What You Need to Know About Legacy Planning 

No matter your age or amount of money you’ve accumulated, you probably take comfort in knowing that after your death the wealth you leave behind will continue to support your family, friends, and the causes important to you. But that doesn’t happen automatically – to ensure your legacy reaches your heirs according to your wishes, you must plan now for the future. One of the best ways to protect yourself, your loved ones, and your wealth is with an estate plan–a compilation of legal documents describing your wishes regarding the transfer of your home, investments, savings, and other types of assets after you die. Legacy planning also may include instructions for your medical care should you become incapacitated. 


what-you-need-to-know-about-legacy-planning (1)

The Process

As you work through the process, you’ll discover a well-drafted estate plan can help: 

•  Guarantee property is preserved and passed on according to your wishes.  
•  Avoid lengthy probate. 
•  Manage and minimize estate, income, and capital gains taxes (as well as other expenses). 
•  Avoid disputes between family members, loved ones, and/or third parties. 
  Transfer ownership of a business. 
  Provide higher education funding for children and/or grandchildren. 
  Establish limitations for spendthrift beneficiaries. 

Additionally, Commerce Trust offers a variety of services that can help you organize and understand your whole financial picture and streamline the estate planning process. Complete our form at the bottom and we will help you learn how our planning professionals can help you achieve the legacy plan you envision.

Next Steps

When it comes to legacy planning, there are many uncertainties associated with making decisions for your financial future.

These three articles may provide further insight as you consider your many options:


How to Know When It's Time for a Family Meeting

By: Elizabeth P. Hughes, Relationship Manager, Commerce Family Office

These tips can help bring loved ones together to discuss legacy planning and wealth transfer to next generations.

Read More


Banking Strategies to Consider for Legacy Planning

By: Kevin Ertl, Vice President, Private Banking Relationship Manager

To help ensure your legacy is passed on according to your wishes, consider these five banking strategies.

Read More


How Much Should You Leave to Your Heirs?

By: Vanessa Bednara, Private Client Advisor

Aging Americans are healthier, wealthier, and wiser – and their thoughts on transferring assets to family seem to be changing.

Read More

Let Us Know If We Can Help With Your Legacy Planning

Required Information*


The opinions and other information in the commentary are provided as of May 27, 2022. This summary is intended to provide general information only, and may be of value to the reader and audience. This material is not a recommendation of any particular investment or insurance strategy, is not based on any particular financial situation or need, and is not intended to replace the advice of a qualified tax advisor or investment professional. While Commerce may provide information or express opinions from time to time, such information or opinions are subject to change, are not offered as professional tax, insurance or legal advice, and may not be relied on as such. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Commerce does not provide legal advice to its customers. Consult an attorney for legal advice, including drafting and execution of estate planning documents.