Asset protection
What can we offer?
"We tailor our
service to meet
your individual needs"
Charlotte Dunn, Partner
service to meet
your individual needs"
Charlotte Dunn, Partner
Examples of asset protection include:
- Holding assets for minors until they reach an age at which they can properly look after them themselves. These assets can come from lifetime gifts or inheritances. It may not be sensible for the minor to have the assets passed to them at 18, so longer term trusts may be required.
- Holding assets for those who are mentally incapable of managing them. These assets need to be invested and managed in the long term for the benefit of the incapacitated person.
- Protecting assets from being assessed by the local authority for residential care funding. Steps can be taken to reduce or prevent the loss of an estate to the local authority. However, this is a complex area of law and specialist advice is a must. Early action is vital.
- Protecting personal injury awards from being assessed by the local authority for day-to-day living assistance. If you or a family member suffers an accident, you may be awarded compensation. Local authorities can take some of the compensation you have received to help pay for these services. By placing the compensation into a special type of trust - called a personal injury trust - you can prevent this happening and keep all the compensation.
- Protecting inheritances or gifts to children from their spouses on divorce.
- Protecting assets owned by each party when they move in together by entering into a cohabitation agreement. Although each party will move in together with the best of intentions sometimes relationships fail. By setting out what is to happen to the assets owned by each party prior to moving in and also those acquired whilst living together you can make a very difficult time easier.
- Protecting assets on a divorce through pre and post-nuptial agreements. Post-nuptial agreements have now been acknowledged in law as being valid. There are conditions that need to be met, but the benefits of their use cannot be overstated.
- To protect assets for children under a Will against the surviving spouse/civil partner remarrying or entering into a new civil partnership. If you have a Will leaving everything to your spouse or civil partner, they will inherit your entire estate on your death. If they re-marry or enter into a new civil partnership they may chose to update their Will leaving everything to their new spouse/civil partner. That new spouse/civil partner may not then pass it on to your children. If this happens, your children would not usually be able to bring a claim against the estate of the new spouse/civil partner and so would receive nothing. A trust arrangement included in your Will would at least protect your assets for your children.
With asset protection, as with all planning, it is vital that the arrangements entered into are right for you. We can advise on the options open to you and help guide you in making your decision.
Why use Access Legal from Shoosmiths?
You can be sure of an asset protection service tailored to your needs, and which is delivered in a sympathetic, friendly and helpful manner.
Important things to consider
- what do I want to protect against?
- who is this benefiting?
- what form should the protection take?
- who should look after the assets?
- how long should the protection last for?
- is it a finite period of time or is it indefinite?
- what support is there?
- who is the right person to advise me?
What do I do next?
Contact us on 03700 86 86 86 to arrange a free, preliminary, no obligation meeting, where we can discuss how best to help you.
