Do you have a will? If not, you’re far from alone. Yet an up-to-date will can save significant time, money and conflict — especially for those left behind to sort out your estate.
Servus Credit Union has a team of estate and trust specialists standing ready to help you take the first steps toward making a will. Along with your Servus advisor, they can walk you through worksheets that help you clarify your wishes. The completed worksheets greatly simplify the next steps of completing a will and other end-of-life documents, often with the help of a lawyer.
“An estate plan is really a life plan,” says Murray Paszko, who leads the team. “It’s a good review of all your financial and family dynamics.”
Each member’s situation is unique. Some who fill out the worksheets find gaps in their retirement planning or insurance coverage. Others discover they have more wealth than they need. By giving some away before death, they not only minimize tax impacts but experience the joy of being generous. Many also realize the value of appointing an enduring power of attorney to look after their financial affairs if they become unable to do so themselves.
The worksheets also prompt members to spell out their end-of-life preferences. Some come to new conclusions about which people and charities they want to see benefit from their will. Many discover the importance of naming an executor to carry out the wishes expressed in their will. Some express their funeral and burial wishes for the first time.
For many who take advantage of this member service, it’s a burden lifted, Murray says. “People just feel so relieved. They say, ‘We never knew sorting out our estate could be so simple and straightforward.’”