Designing a Plan for Your Legacy
An estate plan sets out your wishes for once you pass away or become unable to make your own decisions. Some of the more common documents an estate plan might include are a will, trust, guardianship documents, financial powers of attorney and advance directives for medical decisions, also known as a living will.
Coping with the loss of a loved one is one of the hardest challenges that many of us face. During this time, financial matters can seem overwhelming and might leave you with questions in areas you may not have the knowledge to navigate.
This guide will provide you with tools to assist in settling your loved one’s accounts with Azura. While this guide is specific to Azura, it may also be helpful while dealing with other financial institutions. Throughout the guide, we have provided information to help you better understand the process and make it easy for you when you contact us.
Trusted Contact Person
A Trusted Contact Person is a person you designate that Azura Credit Union may contact if Azura is concerned you are experiencing fraud, a health crisis, or another emergency that affects your financial affairs. You should choose someone you trust who is reliable and has your best interests at heart. You can choose a family member, friend, attorney, or someone else. Consider choosing multiple trusted contacts, in case the first person is unavailable or is involved in a suspicious situation.
When will Azura contact my Trusted Contact Person?
Azura may (but is not required to) contact your Trusted Contact Person under the following
circumstances:
- Azura has questions or concerns about your health (capacity and well-being, etc.), your welfare (endangerment, self-neglect, etc.), or possible financial exploitation or fraud;
- Azura needs to confirm your contact information;
- Azura needs to confirm the identity of a new individual or entity that has been given legal authority to act for you (for example, an agent to whom you have given power of attorney, a successor trustee of a trust for which you are trustee, or a court-appointed guardian, conservator, or executor); or
- Azura cannot contact you.
Because you have the ability to designate multiple trusted contacts, it is recommended that you establish a “primary” contact for the credit union to contact first, before other named trusted contacts and/or if the primary is unavailable or involved in a suspicious situation.
What information will Azura provide to my Trusted Contact Person?
If any of the above circumstances occur, Azura may contact and provide information about you and your account(s) to the Trusted Contact Person. However, if Azura suspects the Trusted Contact Person may be involved in the fraud or financial exploitation, it will not contact the Trusted Contact Person.
Your Trusted Contact CANNOT view your Account or make any transactions or decisions about the account unless they have some other legal authority (such as guardianship or POA). We recommend choosing someone other than a guardian, trustee, executory or POA as your Trusted Contact.
Do I have to designate a Trusted Contact Person?
Authorizing a Trusted Contact Person is optional. However, given the increase in fraud and financial exploitation, the Consumer Financial Protection Bureau, NCUA, and other regulatory agencies have recommended that credit unions offer a Trusted Contact program to help prevent fraud and protect consumers. Most consumers support the concept of a Trusted Contact Person. Ultimately, however, it is your decision whether or not to appoint a Trusted Contact Person.
What if I change my mind or want to change my Trusted Contact Person?
You can always revoke your decision to have a Trusted Contact Person. You can also change your Trusted Contact Person at any time by filling out a new form, which will replace and supersede any previous form.
Please note that the information contained in this guide is for informational purposes only and not for the purpose of providing legal, tax, financial planning, or investment advice. We encourage you to seek financial, tax, and legal advice from professional advisors with respect to any particular issue or problem you may encounter. Where appropriate, contact the probate court or its equivalent in the jurisdiction where the property is located for further information on the probate process.
Azura Credit Union does not provide legal or tax advice. Please contact legal or tax professionals regarding your specific situation.
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