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. 

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 below 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: