It is important to protect your assets so they can be left to your loved ones in the event of your death. Enlisting the services of solicitors in Bangor can help ensure your house, money or other property is not used to pay off debts or to cover tax bills.
There are several ways to make sure your possessions are protected so they can be distributed properly according to your wishes laid out in your Will. Lifetime gifts, for example, are strategies used to give some of your assets to the intended recipient when you are still alive. In this way, they will no longer be considered part of your estate when you die, so they cannot be used as payments against insolvency or unpaid bills.
Pre- and post-nuptial agreements are also commonly used, as well as cohabitation agreements for those who choose not to marry. These documents will protect your assets from being distributed to people you do not want them to go to if you are divorced or separated.
Another way to safeguard your estate is to create a family investment company. These are becoming increasingly popular and typically involve following the guidance laid out in the Companies Act 2006. You will be allowed to set up a company which is designed to manage the finances and assets of your family.
Talk to us today here at Bennett Smith Solicitors and learn more about protecting your house and other assets; you will receive up-to-date advice from our legal experts.
