Protecting your assets is an essential part of a wealth management plan. Asset protection is primarily done by creating an entity or structure that has a legal status.
There are a number of estate planning options available, choosing the one that will best suit your needs can get overwhelming.
In this article we will try and mark out some of the main differences between a will and a trust to see what may be right for you.
A will is a legal document that specifies the distribution of your assets to your family members or loved ones after you pass away. Generally, a will allows you to:
To be effective, a will should be drawn up through an estate planning attorney and authenticated through a probate hearing, a court-supervised process. A will allows you the option to revoke or amend your will any time after it has been executed. A Will allows you the ability to plan for who gets your estate, ensures that your wishes will be carried out and allows courts to intervene on the wills behalf to ensure the will is carried out should any disagreements arise.
A trust is a legal entity designed to managed by a trustor who gives authority of asset ownership over to a trustee for the beneficial owner or third party.
You also have the option to either manage the trust on your own or assign the management to an individual or corporate entity.
A trust is used as a vehicle to protect a personal property that is unnegotiated from an individual. The most common use of trusts are for asset protection, privacy and estate planning.
The different types of Wills are:
Safeguard Your Assets With the Strongest Multi Jurisdictional Asset Protection Structure in the World
There are many different types of trust, each having it's own unique structure and arrangements:
Establishing a trust to manage the estate has several benefits:
Choosing to create a Will or a Trust will likely depend upon your circumstances and what your final goals might be. Creating a will is likely to be more focused on setting your affairs in order after your passing whereas trust is much more versatile and can be used in different capacities.
Get in touch see what is right for you.
Without a customised legal strategy, you put yourself at risk.
A Personalised Offshore Protection Plan Makes Sure You Are Protected.No Obligation. Absolutely Free. Completely Confidential.
*Note for U.S. citizens: US citizens are limited in their tax reduction possibilities due to FATCA and CFC laws. Opening an offshore company can increase privacy and asset protection, but you can not eliminate your taxes without giving up your citizenship. If you are a US citizen you are obligated to pay taxes on all worldwide income. Read more here about FATCA and CFC laws.
Asset Protection & Financial Survival Strategies to Secure your Future
Why You Need A Plan B
Threats to Your Assets
Global Diversification Planning
© 1997–2023. Offshore-Protection.com. All Rights Reserved.