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The latest news and financial insights from your friends at 1st Nor Cal Credit Union.
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Win $50!
There are two member numbers spelled out within the text of this eNewsletter. Find your number and give us a call at
(888) 387-8632 to claim $50!
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Estate Planning: It Is So Important to Be Prepared
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by Jason Vitucci, CFP®
While many life events provide us with adequate time to prepare, such as marriage, the birth of a child, or retirement, others - like accidents, injuries, or the death of a loved one - can happen without notice or a chance to prepare emotionally or financially. Knowing where to find important legal documents and financial information in the days and weeks following an unexpected event can help reduce stress in a time of crisis, and help you and family members avoid mistakes that may be difficult to reverse later.
The ideal time to initiate important discussions concerning legal and financial matters and end-of-life wishes is well before an illness, incapacitation, or death occurs. This helps to ensure that your loved ones: - Know the location of key documents, like wills, trust documents, birth and marriage certificates, Social Security information, and life insurance policies, and safe deposit box keys. It’s also a good idea to inform your grown children about the location of important documents in the event of an accident or illness while you’re traveling.
- Understand your wishes regarding funeral arrangements, organ donation, and burial or cremation.
- Be aware of advance directives including living wills, which specify wanted and unwanted procedures including do-not-resuscitate (DNR) orders. These documents should also be readily available to take to the hospital if needed.
Something else to consider. Appointing a power of attorney (POA) carries a lot of responsibility. It’s important to understand what those powers cover since they vary based on the type of power of attorney. One thing they all have in common is the fact that they expire upon the death of the grantor. At that time, the named executor in your will is the only authorized party to make legal and financial decisions, or conduct financial transactions on the decedent’s behalf.
Here’s some information you can share with your loved ones about different power of attorney arrangements - be sure they know what agreements you’re putting in place and how they fit into them. - General Power of Attorney is often included in an estate plan to make sure someone is appointed to handle financial matters. It gives broad powers—including handling financial and business transactions, buying life insurance, settling claims, operating business interests, making gifts, and employing professional help—to a person or organization (agent or attorney-in-fact) to act on someone else’s behalf. It’s an effective tool if the grantor will be out of the country and needs someone to handle certain matters, or when they are physically or mentally incapable of managing their own affairs.
- Special Power of Attorney specifies exactly what powers an agent may exercise. This is often used when the grantor can’t handle certain affairs due to other commitments or health reasons. Some common matters specified using a special power of attorney include selling property (personal and real), managing real estate, collecting debts and handling business transactions.
- Healthcare Power of Attorney grants the agent authority to make medical decisions if the grantor is unconscious, mentally incapacitated, or otherwise unable to make decisions on their own. While different from a living will, many states allow the grantor to include preferences concerning life support. Some states will allow you to combine parts of this and a living will into an advanced healthcare directive.
- Durable Power of Attorney is simply a general, special, or healthcare power of attorney with a durability provision to keep the current power of attorney in effect. Many people execute this to prepare for the possibility that they may become mentally incapacitated due to illness or injury. It may specify that it can’t go into effect until a doctor’s certification.
If you have questions or concerns about how you can help ensure your financial and estate planning matters are in order, let’s talk.
As a valued 1st Nor Cal member, we welcome you to contact us for a complimentary financial analysis. All meetings are currently being held by phone or screen share as our office remains closed to in-person meetings for now. We have webinars posted to our website along with other financial education information, and we welcome you to view them. For more information about our practice, please visit our website www.vitucciintegratedplanning.com.
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2890 N. Main Street, Suite 201
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Securities through First Allied Securities, a registered broker dealer, member FINRA/SIPC. Advisory services offered through First Allied Advisory Services, Inc. Registered Investment Advisor. 1st Nor Cal CU, Vitucci Integrated Planning and First Allied are all separate entities. Jason Vitucci CA Insurance Lic.: 0F59894
Investments not FDIC or NCUA/NCUSIF insured, not insured by Credit Union, may lose value. Products offered are not guarantees or obligations of the Credit Union and may involve investment risk including possible loss of principal.
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.
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BRANCH LOCATIONS
1111 Pine St, Martinez
538 Center Ave, Martinez
4261 Century Blvd, Pittsburg
8660-E Brentwood Blvd, Brentwood
560 First St, Suite B-106, Benicia
1420 Pomona St, Crockett
2500 Nevin Ave, Richmond
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HOURS OF OPERATION
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Friday: 9:00am - 5:00pm
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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administrations, a U.S. Government Agency.
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We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
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The information contained in this email (the “Content”) is provided for informational and educational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Content is not intended to be and does not constitute financial, investment, tax or accounting advice or a solicitation to buy or sell securities. The Content is necessarily general in nature and is not specific to you or anyone else. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX OR ACCOUNTING ADVISORS BEFORE IMPLEMENTING ANY ADVICE INCLUDED IN THE CONTENT. By viewing or utilizing the Content, you agree that you will not hold Marquis Software Solutions, Inc., 1st Nor Cal Credit Union or their affiliates or agents responsible for loss or damages resulting from the Content.
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