DRAFT PC-ES Estate Planning

DRAFT PC-ES Estate Planning

ESTATE PLANNING

ESTATE PLANNING BASICS

What You Need To Know About Estate Planning

An estate plan is a compilation of legal documents that describes your wishes regarding your home, savings, investments, and other assets after you die. It will also include instructions for your medical care, should you become incapacitated. Regardless of your age or level of wealth, an estate plan is one of the best ways to protect yourself, your family, and your assets – both now and in the future. Consider the following key documents that may be a part of your estate plan: A POUROVER WILL This “pours” assets into your trust upon your death, specifies how your property will be disbursed, and specifies who will be responsible for any of your surviving minor children. HEALTHCARE POWER OF ATTORNEY This enables you to empower a person to make health care decisions and express your medical treatment preferences on your behalf, thus preventing family conflicts and possible court intervention. A LIVING WILL This addresses deathbed concerns and establishes your wishes for life-prolonging medical care should you become incapacitated. DURABLE POWER OF ATTORNEY Grants another person legal authority to manage your financial and business affairs in a general or limited capacity while you are alive. His or her authority ends at your death. A LIVING TRUST Specifies how your assets should be passed on and helps your beneficiaries avoid the administrative burden, delays, public record, and the lack of privacy associated with the probate process.

A WELL-DRAFTED ESTATE PLAN CAN HELP YOU   Guarantee property is preserved and passed on   Avoid lengthy probate   Manage and minimize estate, income, and capital gains taxes as well as other expenses   Help avoid disputes between family members, loved ones, and/or third parties   Transfer ownership of a business   Provide higher education funding for children or grandchildren   Establish limitations for spendthrift beneficiaries

Commerce Trust Company offers a variety of services to alleviate the uncertainties associated with your financial future. Our advisors can help you organize and understand your financial picture, with the goal of streamlining the estate planning process. Ask your advisor for the easy-to-use Estate Planning Workbook. It can help you understand the estate planning process, gather important information, start thinking about key decisions you’ll need to make, and prepare for conversations with estate planning professionals who can help draft your plan.

Contact a Commerce Trust advisor today. 1-855-295-7821 | commercetrustcompany.com

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