Many of us dream of a peaceful retirement, and at the same time a secure future for our children and grandchildren. However, security does not usually happen overnight. Instead it requires steady investment over time.

In an ideal world one would start at a young age and work to save for retirement – building along the way a substantial nest egg according to ones requirements. However, keeping ones nest egg immobile in a regular bank savings account comes with the risk of  potentially losing value to inflation with each passing year – and hence may not be the best strategy to obtain ones goals in this area.

Today, more than ever, there is a need to invest and to build a patrimony to leave to one’s heirs through special trust funds. The realities of trusts and estates are full of unknowns, not only economic, but also legal.

The PF Law’s team has lawyers who are specialized in asset management as well as the legal implications of all types of trust funds – from revocable ones to those dedicated to asset protection. This union of professionalism, together with a constant attention to the needs of our clients, allows PF Law to confront, from a legal perspective, a wide range of benefits – as well as risks.

When looking at asset management, one must take into consideration numerable factors such as taxes, local and national regulations, and the type of trust fund to use. These issues are often too complex for an ordinary person – which is why it requires the involvement of a specialized professional.

To meet these needs, online and offline services have emerged that promise easy asset management based almost entirely on a do-it-yourself technical platform. They appear to be cheap and convenient solutions. However, more often than not, such realities offer standardized solutions and leave the user almost entirely to themselves – which is why they are ‘DYI’ platforms.

To manage important assets in the best possible way requires a specialized trusts and estates lawyer who can follow a client step by step – as the ultimate strategy to minimize taxes and manage costs will be different for each individual.

Using an inexperienced lawyer, or one who will not be attentive in this area, means losing a myriad of potential opportunities to grow one’s assets. There is also the risk of making the wrong decisions, which could leave one without the funds they though they would have in retirement – or, even more, upon passing it could set off inheritance battles between family members.

A lawyer specializing in estate planning accompanies their client throughout the process – from the choice of strategy to the effective application of its provisions.

1. Development of the strategy. This phase depends on the client’s specific objectives. For example, it could be to secure an adequate pension for retirement, protection in case of illness, to divide one’s assets among family members as fairly as possible, to ensure a serene future for a child with a disability, or to pay for the education of children and grandchildren. Different situations require different solutions.
2. Beneficiaries: Many people select their children and grandchildren as the beneficiary of a trust. However, a trust can appoint a range of different beneficiaries such as charity, an educational institution, or for oneself as an individual such as in the case of Living Trusts.
3. Trust Model: The selection of the most suitable type of trust is based on an individuals unique situation. It could be a revocable trust or an irrevocable trust.  It could be restricted until certain conditions are met (such as reaching a certain age).  However, most importantly – it must comply with the law.
4. Wills: PF Law can assist clients with the drafting, or updating, of last wills and testaments when required.

All of these steps must be studied to identify the optimum benefits to be achieved, balanced with any potential negative implications, in order to avoid any potential contentious situations.

PF Law prides itself on its human approach to the practice of law as we work in partnership with our clients to guide them through the evolution and conclusion of legal processes.