An annuity is a financial product that offers regular payments over a set period, typically funded by a lump sum investment. Commonly used for retirement planning, annuities provide a stable income stream and can be structured as fixed or variable, with options for lifetime or term-specific payouts. Issued by insurance companies, they may include features like inflation protection or death benefits, with their value influenced by factors such as term length, interest rates, and the issuer's financial stability.
A will specifies an individual’s healthcare preferences and medical treatment wishes after death, while a trust can appoint a healthcare proxy or power of attorney for decision-making in cases of incapacity. These legal tools ensure that personal preferences are honored, assets are managed as desired, and family disputes or confusion during crises are minimized.
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