Estate Planning with Legal Karma

FAQS

Frequently Asked Questions

• Do I need to be a member of SDCCU to use the Estate Planning services?

  Yes, you must be a member of SDCCU in order to access estate planning services with our partner, Legal Karma. You will lose access to the Legal Karma service if you are no longer a member of SDCCU.

• Can I sign up for these services in-branch or over the phone?

  Legal Karma Estate Planning services are only offered through Internet Branch online banking. To find Legal Karma, log in to Online Banking from a desktop or laptop and select the "Estate Planning" section within the navigation.

• Can estate planning be accessed through mobile banking?

  Estate planning services are only accessible on desktop within Internet Branch online banking. Access is currently not available using the SDCCU app.

• What is estate planning?

  Estate planning is the process of preparing for the transfer of your assets upon your death and deciding who should make financial and medical decisions on your behalf in the event you are unable to make decisions for yourself due to incapacity.

• Who needs estate planning?

  Every adult needs some form of estate planning. If you want your estate distributed according to your wishes after your death, wonder how your financial affairs will be managed if you become incapacitated, want to plan distributions for the benefit of your descendants, wish to alleviate the burden on surviving family members or want to appoint persons to make medical decisions on your behalf if you become incapacitated, estate planning is for you.

• What is a Will?

  A Will, or a Last Will and Testament, describes how you would like your property and other assets to be distributed after your death. When you make a Will, you can also use it to nominate guardians for your children, dependents or pets.

• What is a Revocable Trust?

  A Revocable Trust is a Trust agreement which outlines the disposition of your estate – naming your beneficiaries, assets/distributions they will receive and when, and who administers your estate if you are incapacitated and upon your death.

• What is the difference between a Will and a Revocable Trust?

  Wills go into effect when you pass away and are an easier way of distributing your assets to the beneficiaries via a probate process. Revocable trusts are effective immediately after signing and funding the trust, but they are more complex than Wills. Revocable Trusts include a Pour-Over Will that works in tandem with your Revocable Trust to cover any assets held outside of your trust.

• Who are these estate packages designed for?

  The estate planning packages are designed for those with straightforward estate planning goals. It is not ideal for those with potential estate tax issues ($7 million+ in assets), those with complex financial situations, blended families or those with unique needs.

• Do I need an estate plan if I don't have many assets?

  Yes, everyone can benefit from having an estate plan, regardless of the size of their estate. An estate plan can ensure that your assets are distributed according to your wishes and can also provide for your care in the event that you become incapacitated.

• Can I make changes to my estate plan?

  Yes, however there is a charge to make changes. Active SDCCU members can make changes to their estate plan at any time. It is important to keep your estate plan up to date with any changes in your life circumstances, such as the acquisition of new assets, the birth of children or changes in your health. Again, there will be fees assessed to make changes to your documents. Please contact Legal Karma at (858) 465-5481 for further details.

• Will I be charged to make changes to my estate plan documents?

  Changes can be made prior to finalizing your estate plan documents. Any changes that are made after the documents are finalized carries the same cost as initiating a new estate plan with Legal Karma and will result in the creation of new plan documents which will require new signatures. Please contact Legal Karma at (858) 465-5481 for further details.

• How often should I update my estate plan?

  It is recommended to review your estate plan every three to five years or after any major life event, such as marriage, divorce or the birth of a child.

• What happens if I die without an estate plan (Intestacy)?

  If you die without an estate plan, your assets will be distributed according to the laws of your state (intestate), which may not align with your wishes. This can result in your assets going to unintended beneficiaries and can also lead to disputes among family members.