Wills and trusts are vital components of your long-term financial plan, and Tedd Bell, our financial advisor, can help you find the tool that works best for you. Tucson Old Pueblo Credit Union works with Certified Document Solutions to provide our members with wills and trusts at a lower cost than at many other institutions. Call Tedd Bell at (520) 881-6262 ext. 410 to discuss your trust or will.
FAQ’s About Wills & Trusts
What is a living trust?
A living trust is a single document that enables you to combine all of your significant property to ensure that it is distributed easily and quickly after your death. The trust, not you, owns the property, but you still have control of your assets. Because you, the grantor, will in most cases appoint yourself as the trust’s initial trustee, you still have complete control of your property. You will have the freedom to transfer some of your property out of the trust and add property to it.
Do I need an attorney to form a living trust?
No, an attorney is not required to create a living trust. You can prepare the legal paperwork and file it yourself, or use a professional service such as Certified Document Solutions. TOPCU can help you prepare your living trust at a fraction of the cost of most other companies.
Do I need to set up a will if I have a living trust?
Yes. A will acts as backup in case any property is not included in the living trust, either because it was improperly transferred or acquired after the creation of the trust. A will also covers property that was intentionally left out of the trust, such as cars and personal checking accounts.
When should I update a living trust?
You get married or divorced
You adopt or give birth to a child
You move to another state
Your financial status changes dramatically
One of your beneficiaries dies
A named trustee dies or is incapacitated
What is a will?
A will is perhaps the most important legal document you will ever sign. Upon your death, it will dictate who gets your property, who will be the guardian of your children, and who will manage your estate.
What happens if you die without a will?
If you don’t make a will, state laws will determine who gets your property, a process called intestate succession. In most states your property will first be divided among your spouse and your children. If you are unmarried and have no children, your property will be distributed to your next of kin, usually your siblings. If the courts cannot find your next of kin, the property will go to the state.
What makes a will legal?
Soundness of mind: The person signing the will cannot be mentally ill or disabled and must be acting of his or her free will, without undue influence from others.
Witnesses: At least two people (three in some states) must watch you sign the will. They cannot be related to you and cannot be entitled to receive anything under the will.