Options for Protecting Assets Later in Life
When you
have worked hard to have assets, you want to have a way to protect those assets
later in life. You have likely saved money over the past few decades and will
continue to do so for several more decades. When you have carefully planned
things out because you want to have a financially secure future when you become
a senior, you need to know the options that are available to you for protecting your assets later in life. You should have an asset protection
plan in place.
Have a Trust and Trustee
One way to
protect your assets later in life is to have a trust created and to appoint a
trustee to that trust. The reason you should have a trust is to have someone
who can manage your assets for you when you are older and are unable to do so
by yourself. The trustee that you select should be someone in whom you can put
your trust, such as a sibling, child, relative, or trustworthy friend who has
your best interest at heart. The trustee is the person who would manage your
assets and property while making sure your beneficiaries receive what they
deserve. Your trustee would take on the responsibility of handling your bank
account and any of the investments you have.
Carefully Choose Your Power of Attorney
Can you
imagine what would happen if you were unable to make decisions for yourself? If
something like this happens when you get older because of a condition that you
are diagnosed with, you would want to have a power of attorney that could make
important decisions for you. Just like when you choose a trustee to handle some
of your accounts and assets, you should carefully choose the right person to
act as your power of attorney. It should be a person whom can depend on and
trust. The person would then have the right to act on your behalf when making
different decisions pertaining to you, your finances, and your assets.
As the
power of attorney, the person you select will get to make decisions for you
when you cannot do so on your own. Before choosing a power of attorney, you
should let the person know about your take on important decisions that may
arise at some point in the future. You want to make sure that your power of
attorney understand what you want and prefer, even when you are unable to make
that clear because of your condition in the future.
Want to Protect Your Assets in the Future? Speak with the
Attorneys at Giro Law
After
working hard for what you have, it is only right to want to protect your assets
now and in the future. There are different ways for you to get the protection
that you need and desire. If you would like to have a trust or choose a power
of attorney, contact Giro Law today at 201-690-1642 to discuss
the options that are available to you. Get the quality legal assistance that
you deserve.
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