When we’re children, we look up to adults as a repository of knowledge. We listen to them because we think they know what they are doing. And we believe that one day something will click, and we will be as self-assured as all those adults around us. Unfortunately for us, we never really learn anything.
All through our school years, we study about everything about the Pythagoras Theorem and the structure of a biological cell. What we never end up learning, however, is the important information we actually need to get through this confusing life. Is there anyone who knows how to do taxes? Not in my state.
Another one of these puzzling conundrums is estate planning. For instance, many people upon hearing the word ‘trust’ think of all the wealthy people in LA zip codes meeting with their lawyers. If you have a similar misconception, it’s about to be cleared up: a trust is not only for millionaires, and it’s not just a will. What’s more, you could be drafting as part of your estate plan! Here are some basics about trusts.