Estate Planning Delivers Peace of Mind

Preparation is key in providing yourself and your loved ones with peace of mind. It can feel overwhelming to create an estate plan but having one can protect your assets even during your life. Caring.com’s 2024 Wills and Estate Planning Study found that only 32% of Americans have a will, a 6% decline from last year. Luckily, Workers Credit Union members can use Trust & Will’s easy-to-use platform online create a plan that's right for any life stage.

Wills Offer Control

Creating a will gives you power over the distribution of your assets. A will is a legal document where an individual or a couple identifies their wishes for their assets after death. The document can typically be broken down into four main parts: Executors, Guardians, Gifts and Estate. When drafting a will, consider seeking help from a financial and a legal professional, especially if you have a complex family situation. The document puts the power into your hands to preserve your legacy and protect your family.

Wills Vs. Trusts

“Wills” and “Trusts” are two options for estate planning. Trusts and wills are similar as they are both ways to allocate your assets. But there are important differences.  One big difference is how and when they take effect. A will takes effect when you pass away, but a trust is effective immediately upon your signature. Trusts can help you avoid a lengthy probate proceeding because your assets are not considered part of your estate. Start the process by assessing your goals and needs to find the best solution for you and your loved ones. Read a full estate management checklist here.

Plan Ahead

Consider breaking down estate planning into actionable steps, including inventory of your assets, determining the right plan for you, and identifying beneficiaries. This can give you more confidence as you go through the process. Once established, it’s a good idea to review and update your will and trust periodically to make sure it still reflects your wishes with any life changes. Make sure to also designate a Power of Attorney (POA) to help manage your assets and ensure your affairs are in order.

Workers Credit Union offers products and services to help members achieve financial wellness at any life stage. Click for more information on Trust & Will¹. 

¹Trust & Will is offered as a benefit to Workers Credit Union members and is provided directly through this third party, not by Workers Credit Union or its affiliates. Offers are subject to change and may have restrictions. Please contact Trust and Will directly for details.