What Happens if You Die Without A Will
Here We Are! Credit Union Trust is the first credit union-owned entity in Michigan that is established to serve the trust and fiduciary needs of our members.
Until now, credit unions in Michigan could not act in a fiduciary capacity as trustee of a trust. With a recent change in the law credit unions are able to create a special purpose trust bank to provide trust services to members and others. Now Frankenmuth Credit Union can provide complete wealth management services.
We will be providing informative articles on common situations that arise for families and how Frankenmuth Credit Union can provide solutions and peace of mind.
More than 50% of Americans die without a will. And it’s not just those who can’t afford a will or don’t believe they need one. Wealthy people, even ones surrounded all day by lawyers, die without a will. Unfortunate recent examples of those are Aretha Franklin and Prince.
If you die without a will it means you have died “intestate”. Each state has intestacy laws and they determine how property is distributed when a person dies with no will. Property includes credit union accounts, securities, real estate, and any other assets a person owns at the time of death. This entire process goes through the probate court and becomes public record. Without a will, the court decides where assets will go independent of where the deceased might have wished.
…Without a will, the court decides where assets will go independent of where the deceased might have wished.
Three Reasons Why People Need Wills
Credit Union Trust was established by Frankenmuth Credit Union to serve the needs of our members by providing these and other related services at the critical times in life when they’re needed. Credit Union Trust has an experienced team of professionals that are here to help with all such trust and family planning needs for today and future generations. If you would like to learn more or speak to your Frankenmuth Credit Union Senior Trust Relationship Advisor, please contact Kathleen McGraw at 989-249-9203.