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

Niyi Briggs · Jun 8, 2024

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 · Jun 9, 2024

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 · Jun 9, 2024

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.

King Belieal · Jun 9, 2024

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 · Jun 10, 2024

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.

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.

Etini Willie · Jun 10, 2024

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 · Jun 11, 2024

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.

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

Niyi Briggs

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nomad

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Shavkat

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King Belieal

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