Financial Documents

	Joint Ownership	Durable Power of Attorney/do	Living Trust
What does it do?	Enables you to own property jointly with another person	Authorizes someone to handle legal and financial decisions if you become incapacitated	Holds you belongings until your death
Can it authorize someone to handle your financial affairs if you are unable to communicate?	Generally, no	Yes	Generally, no
Can it specify how you want your belongings transferred after your death?	Yes, but only those belongings owned jointly	Generally, no	Yes
Is it private?	Yes	Yes	Yes
When does it go into effect?	As soon as joint ownership is recorded	Either immediately or upon a specific trigger event (such as your incapacity)	When the document is signed and the trust is funded
Does it require court involvement?	No	No	No

Health Care Documents

	Living Will	Power of Attorney/do	Power of Attorney for Health Care
What does it do?	Provides specific instructions about medical care and artifical life support	Authorizes someone to handle legal and financial decisions on your behalf	Authorizes someone to make health care decisions on your behalf
Can it outline your medical wishes if you are unable to communicate?	Yes	Generally, no	Generally, no, but it does authorize someone to make medical decisions on your behalf
Can it authorize someone to handle your financial affairs if you are unable to communicate?	Generally, no	Yes	Generally, no
Duration	No expiration; can be revised or revoked at any time	Depends on specifics in the document; can be revised or revoked at any time	Depends on specifics in the document; can be revoked or revised at any time
Is it private?	Yes	Yes	Yes
When does it go into effect?	Upon your incapacity	Either immediately or upon a specific trigger event (such as your incapacity)	Either immediately or upon a specific trigger event (such as your incapacity)

Note: Power of attorney laws can vary from state to state. An estate strategy that includes trusts may involve a complex web of tax rules and regulations. Consider working with a knowledgeable estate management professional before implementing such strategies.

 

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Securities offered through LPL Financial (LPL), a registered broker-dealer (member FINRA/SIPC).

Insurance products are offered through LPL or its licensed affiliates. Consumers Credit Union are not registered as a broker-dealer. Registered representatives of LPL offer products and services using Consumers Credit Union, and may also be employees of Consumers Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Consumers Credit Union. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency

Not Credit Union Guaranteed

Not Credit Union Deposits or Obligations

May Lose Value

Consumers Credit Union provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay Consumers Credit Union for these referrals. This creates an incentive for Consumers Credit Union to make these referrals, resulting in a conflict of interest. Consumers Credit Union is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.