Contractual Will for Asset Protection

[Slavina]

Hello every one


Regarding Asset Protection i have come across different sources of

information about Contractual Wills. Does anyone know the positives and

negatives of Contractual Wills for Asset Protection, Any helpful

coments/feedback would be greatly appreciated.

Thank you

Slavina

 

[Mr. Fabulous]

Slavina,

I'm not familiar with Contractual Wills, but if asset protection after you pass away is important, another option you might like to check out is testamentary trusts.

Mark

 

[Slavina]

Contractual Will For Asst Protection

Hi


Thanks for the quick replay.

In regards to your reply i didnt mean

Asset Protection when l Pass away , Asset protection for NOW if I use a

Contactual Will.

Any comment would be greatly appreciated


Thank you


Slavina

 

[NigelW]

Overrated in my view for AP whilst you're still on this mortal coil. Also think mutual wills/will contracts are less than ideal for when you die. TTs provide flexibility and tax advantages.

Talk to your solicitor about the pros and cons.

N.

 

[Slavina]

Contractual Will For Asst Protection

Hallo

Thank you guys for reply.I wiil see solicitor but I like to hear other people
opinion.Also is always problem with solicitor.



Thank you

Slavina

 

[Terry_w]

contractual will is one in which A contracts to leave B property upon the death of A. If A changes its mind and doesn't B can sue A for breach of contract. Not sure how this could aid asset protection while A is still alive but B might be able to argue they have an equitable interest in the property. Depending on the circumstances I would say they generally would not until the death of A.

 

[Scott No Mates]

Of course all of this is subject to the rights of other dependents who may also contest the will.