Why Asset Protection is Important?
Protecting your assets – as a component of your estate planning – is critical to protecting your estate and helping ensure that one unfortunate financial incident doesn’t wipe you out entirely. Our laws are based on facts – not on personal circumstances – and protecting your assets now can help you avoid financial disaster later on if you find yourself on the wrong end of a lawsuit. Adequately protecting your assets is often complicated, but an experienced North Carolina estate planning attorney can help you cut to the heart of the matter and can help ensure that your assets are well-protected.
Handling Your Assets
Just as you never expect to be in a car accident, you don’t envision yourself facing litigation anytime soon, but both can and do happen. If someone comes after you through the courts, it tends to be extremely upsetting and, if your assets aren’t well protected, it leaves you vulnerable to financial devastation. Even if you don’t believe you’re liable for the accusation you face, court cases don’t always proceed as expected, and your wealth could hang in the balance of the court’s discretion. It’s in your best interests to protect your assets now – from all preventable eventualities possible. If the need never arises, you’re ahead of the game, and if it does, your homework is complete. Your financial future is simply too important to leave to the mysteries of chance.
The Risks You Face
As mentioned, traffic accidents happen, and they represent but one risk that can leave your assets vulnerable. If the other driver is invested in proving that you played a role in his or her damages and manages to do so, the expense can quickly outpace your insurance coverage and leave your assets at risk. Other common risks include:
- If your child is determined to be at fault for a serious traffic accident
- If someone is injured at your home – or on another of your private properties
- If someone is injured on your business property
- If your dog leaves someone injured
- If someone is injured in your swimming pool
Accidents happen, and they can put you at immense financial risk.
As with almost everything else, protecting your assets proactively – under the careful guidance of an experienced estate planning attorney – is far more efficient and beneficial than making a last-ditch effort (after the fact) can ever be. An ounce of prevention, after all, is still worth a pound of cure. Working closely with your estate planning lawyer will help ensure that your assets are well protected if a situation ever arises that leaves you at the financial mercy of the court’s discretion.
Make the Call to an Experienced North Carolina Estate Planning Attorney
In a perfect world, you wouldn’t need to focus on protecting your assets, but this is the most important task that you will hopefully never need. The dedicated estate planning attorneys at King Law Firm in North Carolina are here to help you carefully consider your options and protect your assets before the need ever arises. To learn more, please don’t hesitate to contact or call us today.