MoneyWisdom Blog

What is a Totten trust?

Posted by Diana Burrell on May 2, 2018 10:22:44 AM

A Totten trust is the same thing as a payable-on-death account, a type of informal revocable trust in the form of a deposit account at a financial institution. When you pass away, a Totten trust allows a person you name as beneficiary to claim the money without a probate court proceeding.

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Topics: Money Management, Estate Planning

What happens to your money when you die?

Posted by Hanscom Federal Credit Union on Apr 23, 2018 7:12:00 AM

If you were to become incapacitated or die, how easy would it be for relatives or someone else to take over your financial affairs? Would they have to search through a mountain of paperwork? If you don’t receive paper statements, would they even find out about all of your accounts?

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Topics: Money Management, Estate Planning

Protect Your Loved Ones: A Checklist for the Unexpected

Posted by Hanscom Federal Credit Union on Jun 20, 2017 11:38:35 AM

If you were to experience an emergency, tragedy, illness, or even untimely death, would your loved ones have access to critical contact information and documents they would need to respond appropriately and carry on your affairs?

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Topics: Estate Planning, Financial Wellness

Things to Know about Passing Retirement Accounts to Loved Ones

Posted by MoneyWisdom Newsletter on Jan 23, 2017 9:45:21 AM

So you’ve written your will. Congratulations, you’re done with your estate planning, right? Not so fast. You also need to make sure your hard-earned retirement savings go to the beneficiaries you intend them to.

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Topics: Estate Planning, Retirement

Create your will your way: Tips to get started

Posted by Hanscom Federal Credit Union on Aug 8, 2016 7:00:00 AM

There’s a reason why hearses don’t carry luggage racks. 

When we die – and we all will, painful as that thought might be – everything that we worked for in our life stays behind.

What remains, in many cases, is emotional and legal entanglement. A visit to a lawyer now can save a lot of future uncertainty, if not outright heartbreak, for loved ones already reeling from your loss. 

Having a will ensures that your wishes are honored and that your assets are handled the way you want. But to do that, questions must be asked. 

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Topics: Estate Planning

Top 3 Benefits of Having a Will

Posted by MoneyWisdom Newsletter on Apr 21, 2016 8:16:44 AM

Writing a will probably isn't very high up on your to-do list, especially if you're young and healthy. But a will is very important in many stages of life.

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Topics: Estate Planning

The first 6 things to do after the death of a parent

Posted by Hanscom Federal Credit Union on Mar 29, 2016 2:40:59 PM

When a parent passes, the loss of the loved one can be made more difficult with the weight of trying to organize his or her financial affairs. To help you through the death of a parent, we have a free download below that includes steps to take before, during and after the funeral. It’s called the Surviving Child Checklist and it is provided by our financial partner BALANCE.

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Topics: Estate Planning, Death

A Financial Guide to Planning Your Funeral

Posted by Hanscom Federal Credit Union on Mar 25, 2016 8:17:41 AM

Planning a funeral is not what most people would envision as a fun way to spend an afternoon, especially if it is your own funeral that you are planning. However, it is a task that should not be neglected. A funeral can cost as much as a new car, and without proper planning, loved ones can be stuck with bills they cannot afford to pay.

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Topics: Estate Planning

5 Consequences of Dying Without a Will

Posted by Patti Conty on Nov 10, 2015 4:18:15 PM

A 2014 survey from Rocket Lawyer reports that 64% of adult Americans don’t have a will. A will gives instructions on how you want your assets and affairs handled after your death. It’s a basic tool for estate planning. Even if you have a trust, you should still have a will for any assets the trust does not cover.

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Topics: Money Management, Estate Planning

4 Estate Planning Hazards to Avoid

Posted by MoneyWisdom Newsletter on Oct 15, 2015 6:00:00 PM

An estate plan is not exclusively about assets and possessions. It’s an expression of your hopes and wishes for the future.

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Topics: Estate Planning

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