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You should also decide if you want to pass on your legacy while you’re living, an option that’s gaining popularity with older Americans, or after you’re gone, as an outright bequest or transfer in trust.
On the other hand, a well-prepared trust as part of your overall estate plan has many benefits and will facilitate the implementation of a plan that meets your goals.
The 4 percent rule provides a rough calculation of the amount of your savings you can withdraw each year while ensuring you won’t outlive your savings.
Now that you have your trustee and beneficiaries for your trust, think about how you want the assets and the income from the assets distributed.
Without it, your family may need a court conservatorship costing $10,000-$15,000.
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