5 Estate Planning Tools Credit Unions Provide

By CUEvangelist – “Spreading The Good News About CUs!”

No one makes plans to die. However, making preparation for one’s death can be a gift to loved ones you will leave behind. When in place, estate planning
allows those you love to mourn or celebrate your life without the additional burden of making funeral arrangements and/or dealing with the complexities of disposing of your assets.

Last Will and Testament

– provides instructions to properly distribute and dispose of your property after your death.
– minimizes family disputes and protects the interests of those who will inherit.
– facilitates the selection of a person or persons to manage your estate.

Living Trust

– allows the trust to manage property while alive and provide instructions to do so after death.
– keeps property out of the probate process and therefore no court costs or associated attorney fees are incurred.
– makes the transfer of assets a lot easier than a will.

Durable Power of Attorney

– grants the designated person with powers to manage your affairs in whole or specifically in part.
-stays in effect even after your disability or incapacity.
-terminates upon your death.

Living Will & Health Care Proxy

– outlines medical treatment wishes when you are unable to communicate (e.g., do not resuscitate).
-serves as medical power of attorney designating a person to make decisions for you.
-empowers proxy to make a broad range of medical
decisions when you are
incapacitated.

Pre-Paid Funeral Arrangements

– prepays funeral expenses in advance.
– packages may include burial plot, tombstone, chapel service, repass, etc.

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The foregoing information does not constitute legal advice and a credit union may or may not provide all the services mentioned.