Personal wealth protection is constantly in the thoughts of people, whatever their age or profession. Asset management is also a concern, regardless of whether the assets are owned exclusively or collectively by the members of a household, in the latter case the concerns are also for their future division.
By establishing a trust, however, you can plan “today” the future management of your assets, establishing the best terms and conditions to be implemented over time, depending on the possible situations and circumstances. The management conditions, in fact, can be customised and improved and adjusted to suit future events.
The difficulties of managing jointly owned assets can be avoided by establishing in advance how they must be managed, the mechanisms and rules for resolving any conflicts that may arise between the co-owners, thus establishing beforehand and, preferably, when relationships are still working well, how to split any jointly owned property or the rules for apportionment deemed fair by the co-owners and applied by the trustee.
Moreover, a trust can also prevent any harmful circumstances to which certain professionals are exposed – such as entrepreneurs, doctors, lawyers, accountants, auditors, engineers – and which can negatively affect the professional’s wealth and family.