Asset protection - Ways to protect your valued assets

Protect your people, money, stuff

If it’s important, it may need protecting.

How many of us could afford to replace our home, car or other hard-earned possessions if something happened to them? We’d need insurance cover to make it through. And there’s no point building wealth over the long run only to lose it all when we really need it. Family members who depend on us may need protecting in case we die or are unable to work because of illness. It’s also important to let our loved ones know what we want to happen with our money and property when we die or are unable to make decisions for ourselves. 

Insurance

Insurance is an important part of managing money matters. It’s a way to protect ourselves and our families against an unexpected financial loss. This might come about if something that’s precious to us is damaged or stolen. But it could also come from no longer being able to provide for our families because of illness or death. Having the right insurance in place can help bring peace of mind. 

Read more on insurance in our Insurance guide, and find out more about the different types of insurances in our Insurance types guide.

Wills and insurance cover need reviewing whenever we have big life changes, like the birth of a child or separation

 

Enduring powers of attorney

An enduring power of attorney (EPA) is a legal document giving someone the power to act for us if, at some stage in the future, we lose the ability to make decisions ourselves. There are two types of EPA – one for money and property and the other for personal care and welfare.

Without an EPA, no one else can deal with property or financial affairs on your behalf.

Our guide on Enduring powers of attorney guide has more details on why we need them, and how to get them sorted.

 

Wills

A will formally sets out how our money and property should be dealt with after death. Most of us would probably rather not think about it, but we all need a will, no matter how old we are. Dying without a will can cause a lot of unnecessary stress and cost for the people we leave behind.

Our guide on Wills can show you how.

 

Family trusts

The aim of a family trust is to provide future benefits for close family members or to protect family assets. For example, many people in business use family trusts to protect their home in case their business fails.

Trusts aren’t for everyone – they can be costly and complicated. Get advice from a specialist trust lawyer or a professional trustee company.

Take a look at our Family trusts guide to find out how they work, the benefits and the risks.

Don’t know where to start?

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