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Income Stream for Retirement - for a Non Investor

I would love your expert and non-expert points of view on the following!
A 74yo who worked their entire life paycheck to paycheck.  Retired <10 years ago and started drawing on Social Security.  Inherited $500K but has never owned a stock or mutual fund in their life.  Owns home outright.  All dollars are held in bank or CD, so are in taxable accounts.
She would like capital preservation and income, but obviously does not want to take on a lot of risk.  She also won't trust anyone else with her money (but is willing to "try" investing a piece of it in Mutual Funds, ETF's, or Div stocks -- but not all of it) .... what investments and asset allocation of each would you recommend, whether she chooses to put $50 or $300K to work to generate income.  She had an annuity valued at $700/month that is expiring next month .... and has come to the realization that no banks are paying any interest so will need to start withdrawing from principal. 
No pension, 401k, or other retirement funds ...
Her living expenses are currently approximately $24K per year.
Thanks in advance - would love as much detail and perspective as you're willing to offer!  Happy New Year!

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