A will, as most of us know it, is a document whereby an individual writes how his/her property will be distributed to his beneficiaries once he/she is gone on a piece of paper then handed over to their lawyer to keep it until his death. An asset protection trust on the other hand is where an individual distributes his property on a trust company which will be responsible in distributing the wealth of the trustee to his/her beneficiaries once he is gone.
The trustee is able to manage their properties even after they have been transferred to the trust company. But the control of your assets is limited by the company also it has some power in controlling your assets and one thing about trust company is that once you decide to put your property under them the process is irrevocable.
The good thing is that there is discretion. Nobody will know what you have secured, it could be your businesses or house, and who the beneficiaries are. This is safe as there will be no quarrels or chaos about your property and once you have named the beneficiaries no one can change them if you are not willing to even when they go to court to protest.
It is very unreasonable for children to assume that they have a right to inherit their parents property. These are the kinds that would abandon their parents at an old age and forget them and concentrate on how to spend their money. That is why nobody should make an assumption on their wealth that it will be automatically taken care of. That is why safeguarding your property for yourself, family and a generation to come is very important.
In a will, matters such as funeral, education for your children or any other thing you may want to address is allowed while the latter is all done by a trust company. Basically these companies will do everything for your beneficiaries before you die. This is also another case where will ask yourself which one is better for you.
In order to keep creditors from tampering with your property you will have to apply your debts to a trust. In this way the only thing that the creditors can do is negotiate with you in favorable term for you to pay them. This is not such a bad thing at the end of the day you both get to win.
Wills are known to be flexible, why am I saying this. It caters for all people from the children to the spouse, relatives and also friends but an asset protection will only cater for your spouse and you must have been married, children but only older children as it does not cater for minor children so again be careful on which way you want your property to be distributed and to whom do not let your property go into the wrong hands and leaving your family in problems.
We have learnt about these protection and we have seen that it can be quite costly. There are also some requirements that need to be followed religiously so before distributing your property to any of the trusts have knowledge about them and consider what will affect your family once you are gone and the benefits the are likely to get. Whether a will or a trust either is good, it all depends on what you prefer.
The trustee is able to manage their properties even after they have been transferred to the trust company. But the control of your assets is limited by the company also it has some power in controlling your assets and one thing about trust company is that once you decide to put your property under them the process is irrevocable.
The good thing is that there is discretion. Nobody will know what you have secured, it could be your businesses or house, and who the beneficiaries are. This is safe as there will be no quarrels or chaos about your property and once you have named the beneficiaries no one can change them if you are not willing to even when they go to court to protest.
It is very unreasonable for children to assume that they have a right to inherit their parents property. These are the kinds that would abandon their parents at an old age and forget them and concentrate on how to spend their money. That is why nobody should make an assumption on their wealth that it will be automatically taken care of. That is why safeguarding your property for yourself, family and a generation to come is very important.
In a will, matters such as funeral, education for your children or any other thing you may want to address is allowed while the latter is all done by a trust company. Basically these companies will do everything for your beneficiaries before you die. This is also another case where will ask yourself which one is better for you.
In order to keep creditors from tampering with your property you will have to apply your debts to a trust. In this way the only thing that the creditors can do is negotiate with you in favorable term for you to pay them. This is not such a bad thing at the end of the day you both get to win.
Wills are known to be flexible, why am I saying this. It caters for all people from the children to the spouse, relatives and also friends but an asset protection will only cater for your spouse and you must have been married, children but only older children as it does not cater for minor children so again be careful on which way you want your property to be distributed and to whom do not let your property go into the wrong hands and leaving your family in problems.
We have learnt about these protection and we have seen that it can be quite costly. There are also some requirements that need to be followed religiously so before distributing your property to any of the trusts have knowledge about them and consider what will affect your family once you are gone and the benefits the are likely to get. Whether a will or a trust either is good, it all depends on what you prefer.
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