One of the most frequent mistakes made in asset protection, particularly in the case of clients from eastern Europe, is the failure to make suitable arrangements for the management of the entity and its related structures and for inheritance, even though these are corporate structures which are being established, which may hold very significant assets.
Even in the case of a simple family bank account it is unwise to put everything in the hands of just one person. An unfortunate traffic accident or a serious illness may mean that the one person authorised to manage the account is incapacitated and unable to do so. Just think what problems this could for a company, where the life of the company itself may come to a halt, or a group of companies may go bankrupt if financing dries up.
Failure to make the necessary inheritance arrangements can cause even greater problems. In our experience, in 99% of cases no plans are made in advance for the death of the owner of a company. Although nobody looks willingly into the possibility of their own death, it is much better to think about these questions in advance and, with the help of the right professionals, ensure that everything is suitably documented and secured.