The COVID-19 pandemic is shaking the foundations of virtually every economy in the world. Sectors like airlines, hotels, and restaurants have a bleak future in the short term, and a significant number of them are undoubtedly likely to go bankrupt. Was it the pandemic foreseeable? Was it avoidable? Is there a remedy? It is very difficult to answer these questions, but let us move them to the individual level. Specifically, to our assets and the damage they may suffer, both in this pandemic context and with issues such as third-party attacks, divorce, death, health deterioration, bankruptcies, etc.
Knowing that there are elements of prevention and remedy at the assets level and not using them is, to a certain extent, equivalent to having available means of prevention and solution to the pandemic and having consciously left them aside.
If a preventive tool is within our reach and disposal, it is prudent to analyze it and (if it is worth it) incorporate it into our defensive arsenal.
In assets matters, there are many ways to protect yourself. Different legal figures can be used and you can even combine the best of different jurisdictions. The optimal situation should always be sought, emphasizing concepts such as risk, damage, protection, cost and benefit.
If the risk (potential harm) turns into actual harm, it is usually too late to avoid its consequences. It is true that actions can be taken to mitigate this damage or to shorten its duration. The ones who knew how to prevent it are in the best situation, for having acquired this protection in advance, logically at a certain cost that (without doubt) was very acceptable with respect to the benefit obtained (the absence of damage, the asset advantage, family harmony, etc.).
Because these analyses are multidisciplinary, families should involve their lawyers, accountants, and financial advisers. Together with them and trust company that implements these solutions, they will protect the family assets in the best possible way and at an adequate cost.
For this reason we have in Fidemont a consistent policy of interacting with all trusted advisors for each family. They are essential not only because of their technical knowledge but because they know the family dynamics. In a context like the present one, it is extremely important to take the time to bring order to all these matters. As in health, at the asset level to prevent is to cure.