Wills and Trusts
Should the unexpected arrive, having a solid, financial strategy will help life unfold more smoothly for you and your family. Thrivent Financial Bank's Trust and Investment Management's department can help*. While we don't actually set up your trusts, we can certainly be trusted to manage them for you in the event of an emergency.
First, Set Up a Will
This is important. You'll need to find a good legal service to create a will for you. If you should die without a will in place it will fall to the laws in your state to determine how your estate will be handled. Perhaps, the court will designate a relative you wouldn't have chosen to raise your 6-month-old child, or maybe the job of managing your 401(k) and life insurance will go to an inexperienced money manager. This kind of situation easily can be avoided with a little advanced planning.Consider a Trust
If you're interested in more advanced estate planning, you may want to establish a trust to distribute and manage your assets after your death. A trust is simply a legal arrangement, established in writing, to provide for the management of assets during your life and their disposition after your death. Depending on the complexity of your estate, a trust can take very different forms.The key is to make sure your assets are handled the way you want them to be during your life, and at your death. Carefully consider who you choose as your beneficiary. If you select a relative, make sure they will be experienced enough to handle this role, and the responsibilities that come with it. Another option that can bring you peace of mind is to select a charity or other organization. Besides passing estate assets to heirs or beneficiaries, trusts also can manage property for a surviving spouse or heir, contribute to charity or provide for the livelihood of individuals with disabilities.
When you are ready to begin discussing your options, contact a Thrivent Financial representative.
* Thrivent Financial Bank charges a management fee for its services. Please contact a Thrivent Financial Bank representative to request a Trust and Management Services Fee Schedule, which contains more detailed information.
Thrivent Financial for Lutherans, and its respective associates and employees cannot provide legal, tax or accounting advice or services. Work with your team of professionals, including your Thrivent Financial representative, your attorney and tax professional to determine and implement the appropriate option.
201002840