Just as important as personal risk insurance, asset protection is about locking down who is in control of your assets and how they can act. The long-term protection of your assets is greatly aided by looking at the benefits of family home trusts, personal wills, enduring powers of attorney and other general estate planning tools.

Family trusts

A family Trust can help to safeguard your assets. Since the ownership of the assets shifts to the Trust, your assets will be less readily available for distribution to unintended, or even undesirable beneficiaries, such as your child’s former spouse. Whether this kind of asset protection is of benefit to you depends on various factors.

Personal wills

This a legal document that is unique to you and can help make sure your personal assets, the people and things you love are taken care of after you’re gone. It sets out who is responsible for carrying out your final wishes, also known as known as the executor of your Will.

Enduring power of attorney

Having an Enduring Power of Attorney means you can have peace of mind that you have decided, ahead of time, who you trust to make decisions for you if you can’t decide for yourself. It’s important for every adult, whatever their age, to take steps to create an enduring power of attorney in place.

buy-sell agreement

A buy-sell agreement is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or is otherwise forced to leave the business, or chooses to leave the business. It may be thought of as a sort of premarital agreement between business partners/shareholders. These are almost always coupled with life & Disability insurance for co-owners. Best practices are that the insurance is owned by an independent third party who is compelled to carry through with the buy-sell agreement.

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