Asset Protection

Wills, Trusts, Probate > Asset Protection

Expert Wills, Trusts and Asset Protection Solicitors

Asset Protection is very important when considering the estate that you leave to your loved ones, to maximise the benefit that they get. Trusts can be an excellent device in organising your wealth preservation strategy and passing wealth to beneficiaries in the most tax efficient manner. Get in touch with our Wills, Trusts and Probate team today to discuss your options.

All situations are different when it comes to inheritance and planning how you’ll pass the maximum value of your assets to your loved ones. That’s why you need professional advice from expert advisers to make the best decisions.

The term ‘Asset Protection’ coverall all the elements of wealth preservation, including inheritance tax planning, lifetime trusts, family investment companies, pre-nups, post-nups, Wills, business succession planning, Lasting Powers of Attorney and care fee planning.

If you’re considering the best ways to protect and distribute your assets to your loved ones during your lifetime and on your death, our expert team of Wills, Trusts and Probate Solicitors can help you with that.

Give us a call on 0330 912 8338 for further guidance.

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Why should I use a Solicitor for this?

There are many things to be aware of when thinking about setting up your Asset Protection strategies in England and Wales. Here is a brief explanation of the key things that need to be taken into consideration:

1. Legal Structures: Understanding the various legal structures available for asset protection is crucial. These may include trusts, limited liability companies, and partnerships. Each structure has its own advantages and limitations, and it is important to assess which one is most suitable for your goals.

2. Estate Planning: Asset protection goes hand in hand with effective estate planning. By developing a comprehensive estate plan, you can ensure that your assets are protected and distributed according to your wishes while minimising the risk of legal challenges or excessive taxation.

3. Tax Considerations: By understanding the tax implications of different strategies, we can help you structure your assets and the way they are passed to beneficiaries in a way that minimise tax liabilities and maximise wealth preservation.

4. Creditor Protection: Asset protection involves safeguarding assets from potential creditors. This includes protecting assets from potential lawsuits, bankruptcy, divorce, or other financial risks.

5. International Considerations: In an increasingly globalized world, asset protection often extends beyond national borders. Understanding the need to obtain relevant specialist legal and tax advice on the implications of international transactions and investments is vital for effectively protecting your client’s assets.

6. Regular Review: Asset protection strategies should be regularly reviewed and updated to reflect changes in the legal landscape, tax laws, and your personal circumstances. Regular reviews can help identify and address any potential vulnerabilities or areas for improvement.

Our team of expert solicitors can help you with every aspect and take care of the entire process for you, giving you the best advice and service possible.

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What Asset Protection Related Services do we provide?

Our team of expert Solicitors can create lifetime trusts, Will trusts, family investment companies or other vehicles to hold assets outside one’s estate and ensure assets pass to those to whom want them to go.

Reasons you might want to set up a lifetime trust, Will trust or family investment company:

  • In the event of your spouse remarrying any assets or property they inherited from you pass onto your own children rather than their new partner and their children; prevent ‘sideways inheritance’
  • Protect against third party claims, bankruptcy, divorce etc.
  • Spouse becomes bankrupt, and their assets are used to pay debts;
  • Assets passing to different sides of the family, following a divorce;
  • Care fees assessment based on spouse’s total assets, including inheritance, meaning this money is not passed onto your children and other beneficiaries;
  • Family members making application to contest a Will;
  • Estate planning / Inheritance Tax planning;
  • To protect vulnerable beneficiaries.

Advantages include:

  • Probate shouldn’t be necessary for assets in trust, so the administration of the property can be dealt with more quickly and without the cost of the probate process on death;
  • Trust can provide source of income for the individual in question;
  • Mitigates care costs/assessment, though deprivation of assets cannot be the sole basis of setting up the trust so need to be careful particularly when setting up during lifetime.

Asset Protection FAQs

What is Asset Protection?

Asset protection is an umbrella term for the strategies and mechanisms which might be employed to manage one’s estate to ensure assets are preserved and pass in the most tax efficient manner to your intended beneficiaries.

What kinds of trust are used in Asset Protection?

Common types of trust to protect assets are “life interest trust” and “discretionary trust” and can be set up during lifetime or on death, though for lifetime setup, there are immediate tax implications to be aware of.

What can trusts protect against?

A trust can be a great measure a part of a comprehensive strategy to protect against:

  • Spouse/civil partner remarries and e.g. jointly owned property (under joint tenancy) passes to their new partner/children;
  • Spouse/civil partner becomes bankrupt, and their assets are soaked up by debts;
  • Spouse/civil partner moves into a care home – care fees would be assessed from their total assets, including any inherited such that the money/those assets are not passed onto the beneficiaries;
  • Limits unnecessary Inheritance Tax in certain circumstances;
  • Reduces or avoids the Probate cost in administering assets upon death.

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Still Need Help?

Call 0330 912 8338 to have a chat with our Asset Protection experts.