Being sued is a risk we all take. For instance, you might not be entitled to claim on your car insurance if you have an accident and you're vehicle isn't roadworthy. Of course, different people are exposed to different levels of risk depending on what they do.

Here are some ways you can cover your ASSets...

Less than 5% of people have a will. That means 95% of people die without one.

If you die without a will the government takes control of what you own and your loved ones have no say in who gets what. This takes up to 3 years and it costs 6% of the total value of your assets.

The government also gets to decide what care facility you go to if you can't make your own decisions and don't have an enduring power of attorney. Sound like a situation worth avoiding?

It pays for anyone with substantial assets to have Enduring Power of Attorney in place so you get to choose who makes decisions about your assets and your personal and financial affairs if you become mentally incapable of doing this yourself.

There are lots of different kinds of trusts, depending on who and what you want to look after. Family trusts are one way to protect your family's hard-earned assets whether you love 'em or hate 'em...

You have less than 1% chance of being sued by someone you don't know. Whereas you have more than 52% chance of being sued by the person you're sleeping with...

Pre-nuptial agreements are now legal in Australia for good reason. If the bride or groom brings to the relationship more than their spouse they can agree that if their knot unravels they get to keep what they had before marriage.

If there's no 'pre-nup', under the Family Law Act the court takes into account things other than financial contributions. So if your wife looks after your children she will probably get 40-50% of your total worth plus 10% for each child.