Its a legal requirement, if insisted on but as you say im sure there are ways around it but for future reference, i won't be so open about my assets......treat them like mushrooms, keep in the dark and feed them sh!tte!!
You cannot set up a trust to hide assets once you know that an event is going to happen, ie, you already know that a divorce is ahead. Once you know of an event, or a potential event, such as you believe that you are about to be sued, then the court will overthrow the trust, as the law no longer allows this. If you set up a trust when everything is fine, when you have no reason to beleieve that such an event is imminent, and you are specifically excluded as a potential beneficiary, then you are clear, but if you are a potential benficiary then the law will still instruct the trustees to pay out the assets or at least declare them.
Who said you need to declare hic hic. 1. offshore a/c. 2. set up a Trust, it remains in the trust and cannot be taken to the cleaners by gold diggers. Look into it, don't know in detail but it can be done.
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