It’s important to be prepared for whatever the future might hold.
This is one of the reasons why some people are drawn to a continuing care retirement community (CCRC, or “life plan community”), which offers access to a full continuum of care services that may be needed in the future.
Preparing for life’s “what ifs” also includes creating and maintaining up-to-date estate planning documents. As you plan, here are a few of the most important documents that you should ensure you have created.
A will or trust
A will provides direction on how your money and property should be distributed when you die. Under a will, the distribution of your assets must go through a legal process called probate, which validates the authenticity of the will, inventories and appraises the associated property, pays out any debts and/or taxes, and finally, distributes the remaining assets based on the directions within the will. In many ways, a trust has a lot in common with a will—providing direction ...