Where There’s a Will, There’s a Way

Estate planning isn’t the easiest topic, but it’s an important one. Planning ahead will help to reduce stress for your loved ones and ensure your wishes are carried out.

By John Martin

 

We don’t always expect crisis, but it’s important to prepare now to protect the ones you love. Setting up an estate plan and a power of attorney (POA) can save time, avoid stress and confusion, and guarantee that your wishes are carried out and your interests are protected if you become unable to make decisions for yourself.

Will

A will is a legal document describing how you want your estate distributed after you pass away. This can minimize disputes and simplify the process of probate, and it can be updated as your circumstances change. However, a will does not impact who receives your TCDRS benefit — that is determined by your beneficiary designation.

Power of Attorney

Setting up a Power of Attorney (POA) allows you to provide someone you trust with the ability to make certain decisions for you if you become incapacitated or need help. You decide everything, from when the POA can take effect to what kinds of decisions that person can make on your behalf.

Sign in at TCDRS.org or call TCDRS Member Services to provide the name and contact information for your POA representative(s) (also called “agents”) and submit your documentation. Power of attorney designations are not official until we receive the appropriate documentation. You can replace or revoke POA agreements online or by phone, as well.

When designating an agent, you can control the permissions they hold. The “Full Power” authority allows the agent to manage all aspects of your TCDRS account and retirement transactions, but you can make considerations for an agent to only manage payments or update beneficiary designations (if applicable).

You can set the POA to become effective immediately or you can set a condition to take effect upon disability or incapacitation, which would require a TCDRS Physician’s Affidavit or a written declaration from your physician before your POA takes effect.

If you choose to give your POA agent representative access, they will be able to call us or sign in at TCDRS.org with their own credentials to view or manage your account. If you choose to give them inquiry access, they will only be able to see your account.

You can learn more by reading our “Put Your Wishes in Writing” or “Members, Manage Your Representatives Online” articles.

Personal Finance