Asset Protection:

Asset protection refers to ensuring that your assets are protected from various risks and third parties,, so that they can be securely preserved and ultimately, properly administered and distributed to your chosen beneficiaries. Irrespective of the size of your wealth and asset portfolio, there might be various risks involved and an Asset Protection and Trusts Solicitor may be able to assist you to maximise the prospects that your assets will be protected and properly distributed in a manner which is efficient and effective.

One potential risk in relation to assets is that of personal bankruptcy or insolvency of your business or businesses. If you run your own business or businesses, there is a risk of insolvency and penalties if you trade insolvent.  For any number of reasons, you may be unable to pay your debts when they fall due. This might subject you to creditor’s claims and an application potentially could be made to wind-up your company or business and distribute any assets to satisfy claims made by your creditors.  In addition, a business failure may expose you personally if you have provided a personal guarantee or security over your assets. Creditors might also have a personal security interest under the Personal Property Securities Register (PPSR). An Asset Protection and Trusts Lawyer may be able to review and consider your situation and provide legal advice and appropriate strategies to provide you with your instructed level of asset protection.

Secondly, there may be a real risk from unpredictable and unfortunate events. These might include injury or disease, natural disaster and accidents. Injury or disease may lead to substantial medical expenses, legal costs and costs to third parties. An accident or disaster could lead to your bankruptcy if you are not adequately insured, as assets may be irretrievably destroyed or lost. You potentially might commence or be required to defend litigation proceedings which could be costly, time-consuming and will usually mean that you will need to incur the opportunity-cost of being unable to attend to your financial and commercial affairs. A qualified Asset Protection and Trusts Lawyer in our practice may be able to consider your factual matrix and provide you with strategies to account for and mitigate these risks to your legacy and wealth.

Furthermore, you may need legal advice in respect of Will drafting and Testamentary trusts to be established for matters to be dealt with after your lifetime. Even if your creditors do not access your assets during your lifetime to satisfy liabilities you might owe to them, your estate assets may be subject to a claim from creditors. In that case, you need to ensure that your executors have powers under your Will to defend your estate to ensure that there is no wasting of estate assets, which is referred to as the 'tort of devastavit'. Probate litigation can be expensive and so it may be advisable to settle your financial affairs inter vivos (during your lifetime). A Wills and Estates lawyer may be able to provide you legal advice to ensure that your will is drafted adequately and appropriately to suit your goals and asset protection needs.

If you require assistance with your asset protection matter, you may wish to contact our firm by telephone on (02) 9233 4048 or email info@navado.com.au and arrange an appointment to see one of our Asset Protection and Trusts Solicitors. 

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.