‘I feel like I’m missing something’: I’m 68, divorced with two children. I’ve $750,000 and rent my home. Do I need a trust?

Dear Quentin,

I am 68 years old, do not own any real estate or an automobile, I am divorced and have two adult children. I am on Social Security and have approximately $750,000 invested. I continue to reinvest the dividends and interest so my investments continue to grow. I feel like I’m missing something. Besides a will and healthcare directive, I’m curious to know if I need to add a revocable trust?

Retiree

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Dear Retiree,

Get ready. I’m going to answer a lot of questions that you didn’t ask.

A revocable trust is necessary if you want to control how your assets are used after you die. If your estate is straightforward and you are happy for your two adult children to be your beneficiaries, you can — if you choose — split it down the middle 50/50.

Adding your children as beneficiaries on your bank accounts, brokerage accounts and any life insurance policies you may have will mean those assets won’t go through probate — the public accounting of your assets and liabilities.

Yes, there’s also a lot you can do for yourself. An advanced healthcare directive informs your doctors what action you want them to take if or when you are unable to make those decisions yourself. You could list your children as your healthcare proxies to carry out those decisions.

Having a long-term care policy would also help to alleviate the potential financial burden that lies ahead. Nursing-home care costs can vary significantly depending on the type of care, where you live and the kind of institution (up to $125,000 a year, believe it or not).

LTC policies cost more the older you get. A man who waits until 65 to purchase such a policy pays around $3,135 a year, according to the AARP. “The man who purchases a long-term care policy at age 65 will pay $3,135 in annual premiums or $47,025 by the age of 80.