Start planning for your future by setting up an estate plan that will provide direction and guidance to your family and loved ones. During difficult and uncertain times, it is important to keep what you will want to be done with your investments, your possessions and more top of mind. Estate planning is crucial for the futures of your family members and friends because it will provide them with peace of mind.
Creating an estate plan allows you to choose beneficiaries who will inherit any assets that you leave behind, including your home, vehicles, banking accounts, investments and more. It also creates a plan for your family members or loved ones to make decisions regarding your health and assets even while you are living.
Without an estate plan, state law will determine how your assets will be distributed. A will is a good first step in developing a plan for your loved ones. It determines your beneficiaries, guardianship for your children and names your executor. It’s advised to have several successors in the event that the executor and/or guardian cannot take on the role. If you’ve created a will already, you should review it every couple of years to make sure that it’s still accurate and to make any necessary changes.
Another option is to create a trust, which can help your family avoid probate fee expenses in court and add privacy. A trust also lets you determine how you would like to pass on your assets, what provisions you would like to place, and at what age you would like the assets to be given to your beneficiaries.
Ensuring that you have beneficiaries or trustees in place is a simple step that you and your family can take to begin preparing for the future. Whether you choose a will or trust, it’s important to determine what assets you have and whom you want to leave these assets to. Speak with an estate planning attorney to see if a will or trust is best for you and to learn how to get started.
The GECU Investment and Trust Services team is available to help you. Visit gecu.com/invest today or call 915.774.4741 for your no-cost, no-obligation appointment.
Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Trust services available through Members Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all 50 states of the United States of America. Representative is neither a tax advisor nor attorney. For information regarding your specific tax situation, please consult a tax professional. For legal questions, including a discussion about estate planning, please consult your attorney.