You likely know most credit unions for their assistance they offer with car and home loans, and while these are some of our primary services at Wasatch Peaks Credit Union, we also offer them in another vital area: Wills and estate planning.
Through our partnership with Summit Administrators, LLC, we’re here to assist with any elements of your will, trust or an estate management. Why are Will services necessary? There are several great reasons, and here are just a few.
The death of any loved one is an incredibly difficult time for all of us, and even more so if we’re left dealing with complex, perhaps divisive asset-related issues in the immediate aftermath of their passing. Bitter conflicts can erupt and be exacerbated by the stress of grief, plus the general level of uncertainty can cause major issues.
If you have a proper will, though, you avoid any of this extra burden on your family. A clear division of assets will be provided, and will be properly oriented with state regulations. Some of our next couple sections will cover a few of the most vital areas of division.
When you’ve passed from this world, a personal representative will be in charge of distributing your estate at your wishes. If you create a will in advance, you can choose not only these particular wishes, but also your own personal representative. This will remove significant potential confusion – if you don’t appoint a representative, the courts will appoint one for you. Leaving the decisions regarding your estate to an outside representative and that open your family up to a result you didn’t intent.
In cases where you’re a single parent or your spouse has already passed, a will is vital for designating guardians for any children you have. Like with monetary elements, a lack of a will means the courts will make these decisions for you. Even if you have family members who know your wishes, lack of documented proof will make this very difficult to enforce.
Many people choose to donate a portion of their estate to a cause they’re passionate about when they pass, and a will makes this much easier to do. There’s no confusion about amounts or destinations, and as an added advantage, many charitable donations will ease the tax burden that’s left on your estate.
To learn more about wills and estate services, or to inquire about a car loan, home loan or small business loan, speak to the financial advisors at Wasatch Peaks Credit Union today.