A Trust & Will is a critical component of estate planning, ensuring that your assets and wishes are managed according to your desires after your passing. MMCCU offers Trust and Will services.
Here’s why it’s important and what you can achieve with an estate plan:
Importance of Having a Trust & Will
- Control Over Asset Distribution: A Trust & Will allow you to dictate how your assets are distributed, ensuring your property, finances, and personal items go to the people or organizations you choose.
- Legal Protection: It provides legal protection for your heirs, reducing the potential for disputes and ensuring your wishes are followed.
- Minimized Expenses and Taxes: Proper estate planning can reduce estate taxes and minimize the costs associated with the probate process.
- Peace of Mind: Having a plan in place provides peace of mind for you and your family, knowing that your affairs are in order and your loved ones are taken care of.
Actions You Can Take with an Estate Plan
- Nominate Guardians for Minor Children and Pets: Ensure that your children and pets are cared for by people you trust, avoiding the need for a court to make these decisions.
- Select Beneficiaries to Receive Specific Assets: Designate who will receive particular items, such as family heirlooms, real estate, or financial assets.
- Complete Your Healthcare Documents: Choose a healthcare power of attorney to make medical decisions on your behalf if you become incapacitated. This includes specifying your wishes for medical treatment and end-of-life care.
- Specify Your Final Arrangement Wishes: Outline your preferences for your funeral or memorial service, burial, or cremation. This can alleviate stress for your family during a difficult time.
- Minimize Future Expenses and Reduce Estate Taxes: An effective estate plan can help reduce the financial burden on your heirs by minimizing taxes and other expenses associated with transferring your estate.
- Provide Peace of Mind to Your Family: Having a clear plan in place ensures that your family knows your wishes and can avoid conflicts or confusion about your estate.
MMCCU’s Trust & Will Program
The Trust & Will program offered by Marshfield Medical Center Credit Union provides members with the tools and guidance needed to create a comprehensive estate plan. This program helps you:
- Draft legally sound documents for your estate planning needs.
- Understand the nuances of estate planning, including how to nominate guardians, select beneficiaries, and complete healthcare directives.
- Ensure your estate plan is up-to-date and reflective of your current wishes and circumstances.
By taking advantage of MMCCU’s Trust & Will program, you can protect your legacy, provide for your loved ones, and have confidence that your wishes will be respected and followed.