We’re sure that as you look forward, your wish is for your assets to be passed to your children, grandchildren, or other loved ones, but many of our clients often worry about how these assets will be managed should they require full time or residential care.
We recently discussed granting Power of Attorney and the possibility of someone else managing your finances, property and personal welfare, should you not be able to do so. This is particularly useful for those who experience significant life changes, leaving them somewhat incapacitated.
Another way in which you may look to protect your assets is through Asset Protection, which is something you may look to set up while you are still capable of doing so, as it allows you more individual control.
For those concerned about their assets being used to fund any form of care they may need in the future, Asset Protection may be the preferred option.
Setting up Asset Protection in the form of an Family Protection Trust, would allow you control over the management of your assets, should you go into care. Organising this at an early stage will allow for sufficient planning, in terms of protecting your main assets, such as your home.
Placing these assets within a trust protects your family’s inheritance from unscrupulous creditors, unforeseen circumstantial changes, or any liabilities that may arise, which in today’s economy are somewhat likely. It also allows you to decide if and when these assets should be transferred from the trust to certain beneficiaries.
While you are in control of this Trust, you must also appoint at least one other Trustee, who is therefore also responsible for any assets being held within it.
Here at Walker Laird we believe Future Planning is very important and we are happy to offer a free of charge future planning review, to discuss the best choices for yourself and your assets.
If you would like to explore your options, please call 0141 887 5271, we will be happy to arrange a suitable time to have a chat.