Asset Protection and Recovery
What is Asset Protection and Recovery?
Asset protection is the process of safeguarding your assets from potential future creditors. It is typically used by people who are at risk of being sued, such as business owners or professionals.
Hillary Cooper Law
go above and beyond
to get you the desired
legal outcome
How can Hillary Cooper Law help with Asset Protection and Recovery?
Our team can advise you on the best way to protect your assets, whether that is through setting up trusts, transferring assets to family members or creating a corporate structure. We can also help you recover assets that have been wrongfully taken from you.
FAQs
Frequently Asked Questions
If you find yourself in this position, you are not to worry! The court can appoint someone to be your deputy. There are conditions for one to apply for this role to be satisfied, they will need to be over the age of 18 and there shall be no objections to you being appointed.
The topics of prenups exhibit the importance of having a competent lawyer at your side. Prenups are not legally binding under UK law, however, if drafted accurately, they may be taken into consideration in the event of divorce proceedings.
The difference is as explanatory as it sounds! A prenuptial agreement is signed by bother parties before the couple’s marriage, whereas a postnuptial agreement is signed after the marriage.
Although both are not legally binding, if they are drafted correctly and accurately, they may carry significant weight in the event of divorce proceedings.
In this unfortunate circumstance, any gifts to the deceased beneficiary will “lapse”. The term “lapse” refers to the gift passing to the estate to be distributed according to the deceased beneficiary will if the beneficiary dies after the testator.
If the beneficiary dies before the testator, their gift will become void and return its original estate to be distributed amongst the remaining beneficiaries.
When one dies, the assets that have been left behind are considered a person’s estate. These assets may include property, money, personal belongings, art etc.
The role of the executor of the will has a legal obligation to identify any beneficiaries in order to carry out any obligations in accordance with the will. This process is done using a “Grant of Probate” or a “Grant of Letters of Administration”.
But why would one want to stop this process? If a will is challenged based on its validity, it may then be necessary to stop a grant of probate to investigate further. An option to apply for a Caveat at the Probate Registry (if you are over 18 years old) is available to stop the grant of probate. A Caveat is issued if a person has reasonable grounds for challenging a will. The Caveat works to stop the distribution of the estate and letters of administration from progressing for six months.
Many may assume that if your spouse dies without a will, you are entitled to his estate. Unfortunately, the law can be tricky around these areas. Spouses are not automatically entitled to receive all their partner’s estate, only personal possessions subject to whether children are involved. If there are no children, grandchildren or great children, a spouse is entitled to their deceased partner’s property when there is no will made.