A lot of people think that trusts are only for the super wealthy. Not true. Trusts can benefit anyone who wants to manage how they leave their money to their family. A trust gives you control over who gets what and when and how they get it and why.
How do trusts work?
Meet Bill and Mary. Bill is a senior executive, Mary volunteers in their community. They have three kids, live in the suburbs, have a rental property and are saving for retirement.
But like 46% of adults in Australia, Bill and Mary do not have a will. They need one.
A third of marriages end in divorce*. Relationship breakdown is an emotionally difficult time, that can have a significant financial impact as well, This impact can continue well into later life. For example, households with men and women aged 55–64 years who haven't divorced earn around $10,000 a year more than those households headed by divorcees**of the same age.
Retirement ought to be the time of your life. And for many retirees that holds true.
Some would say that they were happily retired, while others wouldn’t even admit to being retired at all! That’s the point – this next phase of your life will be about living the kind of life that YOU decide.
If you’ve hit 40 and still don’t have your financial affairs in order, it’s never too late to do something about it. We Talk Money’s Tony Sandercock offers advice for getting on track.
This blog was originally posted in "Slice of Life".
Most newlyweds spend more time picking out their wedding cake than they do talking about how they'll handle money. But understanding where your new spouse stands on key financial issues can not only strengthen your financial situation, it can also help your marriage. Here are a few areas to get you started.