Asset Protection Method

Asset Protection

If you are concerned that your wealth could be reduced – either during your lifetime or after your death – you need to consider the concept of asset protection. If protecting your assets is carried out properly, this will effectively protect your wealth against any future threat – be it inheritance tax, the breakdown of a relationship or a dispute.

How to Protect Your Assets

There are various ways to protect your assets, with the most suitable method(s) depending upon
asset protection methodyou and your individual circumstances. Our specialist solicitors will be able to advise you further on how to protect your assets, providing you with a tailor-made strategy to protect your estate, safeguarding it for you and your family to enjoy in years to come. Our specialist solicitors have developed a unique asset protection plan that can be tailored to your situation. Call our asset protection team today for more information.

The exact nature of your approach to protecting your assets will depend upon your needs and objectives, although some of the key components will involve one or more of the following:

1. Protect Your Assets By Writing a Will

Having a valid Will in place is essential for asset protection, as this is the only way to ensure your estate is distributed according to your wishes. If you fail to create a Will before you pass away, all your assets will be distributed according to the Succession Act, 1965. This means certain loved ones might not inherit the assets you wanted them to receive. This commonly affects cohabitees who are not considered to be the next of kin; therefore if your partner is not named, he or she may receive nothing.

2. Protect Your Assets By Estate planning

Writing a Will and estate planning go hand in hand, as both prepare for the administration of your estate. Estate planning is specifically focused upon limiting the extent of taxes and other liabilities, thereby preserving your estate for your loved ones to inherit. You can do this by making gifts, setting up Trusts and selling off certain assets.

3. Protect Your Assets With Contractual agreements

It is also wise to protect your assets from any events that could happen during your lifetime. For example, a separation or divorce could decimate your wealth. To ensure this does not occur, you should consider taking out a cohabitation agreement or prenuptial agreement. You may not think this is very romantic, but it will protect your own assets should your relationship breakdown in the future.

Contact Us Today With Your Enquiry

For more information regarding the different ways in which you can protect your assets, talk to our experienced asset protection team. We will explain the different approaches available, and working in conjunction with you, we can create a bespoke and unique asset protection plan specifically designed to meet your needs.

Simply fill out our Online Enquiry Form, email us on info@gibsonandassociates.ie or call us on 1890 989 289 to speak to an asset protection solicitor today.

Make An Enquiry


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