Ensuring that credit union members are aware of and have access to the benefits of personal trust is great member service. Working together with credit unions, Concentra Trust is committed to meeting the needs of credit union members.
Members spend a lifetime acquiring and safeguarding their assets. Unfortunately, many do not spend time planning for their mental incapacity and death or the care of those financially dependent upon them.
Why a Power of Attorney?
As people are living longer and we see increased levels of Alzheimer’s and dementia, members should consider the importance of a power of attorney. It is a powerful instrument that allows a named attorney to handle the affairs of the person granting the power of attorney. If the power of attorney is enduring or continuing, it will continue in force when the person no longer has mental capacity. Significant time and thought should be given to who should be named under a power of attorney because of the power it affords.
Why a Will?
Without a Will the member’s assets will be distributed as set out by the legislation in their province of residence and not according to their wishes. In addition, they will have had no say in who is named guardian of their minor children. Watch for next week’s blog when we discuss this topic in more detail.
Why a trust?
What if your member wants his current spouse to live in their home but upon her death have it go to his children from a previous relationship? What if your member has children under the age of majority or a child with physical or mental incapacity? A testamentary trust (a trust established under a Will) is an effective way of dealing with these situations. Trusts may also be established during a person’s lifetime. These examples are only a few of the reasons a member may want or need to establish a trust.
These personal trust documents should be drafted by a lawyer familiar with the estate law of your respective province. Although there is a cost attached, it is significantly less than if someone has to apply to the courts to manage the affairs of the person mentally incapacitated or be named administrator of an estate.
Why Concentra Trust?
As a national trust company with the heart and soul of a co-operative, Concentra Trust prides itself in offering personal trust solutions through credit unions to their members for over 60 years. Specialized trust products are designed to assist members in attaining their unique personal and financial goals, now and into the future; Concentra can act as attorney, executor and trustee. Equally important, we’re there to answer the questions credit union staff may have about the solutions we offer.
Personal trust services are offered by Concentra Trust, a wholly-owned subsidiary of Concentra Financial.
Joan McAulay, Senior Trust Specialist, Trust RM & Sales
Concentra Trust, A Wholly-owned subsidiary of Concentra Financial