Don’t wait until it’s too late. Planning for your death might not be the most pleasant thought, but it’s important to be prepared in case the unexpected occurs.
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What happens to your assets when you die? Planning for this can answer a lot of those questions, help minimize estate taxes at the time of your death, and help reduce anxiety for your loved ones.
Without a plan, your assets will be distributed to heirs based on your state's laws, referred to as intestacy laws. Typically, this process is a lot more costly than having a plan in place, and could result in your assets going to distant relatives, and not the people you had intended.
In planning for your death, you'll need a Will and/or Revocable Living Trust. Additionally, you'll need to determine:
- Who will be responsible for carrying out your plan
- Who gets your assets and how they will be able to receive them
- A guardian for any minors
- Specific burial or funeral instructions
A separate but no less important step in end-of-life planning is to ensure all accounts are titled appropriately, and that your beneficiary designations don't conflict with your estate plan.
Have questions? Need help finding an attorney to get started? Contact BECU Trust Services at 206-812-5176, or becutrust@becu.org.
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BECU Trust Services is a trade name used by Members® Trust Company under license from BECU. Trust services are provided by Members® Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. This is for informational purposes only and is not intended to provide legal or tax advice regarding your situation. For legal or tax advice, please consult your attorney and/or accountant. Trust products not federally insured, not subject to credit union or affiliate guarantee, and may lose value.