Securing Your Legacy: Why You Need a Trust and Will

Data suggest that only 35% of members of credit unions have a will and /or trust. Read another way, 65% of credit union members have not taken the steps to secure their legacy for their families, leading financial management decisions up to the state or courts.

In the journey of life, we often prioritize our present needs over future uncertainties. However, one crucial aspect that many tend to overlook is planning for what happens after we’re gone. Creating a will and trust might not be high on your list of priorities, and it often falls into an “I don’t want to think about it” category, but it is an essential step towards securing your legacy and ensuring that your loved ones are taken care of according to your wishes. It is a gift you can provide them.

Understanding the Basics
A will is a legal document that outlines how you want your assets to be distributed after your death. It allows you to specify who will inherit your property, money, and possessions, as well as appoint guardians for any minor children. Without a will, your estate will be distributed according to the laws of your state, which may not align with your intentions.
On the other hand, a trust is a legal arrangement where a trustee manages assets on behalf of beneficiaries according to your instructions. Trusts can provide more control over how and when your assets are distributed, offering flexibility in managing inheritance, especially for minors or individuals who may not be financially responsible.

Ensuring Your Wishes Are Honored
One of the primary reasons for having a will and trust is to ensure that your wishes are honored after your death. Whether you have specific sentimental items you want to pass on, or you want to provide financial support for family members, a will allows you to clearly state your intentions. This clarity not only helps avoid potential disputes among family members but also provides peace of mind knowing that your legacy will be carried out as you desired.

Protecting Your Loved Ones
Creating a will and trust is not just about distributing assets; it’s also about protecting your loved ones during what can be a challenging time emotionally. By appointing guardians for minor children in your will, you ensure that they will be cared for by someone you trust. Additionally, a well-structured trust can safeguard assets for beneficiaries who may not be able to manage them on their own due to age, inexperience, or other reasons.

Minimizing Estate Taxes and Legal Complications
Proper estate planning through a will and trust can also help minimize estate taxes and avoid legal complications that can arise when there is no clear plan in place. By strategizing how your assets are distributed and managed, you can potentially reduce the tax burden on your estate, leaving more for your beneficiaries. Moreover, having a legally sound will and trust can streamline the probate process, saving time and expenses for your loved ones.
In conclusion, while it may be uncomfortable to think about our mortality, planning for the future through a will and trust is a responsible and caring decision. It’s a proactive step towards ensuring that your legacy is preserved, your loved ones are protected, and your wishes are honored long after you’re gone. Take the time to create your will and trust today—it’s one of the most important gifts you can give to yourself and your family.

The Wheelhouse Difference – Member Program
Wheelhouse Credit Union offers Members estate planning through our partner Love My Credit Union, a leading online digital estate planning service. Over 700,000 estate plans have been created using their secure, 100% online program. Customized, legally binding estate plans are built by attorneys and Member support is available six days a week. Get started for as low as $159 with your Wheelhouse Member Discount. Click here for more information.