There are four estate planning documents you should consider in your estate plan.
Durable Power of Attorney can help protect your property in the event you become physically unable or mentally incompetent to handle financial matters. A durable power of attorney allows you to authorize someone else to act on your behalf, so he or she can do things like pay your expenses, watch over your investments and file taxes.
Advance Medical Directive lets others know what medical treatment you would want or allows someone to make medical decisions for you, in the event you can’t express your wishes for yourself. If you don’t have a medical directive, medical care providers must prolong life using artificial means, if necessary.
A Will is often said to be the cornerstone of any estate plan. The main purpose of a will is to disburse property to heirs after your death. If you don’t leave a will, disbursements will be made according to state law, which might not be what you would want.
Living Trust (also known as a revocable or inter vivos trust) is a separate legal entity you create to own property, such as your home or investments. The trust is called a living trust because it’s meant to function while you’re alive. The primary function is typically to avoid probate. Transferring property through a living trust provides for a quicker, almost immediate transfer of property. One thing a living trust does not do is replace a will. A will is still vitally important.
TFCU Financial Advisors offers Tinker Federal Credit Union members financial planning services that look at all aspects of planning, including estate planning.
TFCU Financial Advisors
6501 Tinker Diagonal, MWC
(405) 737-0006
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