Wills

A Will is the most critical element of your estate plan. Without a will, a state court will choose an administrator for your estate upon your death. Regardless of any wishes you may have had for your property, it will be distributed according to state laws. Making a will and keeping it up-to-date enables you to:

• Make provisions for family and loved ones
  
• Name an experienced and trusted executor
  
• Establish trusts to manage inheritances to minors

These tools may have a place in your estate plan as well:

Living Wills :Provide for what kind of medical care you do or do not wish to have when you are unable to voice your desires

Living Trusts :Allow you to transfer your assets to a non-public-record trust, managed by a trustee

Pour Over Provisions :Enable you to direct any assets not held in your living trust to the trust upon your death, unifying your estate’s assets under one manager

Joint Ownership of Property Between You and Your Spouse: Passes that property to your spouse outside of probate upon your death

Community Property: Does not pass automatically to your spouse upon your death. Without a will, such property would pass according to the Laws of Interstate Succession

Beneficiary Designations: Can allow significant assets to pass outside of probate to beneficiaries. Life insurance proceeds, annuities, and IRAs are among the assets that may be passed through beneficiary designation

^{Wealth Management at Hudson Valley Credit Union and LPL Financial do not provide legal advice or services. Please consult your legal advisor regarding your specific situation.}