One of the best ways to incorporate all of this planning together would be the establishment of a revocable living trust or standby revocable trust. A funded living trust gets trustee services right away. Services such as investment management, or administrative tasks such as paying the bills each month. On the other hand, a standby trust could be created to be funded and come into play only in the event of mental or physical incapacity or being adjudicated incompetent by the court.
In addition to the financial management benefits, having a trust avoids the necessity of a guardianship or conservatorship.
Either way, the solo ager is creating funding for an enhanced level of care ahead of time. To learn more about what a trust can do later in life, click on our boomers and beyond page here.
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