be distributed. It is also essential that you give careful consideration to who will be appointed as trustees. It will be necessary to prepare a trust deed which will outline the purpose of the trusts and set out the ‘rules’ you wish to put in place. For example, you could stipulate that certain assets are set aside specifically to help pay for University education for your grandchildren, who will only be entitled to the funds at the age of 18 or older. This allows you to protect your assets and maintain a degree of control, even when you are no longer here.
Another way in which you can protect your assets is through specific agreements. For example, it may be important to you that certain assets are protected when you get married. A pre-nuptial agreement is a contract which sets out how assets would be dealt with in the event of a divorce. It is important that extreme care is taken in preparing these documents, as it must be shown that the agreement was fair and reasonable when it was drawn up, otherwise it may be open to challenge. It is therefore vital that you seek independent legal advice for both parties.
Get in Touch
At The McKinstry Company, we put our clients at the heart of our work. As a firm we never lose sight of the importance of the client and the outcome which the client seeks from us.
Our goal is to generate and maintain strong and lasting client relationships rather than a transactional approach to the work which we undertake. We are a law firm for life and will work with you as your family and finances change, to ensure that you receive the best possible legal advice.
If you want to learn more about asset protection, get in touch today. You can contact us on 01292 281711 or via our online contact form. Our friendly and dedicated team are here to help you.
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