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Estate planning is crucial for all individuals, regardless of wealth. It guarantees that your wishes for asset distribution are respected and carried out precisely as you envision.
Estate planning may sometimes appear daunting, perplexing or just plain dull. But once you make decisions and let the important people in your life know about them, you will feel good about what lies ahead. We are here to help you through this process, and we have faith in your ability to succeed. Take the leap, you've got this!
Here are some important things to think about when it comes to estate planning:
St. Anne’s Credit Union Estate Planning Tool List
Why Estate Planning Matters
Estate planning involves making important decisions about your assets, beneficiaries, and healthcare preferences. By creating a comprehensive estate plan, you can:
- Ensure Proper Asset Distribution: Estate planning allows you to determine how your assets will be distributed among your beneficiaries, whether they are family members, friends or charitable organizations. This ensures that your wishes are respected and that your loved ones are taken care of according to your intentions.
- Minimize Taxes and Expenses: Proper estate planning can help minimize the tax burden and administrative expenses associated with the transfer of assets. By utilizing strategies such as trusts and gifting, you can potentially reduce estate taxes and ensure that more of your wealth is preserved for your beneficiaries. St. Anne’s Credit Union can also help you manage estate taxes with discounted services from TurboTax® and H&R Block®.
- Assign Guardianship for Minor Children: For parents with minor children, estate planning is crucial in determining who will care for them in the event of your untimely passing. By designating a guardian in your estate plan, you can have peace of mind knowing that your children will be well cared for by someone you trust.
- Make Healthcare Decisions: Estate planning involves creating important documents like a healthcare proxy or a living will. These documents outline your wishes regarding medical treatments and end-of-life care. By having these in place, you ensure that your healthcare preferences are respected, even if you are unable to communicate them directly.
Key Components of Estate Planning
- Will: A will is a legal document that outlines how your assets will be distributed after your passing. It also allows you to name an executor who will carry out your wishes and handle the administration of your estate.
- Trusts: Trusts are flexible legal entities that can be used to hold and distribute assets. They can help avoid probate, provide for specific conditions or timelines for distributions and offer protection for beneficiaries, particularly in complex family situations or when dealing with substantial assets.
- Power of Attorney: A power of attorney grants someone the authority to make financial or legal decisions on your behalf if you become incapacitated. This ensures that your financial affairs are managed according to your wishes.
- Beneficiary Designations: Many assets, such as life insurance policies, retirement accounts and bank accounts, allow you to designate beneficiaries. Keeping these designations up to date is essential to ensure that your assets pass to the intended individuals.
 Seeking Professional Guidance
Estate planning is a complex process, and seeking guidance from an experienced estate planning attorney or financial advisor is highly recommended. They can provide you with personalized advice based on your unique circumstances and ensure that your estate plan aligns with your goals and legal requirements.
St. Anne's Credit Union understands the importance of financial literacy and empowerment when it comes to estate planning. You can access exclusive savings on estate planning services from Gentreo™ and chat with a financial coach for free about estate planning or any specific questions you may have surrounding your finances. St. Anne’s Credit Union is also proud to offer extensive online financial literacy content from videos to worksheets on a great deal of financial topics, including the intricacies of estate planning so you can make informed decisions. These resources can provide insights into key concepts, common pitfalls and strategies to optimize your estate plan.
 In addition, St. Anne’s Credit Union understands that building a strong financial foundation is a crucial component of estate planning. We offer a variety of investment and savings options such as money market accounts and savings certificates that can help you grow your wealth over time. By maximizing your savings and investments, you can increase the value of your estate and provide more for your beneficiaries.
Estate planning is a crucial step in securing your legacy and providing for your loved ones after your passing. By taking the time to create a comprehensive estate plan, you can have peace of mind knowing that your assets will be distributed according to your wishes, your loved ones will be taken care of and your healthcare preferences will be respected.
Open an account at St. Anne’s Credit Union today and start your estate planning journey to ensure a secure and meaningful future for yourself and your loved ones.
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