Holding all your assets in a close relative's name. Pros and Cons.

Niyi Briggs

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Most wealthy people don't hold any financial asset in their names. They rather prefer to hold it in the name of a close family member.

The advantage is that it protects them against confiscation of their assets in the event of legal tussle that warrants that. Such a person is broke by default whereas his assets are in some other person's name.

The disadvantage is that the person who is holding your asset for you can decide to play smart and claim all as his own.

Would you hold your assets in the name of another person?

 

nomad

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I can hold my assets in my spouse's name, in my kids' name, in my parents names. I can also hold assets in my siblings names.

 

Shavkat

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I think it is fine if they are my immediate family members. Speaking of distant relatives, I do not want to have this idea with them.

 

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King Belieal

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I don't think I can hold my assets in my spouse's name. I can easily hold my assets in my kid's name and my mom's name.

 

Shavkat

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King Belieal said:

I don't think I can hold my assets in my spouse's name. I can easily hold my assets in my kid's name and my mom's name.

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I have the same thought. Although we can have an option that we can include them as partners. Partnership in business is a good thing in some aspects.

 

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Etini Willie

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I just feel that it is not too safe holding assets by proxy. I don't trust people with financial assets except my mom.

 

eldavis

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Am not so sure about this though, I can hold assets in my kid's name and maybe my wife depending on the kind of wife I finally get married to.

 

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Fidelia

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When you hold assets in the title of another person, your assets is protected from your liabilities.

 

Starmix

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I will never allow a relative to take charge of my assets. I have to do it to my close brother or sister.

 

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Fidelia

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This thing is a matter of trust. If you don't trust a person, don't hold your assets in his or her name. Most people that do this use their kids' names.

 

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Rubz

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I would never hold my assets in the name of another person. It has to be in my name.

 

IB D

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For people that did this, some had to take an oath with you that relative because this can easily backfire.

 

cherry123

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The con of this is very risky as the person who is holding your asset can decide to play a fast one on you and it might be difficult to argue this out

 

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Sawe

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It is so difficult for me to trust another person, so I don't see myself putting the assets in another person's name. Unless there is so much security in place and I am assured they won't go behind my back on the assets. I see how it can be important to do that to avoid your wealth being confiscated or frozen. This works so well for politicians and people who hold high government offices as they are susceptible to such legal procedures.

 

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Min George

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It is a question of how much you trust the person that you want to entrust your assets to . People are not to be trusted.

 

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Ratine

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For me l can hold my assets in my close relatives so long as there is a proper well laid down procedures for that matter.

 

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Stardom22

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That is a very suicidal act to me. I would rather register all of my assets to my children.

 

Kerryjoy

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It is very dangerous, if it is your assets, they should be in your name not anybody.

 

Hate2Wait

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I find it risky because I feel you can trust your dad or mom or even your siblings in this matter but not your relatives as they may run away with your wealth

 

Kera

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Hate2Wait said:

I find it risky because I feel you can trust your dad or mom or even your siblings in this matter but not your relatives as they may run away with your wealth

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I also think this is risky. Humans can be very terrible with money and turn around to betray you because of money.