Planning for the future is one of the most important steps you can take to protect yourself and your loved ones. A comprehensive estate plan ensures your assets, accounts, and financial legacy are managed according to your wishes, even if life takes unexpected turns. While a legal professional is essential for creating official estate planning documents, your credit union provides support in managing accounts and coordinating with your plan.
What Is an Estate Plan?
An estate plan is a set of legal instructions that explains what should happen with your money, property, and responsibilities if you pass away or become unable to make decisions for yourself. Think of your estate plan as a roadmap that reduces uncertainty and helps safeguard your loved ones during challenging times.
A well-designed estate plan can provide numerous benefits:
- Protect your home and savings
- Ensure your inheritance goes to the right people
- Possibly avoid lengthy or costly legal processes like probate, the court-supervised procedure that validates a will and oversees asset distribution
- Prepare for life events that may impact your family or finances
Key documents in an estate plan, which must be created with an attorney or legal professional, include:
- Last Will and Testament: Your will specifies who inherits your assets and who will care for your dependents. It ensures that your wishes are legally recognized and provides guidance for the distribution of property that isn’t held in a trust.
- Trust: A trust is a legal arrangement that allows a third party, known as a trustee, to hold and manage assets on behalf of beneficiaries according to specific instructions. Trusts can be used to control how and when assets are distributed, may provide management if you become incapacitated, and address complex family or financial situations.
- Advance Healthcare Directive & Power of Attorney: These documents designate trusted individuals to make medical and/or financial decisions on your behalf if you cannot. A living will outlines your preferences for medical treatment, while a medical power of attorney appoints someone to make healthcare decisions aligned with your wishes.
Working with an estate planning attorney is the best way to create a plan that fits your unique situation. Attorneys can provide a detailed estate planning checklist, explain the differences between a will vs. a trust, help you organize accounts, and advise on strategies such as estate planning for families.
Estate Planning with a Credit Union
Coast Central Credit Union does not provide legal advice or prepare legal documents, but we support members by helping organize accounts and align financial relationships with existing estate plans. We provide services and guidance designed to help you:
- Organize Your Accounts for Estate Efficiency
Coordinating your wills, trusts, and powers of attorney with your credit union accounts ensures your assets are distributed according to your wishes and can help your loved ones access them.- Beneficiary Designations / Payable-on-Death (POD)
- Trust Accounts
- Joint Accounts
- IRAs, including Traditional, Roth, and SEP
- Fiduciary Accounts
- Ensure Smooth Account Transitions
Coast Central follows clear, established procedures for what happens to accounts in the event of death or incapacity. Regularly reviewing account ownership and beneficiary designations ensures your financial setup reflects your estate plan, helping minimize complications for your heirs. - Take Advantage of Financial Advisors
A strong estate plan works best when paired with solid financial planning. Coast Central provides access to advisors who offer investment and advisory services through LPL Financial under our Financial Strategies Center/Wealth Management program. These advisors provide personalized guidance to align investments with your estate plan, including insurance and retirement strategies. Members can also access EasyVest, a robo-advisor service from Access Softek Advisory Services, LLC and DriveWealth LLC, through Coast Central Online and Mobile Banking. Coast Central does not provide investment advice or manage these accounts. - Access Financial Education Resources
Understanding the basics of estate planning will empower you to make confident choices about distributing and protecting assets. Coast Central provides educational resources covering savings, retirement planning, debt management, and more.
Getting Started: A Step-by-Step Approach
Here’s how estate planning and your credit union can work together:
- Start with legal documents: Work with an attorney to create wills, trusts, powers of attorney, and medical directives.
- Coordinate financial accounts: Meet with your credit union to organize accounts, add beneficiaries, and align trust accounts.
- Take advantage of professional advice: Access financial advisors for investments and retirement planning that support your objectives.
- Stay educated: Leverage financial education tools to stay informed and adjust your plan.
- Keep plans updated: Regularly review beneficiaries, account designations, and legal documents.
Discover for Yourself How Coast Central Credit Union Helps with Estate Planning
As a member-focused financial institution, Coast Central is here to help you plan for the future. While Coast Central does not create legal documents such as wills or trusts, we assist members in managing accounts in coordination with their existing estate plans, ensuring funds are distributed according to their instructions. With our guidance, you can feel confident that your legacy is well-managed and your wishes are honored.
Coast Central—where YOU are central.