How Does Asset Protection Work with Estate & Will Planning?
Whether you have a few assets or a large fortune, you want to protect them as you plan your will and decide who will get your estate when you’re gone. If you don’t take the proper precautions with estate and will planning, your assets can end up in probate court for months or longer. This gives the court the right to supervise how the assets are distributed, which may not be according to your wishes since there was nothing in writing. This not only goes for your personal assets and business but also for the custody of your children. An asset protection attorney can help you make sure your assets end up where you want them to go.
We’re going to take a closer look at ways to protect your assets as well as mistakes you want to avoid.
Ways to Protect Your Assets
As you consider estate and will planning, you may want to look further into different ways to protect your assets.
Create a Trust
If you want your assets to go to certain beneficiaries you can place those assets in a trust. These assets will go to the person who you name the beneficiary. This way you don’t have to worry about assets going through probate and ending up where you don’t want them.
Because these assets are no longer yours when you place them in a trust, they also can’t be touched by creditors. Consulting an asset protection attorney is a good way to determine how to keep your wealth and possessions safe.
Leveraging a Business Entity
If you own a business and don’t want your personal assets to be affected, you can use a business entity like an LLC or corporation. When you do this, your personal assets are protected from any business-related liability or litigation.
If you’re trying to protect your personal assets from litigation, liability insurance is the most effective and easiest way to do this. It’s also generally inexpensive. You can choose to raise the umbrella coverage on your homeowners and auto policies or raise coverage on your business insurance. By protecting your assets now, you can ensure they will be around for your beneficiaries.
Contact a Wills & Estate Attorney
Set Up a Retirement Account
Retirement accounts can also protect your assets. If you invest your money into these accounts, they can be there for you when you need them and can be divided up among beneficiaries you choose. Your asset protection attorney can help you develop a plan for your retirement accounts that make sense for you and your heirs.
Mistakes to Avoid When it Comes to Asset Protection
One of the most common mistakes when it comes to asset protection is ignoring your assets. Many people think that asset protection is only for the very wealthy. But, that’s not the case at all. Everyone can use asset protection whether it’s for a savings or checking account or other types of wealth. The goal with asset protection is to make sure that what is yours is not taken by someone else. You want your assets to go to your chosen heirs, not anyone else.
People also make the mistake of taking on the job of asset protection themselves. This is not wise because unless you’re an asset protection attorney, you don’t know all of the legal steps to take. You don’t want to skip something or make a mistake that could cost you your fortune.
When it comes to estate planning and drafting wills, you also want to make sure any paperwork is reviewed by an estate lawyer. Doing this can reduce the chances that your wishes will be challenged. All of the legal steps should be taken to ensure that your heirs get everything you leave for them. You also don’t want other family members to try to steal your assets that you didn’t want them to have.
Contact an Asset Protection Attorney Today
If you need help with asset protection in your estate planning or will, call the professionals at Kirk Kirk Howell Cutler & Thomas. Our experienced legal team can provide help from an asset protection attorney as well as assist with estate planning and your will. We have offices in Raleigh and Wendell to take care of all your legal needs. Reach out to us online or in Raleigh at 919-615-2473 or in Wendell at 919-365-6000.
Information presented on this website should not be construed as formal legal advice or the formation of an attorney-client relationship. Additionally, any email sent to Kirk, Kirk, Howell, Cutler & Thomas, L.L.P. or any of its lawyers at the email addresses set forth in this website will not create an attorney-client relationship.
Blog Post - Case Review