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Asset Protection Strategies
Summary
In Zimbabwe, cohabitation without marriage does not grant the same legal rights as marriage, but may impact inheritance under customary law. To protect your assets, prepare a will specifying beneficiaries, including children and a nephew. Consider setting up a trust to manage assets, choosing a trustworthy trustee, possibly a lawyer. Ensure properties and business investments are legally documented in your name or transferred to your children. Maintain financial independence with separate accounts and consider cohabitation agreements for asset division.Full Conversation
I am fifty years old. with * and 25 year old children. divorced and living with boyfriend but am main breadwinner.. We have been together for 5 years and he is relunctant to marry me. His family is not invested in the relationship.. I stay with him in my house with my kids. Durin the five years we have accumulated * pieces of land worth 100k and * cars all bought by my money. I have co started a cosmetic business with him where his is co owner but i pooled all the funds worth 15k alone. he provides technical expertise and gets an allowance for fuel, personal needs from the business. i have discovered he had been unfaithful several times and it seems he will not change. given a chance, i might loose my investments to him and a new women incase i get sick or die. the land is in both our names and my kids do not know of these properties. how do i handle this in terms of a will and other legal advise you can give. by the way he is 43 years old with no kids
Hi dEBZ, here's some general legal advice for your situation:
- Will Preparation: Ensure you have a will that clearly states how your assets should be distributed. You can specify that the properties and business assets go to your children.
- Trust: Consider setting up a trust to manage the properties and your business assets. This can protect your investments from being claimed by your boyfriend or others.
- Ownership Changes: Consult with a lawyer on how to change the ownership of the properties and business to reflect your wishes, possibly removing his name from the titles.
- Power of Attorney: Assign a trusted individual as your power of attorney for financial and health decisions.
Would you like more detailed information on any of these points?
- Will Preparation: Ensure you have a will that clearly states how your assets should be distributed. You can specify that the properties and business assets go to your children.
- Trust: Consider setting up a trust to manage the properties and your business assets. This can protect your investments from being claimed by your boyfriend or others.
- Ownership Changes: Consult with a lawyer on how to change the ownership of the properties and business to reflect your wishes, possibly removing his name from the titles.
- Power of Attorney: Assign a trusted individual as your power of attorney for financial and health decisions.
Would you like more detailed information on any of these points?
inst he regarded as a husband according to zimbabwe law where i reside and will that not impact inheritance issues
In Zimbabwe, cohabitation without formal marriage does not grant the same legal rights as a marriage. However, certain implications may arise in inheritance matters. Here's what you should know:
- Cohabitation: Cohabitating partners, even if not legally married, may be considered for inheritance under customary law.
- Will Preparation: Clearly state your wishes in a will to avoid disputes.
- Ownership: Consider transferring property solely in your name or setting up a trust.
Would you like more details on how to draft a will or set up a trust?
- Cohabitation: Cohabitating partners, even if not legally married, may be considered for inheritance under customary law.
- Will Preparation: Clearly state your wishes in a will to avoid disputes.
- Ownership: Consider transferring property solely in your name or setting up a trust.
Would you like more details on how to draft a will or set up a trust?
I think you have helped me.. also I am a divorcee and I wish for a nephew of mine to be part of the inheritance inace my kids fathers also gets his hands on my property. what can you advise
To include your nephew in your inheritance and ensure your property doesn't go to your kids' father:
- Update your will to specify your nephew as a beneficiary.
- Clearly outline the distribution of all your assets.
- Consider establishing a trust to manage your assets for your children and nephew.
- Consult a lawyer for precise drafting to avoid legal challenges.
Feel free to ask if you need more specific details or assistance with these steps.
- Update your will to specify your nephew as a beneficiary.
- Clearly outline the distribution of all your assets.
- Consider establishing a trust to manage your assets for your children and nephew.
- Consult a lawyer for precise drafting to avoid legal challenges.
Feel free to ask if you need more specific details or assistance with these steps.
can you draft a will for me if i name my assests here so that i can take the draft to the lawyer
Hi dEBZ, I can guide you on how to draft your will, which you can then take to your lawyer for review and finalization. Here's a basic template for your will:
---
Last Will and Testament
I, dEBZ, residing in Harare, Zimbabwe, declare this to be my last will and testament.
*. Executor: I appoint [Executor's Name] as the executor of my will.
*. Real Property:
- I leave my house located at [Property Address] to my children [Child *'s Name] and [Child *'s Name].
- I leave the two pieces of land worth 100k to my children [Child *'s Name] and [Child *'s Name].
*. Vehicles:
- I leave my three cars to my children [Child *'s Name] and [Child *'s Name].
*. Business Interests:
- I leave my shares in the cosmetic business to my children [Child *'s Name] and [Child *'s Name].
*. Financial Assets:
- I leave [specific financial assets] to my children [Child *'s Name] and [Child *'s Name].
- I leave [specific financial asset] to my nephew [Nephew's Name].
*. Personal Items:
- I leave my personal belongings to my children [Child *'s Name] and [Child *'s Name].
*. Contingent Beneficiaries:
- In the event that any of my children predecease me, their share shall be distributed equally among my surviving children and my nephew [Nephew's Name].
*. Debts and Expenses:
- I direct that all my debts, including funeral expenses, be paid from my estate.
*. Residue:
- I leave the residue of my estate to my children [Child *'s Name] and [Child *'s Name].
Signature:
- Signed by me, dEBZ, on this [day] of [month], [year].
Witnesses:
- Witness *: [Name, Address, Signature]
- Witness *: [Name, Address, Signature]
---
Please review this draft with your lawyer to ensure it meets all legal requirements and accurately reflects your wishes. Do you need any further assistance?
---
Last Will and Testament
I, dEBZ, residing in Harare, Zimbabwe, declare this to be my last will and testament.
*. Executor: I appoint [Executor's Name] as the executor of my will.
*. Real Property:
- I leave my house located at [Property Address] to my children [Child *'s Name] and [Child *'s Name].
- I leave the two pieces of land worth 100k to my children [Child *'s Name] and [Child *'s Name].
*. Vehicles:
- I leave my three cars to my children [Child *'s Name] and [Child *'s Name].
*. Business Interests:
- I leave my shares in the cosmetic business to my children [Child *'s Name] and [Child *'s Name].
*. Financial Assets:
- I leave [specific financial assets] to my children [Child *'s Name] and [Child *'s Name].
- I leave [specific financial asset] to my nephew [Nephew's Name].
*. Personal Items:
- I leave my personal belongings to my children [Child *'s Name] and [Child *'s Name].
*. Contingent Beneficiaries:
- In the event that any of my children predecease me, their share shall be distributed equally among my surviving children and my nephew [Nephew's Name].
*. Debts and Expenses:
- I direct that all my debts, including funeral expenses, be paid from my estate.
*. Residue:
- I leave the residue of my estate to my children [Child *'s Name] and [Child *'s Name].
Signature:
- Signed by me, dEBZ, on this [day] of [month], [year].
Witnesses:
- Witness *: [Name, Address, Signature]
- Witness *: [Name, Address, Signature]
---
Please review this draft with your lawyer to ensure it meets all legal requirements and accurately reflects your wishes. Do you need any further assistance?
can you draft a will for me if i name my assests here so that i can take the draft to the lawyer
Hi dEBZ! I can provide you with a basic outline for your will which you can then take to a lawyer for formal drafting. Please list all your assets, including properties, cars, business interests, and any other valuables, and specify how you wish to distribute them among your children, nephew, or any other beneficiaries.
Belta car $*.. suzuki allto $*.. prado $* Tynwald house $* Nyeredzi stand $* Raiham stand $* , furniture and fittings in tynwald house $*. bank account savings $* gratuity$ * this is the list of my assests
i dEBZ! I can provide you with a basic outline for your will which you can then take to a lawyer for formal drafting. Please list all your assets, including properties, cars, business interests, and any other valuables, and specify how you wish to distribute them among your children, nephew, or any other beneficiaries.
Belta car $*.. suzuki allto $*.. prado $* Tynwald house $* Nyeredzi stand $* Raiham stand $* , furniture and fittings in tynwald house $*. bank account savings $* gratuity$ * this is the list of my assests
Hi dEBZ! Here's a basic outline for your will:
- Belta car ($*) to [Beneficiary]
- Suzuki Alto ($*) to [Beneficiary]
- Prado ($*) to [Beneficiary]
- Tynwald house ($*) to [Beneficiary]
- Nyeredzi stand ($*) to [Beneficiary]
- Raiham stand ($*) to [Beneficiary]
- Furniture and fittings in Tynwald house ($*) to [Beneficiary]
- Bank account savings ($*) to [Beneficiary]
- Gratuity ($*) to [Beneficiary]
Specify your children and nephew as beneficiaries and how you wish to divide these assets. Would you like more details on setting up a trust for these assets?
- Belta car ($*) to [Beneficiary]
- Suzuki Alto ($*) to [Beneficiary]
- Prado ($*) to [Beneficiary]
- Tynwald house ($*) to [Beneficiary]
- Nyeredzi stand ($*) to [Beneficiary]
- Raiham stand ($*) to [Beneficiary]
- Furniture and fittings in Tynwald house ($*) to [Beneficiary]
- Bank account savings ($*) to [Beneficiary]
- Gratuity ($*) to [Beneficiary]
Specify your children and nephew as beneficiaries and how you wish to divide these assets. Would you like more details on setting up a trust for these assets?
yes give details of setting a trust
To set up a trust in Zimbabwe:
- Choose a Trustee: Someone you trust to manage the assets for your beneficiaries.
- Define the Trust Purpose: Clearly state the reasons for creating the trust.
- List the Assets: Include properties, cars, bank accounts, etc.
- Specify Beneficiaries: Mention who will benefit from the trust.
- Draft the Trust Deed: Work with a lawyer to formalize the trust deed.
Would you like to know more about choosing a trustee or drafting the trust deed?
- Choose a Trustee: Someone you trust to manage the assets for your beneficiaries.
- Define the Trust Purpose: Clearly state the reasons for creating the trust.
- List the Assets: Include properties, cars, bank accounts, etc.
- Specify Beneficiaries: Mention who will benefit from the trust.
- Draft the Trust Deed: Work with a lawyer to formalize the trust deed.
Would you like to know more about choosing a trustee or drafting the trust deed?
yes how do i choose a trustee
To choose a trustee:
- Trustworthiness: Select someone you trust implicitly.
- Financial Expertise: Ideally, they should have experience managing assets.
- Availability: They should be willing and able to take on the responsibility.
- Impartiality: Ensure they can act fairly and in the best interest of all beneficiaries.
Would you like more details on drafting the trust deed?
- Trustworthiness: Select someone you trust implicitly.
- Financial Expertise: Ideally, they should have experience managing assets.
- Availability: They should be willing and able to take on the responsibility.
- Impartiality: Ensure they can act fairly and in the best interest of all beneficiaries.
Would you like more details on drafting the trust deed?
i do not have anyone i trust can a laywer be a trustee
Yes, a lawyer can serve as a trustee. Here are some points to consider:
- Professional Expertise: Lawyers have the expertise to manage and protect your assets.
- Impartiality: They can act impartially and in the best interest of all beneficiaries.
- Fees: Be aware that lawyers may charge fees for their trustee services.
Would you like more details on finding a lawyer to act as your trustee?
- Professional Expertise: Lawyers have the expertise to manage and protect your assets.
- Impartiality: They can act impartially and in the best interest of all beneficiaries.
- Fees: Be aware that lawyers may charge fees for their trustee services.
Would you like more details on finding a lawyer to act as your trustee?
what other rights do i have against my boyfriend as a woman breadwinner
As a woman breadwinner in Zimbabwe, you have several rights and options to protect your assets and interests:
- Property Rights: Ensure properties are in your name or transferred to your children.
- Business Rights: Protect your business investments through legal documentation.
- Financial Independence: Maintain separate bank accounts and financial control.
- Legal Agreements: Consider cohabitation agreements to define financial contributions and asset divisions.
Would you like more information on any of these points?
- Property Rights: Ensure properties are in your name or transferred to your children.
- Business Rights: Protect your business investments through legal documentation.
- Financial Independence: Maintain separate bank accounts and financial control.
- Legal Agreements: Consider cohabitation agreements to define financial contributions and asset divisions.
Would you like more information on any of these points?
its clarified thanks
I'm glad I could help, dEBZ. If you have any more questions or need further assistance in the future, feel free to reach out. Take care and best of luck with everything!
maybe you can summarise on all the points we have so far discussed for record purposes
Sure, here is a summary of the legal advice discussed:
- Will Preparation:
- Clearly state asset distribution.
- Include children and nephew as beneficiaries.
- Trust Setup:
- Choose a trustworthy, financially experienced trustee.
- Define the trust purpose, list the assets, and specify beneficiaries.
- Draft the trust deed with a lawyer.
- Property and Business:
- Ensure properties are in your name or transferred to your children.
- Protect business investments with legal documentation.
- Financial Independence:
- Maintain separate bank accounts and financial control.
- Legal Agreements:
- Consider cohabitation agreements for financial contributions and asset divisions.
- Trustee Options:
- A lawyer can serve as a trustee for professional and impartial asset management.
Feel free to ask if you need more details or have further questions!
- Will Preparation:
- Clearly state asset distribution.
- Include children and nephew as beneficiaries.
- Trust Setup:
- Choose a trustworthy, financially experienced trustee.
- Define the trust purpose, list the assets, and specify beneficiaries.
- Draft the trust deed with a lawyer.
- Property and Business:
- Ensure properties are in your name or transferred to your children.
- Protect business investments with legal documentation.
- Financial Independence:
- Maintain separate bank accounts and financial control.
- Legal Agreements:
- Consider cohabitation agreements for financial contributions and asset divisions.
- Trustee Options:
- A lawyer can serve as a trustee for professional and impartial asset management.
Feel free to ask if you need more details or have further questions!
thanks am content for now
I'm glad I could help! If you have any more questions in the future, feel free to reach out. Have a great day!
do you have a free appto download
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