There is a perception that estate planning is only for the rich. This couldn’t be further from the truth. In reality, an estate plan is an integral part of ensuring that wishes are carried out should an individual become incapacitated and/or pass away. This applies to estates of all sizes, large and small, the elderly and the young. Each individual’s situation is unique; therefore it is important to get proper legal, tax, and insurance expertise.
Comprehensive Estate Plan
NGFCU has partnered with Affinity Trusts to deliver estate planning expertise and services at a lower cost than most law firms.
Here is what you get:
- Detailed Estate Planning
- Revocable Living Trust
- Summation of Relevant Trust Provisions
- Declaration of Intent
- Pourover Will
- Advance Health Care Directive
- Durable Power of Attorney for Asset Administration
- Deed transferring Primary Residence into the Trust
- Detailed Successor Trustee Manual
- Individual Bequest Sheets
- Personal Message Guide
- Two Sets of notarized Originals
- Letters of Instruction for Financial Institutions
Having a plan to manage your health, and financial decisions should you find yourself in a situation where you are unable to do so (“incapacitation”); and being able to ultimately distribute your property to chosen “heirs and beneficiaries” in a manner YOU so wish (quickly, privately and cost-effectively).
EVERYONE! You do not need to be wealthy to have an estate plan; you simply need to have possessions or money, even the smallest amount, to be passed on. Additionally, estate planning refers to medical and health procedures and power of attorney documents that make sure your wishes are carried out if you are unable to make decisions on your own behalf.
"As many as 120,000,000 Americans do not have up-to-date estate plans," says Clark McCleary, president of the National Association of Estate Planners & Councils (NAEPC). "That makes it one of the most overlooked areas of personal finance, but it's also one of the most important. Estate planning protects you, your family and your family's future, so it shouldn't be put off."
Probate is the court procedure used to change title to assets from the name of an individual who has passed away, into the name of the living beneficiaries. It is also where all creditors of a decedent file claims to collect their debts and where interested parties who have a complaint regarding the deceased can file their complaint (a will contest). Even without a contest, probate can be costly and time-consuming and can take anywhere from nine months to two years to complete in California. Probate is also a public proceeding.
A Revocable Living Trust is a legal document that holds title or ownership to your real property and other assets. When you create a Revocable Living Trust you transfer ownership of your assets to the trust. Transferring assets is typically called "funding." When you transfer title you DO NOT relinquish any control. You can still buy, sell, borrow or transfer.
It includes the details and instructions for how you want your estate to be handled at your death, and who will have the authority to do so. However, unlike a Will a properly funded trust:
- Does not go through probate.
- Prevents the courts from controlling your assets at incapacity.
- Gives you control over the assets you leave to your minor children or grandchildren.
Revocable Living Trusts are most commonly created for the following reasons:
- To avoid probate
- To have control
- To reduce estate taxes
If you die intestate the estate is subject to probate. These proceedings can be costly, time-consuming and can tie up your property for several months or years.
Incapacity planning is a broad area of law that covers how you are cared for if you become physically or mentally unable to care for yourself. The type of care could range from simple tasks like buying groceries, paying bills, and handling financial matters to more important decisions such as selling real estate, or making critical medical decisions. Depending on the needs of the individual or family, incapacity planning could include a number of planning techniques such as Durable Powers of Attorney for Assets and Advance Health Care Directives.
Estate Planning & Trust Services currently only available for members who reside in Arizona, California, or Texas.
Affinity Trusts is not affiliated with or endorsed by Northrop Grumman Federal Credit Union (NGFCU). NGFCU does not provide legal advice or services. The views and content do not reflect NGFCU's views and does not endorse Affinity Trusts. Please consult your legal advisor for your specific situation. Member workshops and webinars are provided by non-affiliated third parties on behalf of NGFCU as a Member benefit. NGFCU is not responsible for the products, services, or recommendations provided by workshop/webinar facilitators. Information provided is for informational purposes and should not be constituted as legal or tax advice.
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