The appointed person will have to obtain a surety bond in order to insure the estate against misappropriation or other misdeeds by the administrator. The estate pays the premium for the bond. Asset Protection Planning Asset protection planning is the method of preparing for the possibility of future lawsuits by rearranging the ownership of assets so that they are beyond the reach of potential creditors. It can act as a form of supplementary insurance in an overall strategy to protect you from the risks associated with businesses and professions, however, insurance policies have limits and exclusions. Most of us at some time in our lives have been told, by a friend, relative, or professional advisor, that we should get a will.
Nobody lives forever.
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