While most U.S. adults age 18 and over have not prepared their estate or started planning for the transfer of assets, 81% of Americans above the age of 72, as well as 58% of baby boomers (aged between 53 and 71) do have estate planning documents.
Ensuring your family’s future is extremely important, and though it’s a difficult conversation to have, you must talk about asset distribution with your loved ones in the event of something happening to you or your family.
Perhaps the best way to begin to explain the difference between a will and a trust is to explain what they have in common. Both wills and trusts are vehicles by which an individual hands over their property to their heirs.
It may seem like an oxymoron to discuss the “benefits” of bankruptcy, but the reality is that in some cases, bankruptcy can be the second chance that you or someone needs to get back on their feet financially.