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.
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".