Lawyers and financial advisors spend a lot of time telling their clients that they need to take measures to protect their assets. However, most individuals do not realize that they are at risk for being sued. As you go about your daily life, you may not even be aware of the various potential sources of potential liability you encounter.
If you own a business or otherwise provide services to other parties, you are vulnerable to a lawsuit. Even owning property, driving a vehicle or other similar activities can expose you to the risk of litigation. To determine your own personal risk of a lawsuit, visit a one of the numerous websites where you can take a quiz and get an idea of where you are vulnerable. An example is the “Personal Liability Risk Scorecard” developed by ACE Private Risk Services.
The online quizzes can provide you with a general idea of how much risk you have for being named in a lawsuit. You might be surprised by the amount of risk you have in your life. However, for an extensive understanding, let one of our experienced asset protection attorneys review your unique circumstances and assist you with creating an effective strategy for minimizing your vulnerabilities.
Don’t assume that you are not at risk for being sued or that you do not need to take measures to protect your assets. Let us help you understand and address any areas of concern. Pre-planning can save you time, money and heartache. Taking action now, before any problems occur, will provide you the most protection available.
Many people shy away from using a lawyer for asset protection because of the expense. But DIY (Do It Yourself) plans rarely work. A qualified lawyer can help you evaluate your risk and help you understand the strategies that can be employed to avoid the risk. Some obvious things are:
(a) increasing your insurance, but more importantly, the right type of insurance;
(b) if you own a business, properly organizing and operating your business; or
(c) if you own rental properties, setting up proper business organizations to own the properties in order to isolate risk.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.