Most people strive to accumulate wealth to provide for themselves in retirement and for the future generations of their family. Unforseen and unfortunate circumstances can intervene which may radically affect their intention.
Asset Protection is simply taking steps to ensure that if the unexpected happens then the people that you have worked hard to provide for ( including yourself) are safeguarded from the sudden downturn in circumstances, which is often beyond your control.
In this regard Asset Protection is only like a form of Insurance Policy.
Family Trusts
Properly organised with all the supporting documents in place the Family Trust;
Safeguards your assets from unseen circumstances.
Protects your assets from any business problems that may develop.
Protects capital or income for your children's or grandchildren's education
Protects your assets from possible future taxes such as Inheritance Tax or Estate Duty.
Reduction of personal assets/income for future means testing for residential care or long term hospitalisation.
Minimise the risk of argument from others who should know better.
Wills
It is always prudent to have and review a will but a Trust Will is an essental part of the documents needed to ensure that your wishes are carried out.
