You've worked hard over the years to accumulate wealth. Ensure the assets you leave behind are a source of support for your family, friends and causes important to you. Here are four basic ways to leave a legacy:
1) By will. Although not a fun task, this document is an important step to protect loved ones—allowing you to control who receives your possessions. You are not required to use an attorney to prepare your will, but it is helpful to have a professional involved as there are multiple opportunities for mistakes.
2) By trust. A trust outlines who receives what assets and when. To ensure your legacy lives on, a trust protects your estate from the heirs’ creditors or from beneficiaries who may need financial counsel. Trusts may save money on taxes and court fees upon your death.
3.) By beneficiary designation. Wills and estates may be set up, but naming beneficiaries plays a big role after you pass away. Retirement plans from work, IRAs, annuities or life insurance policies can offer a lot of value. However, underage children cannot directly receive these assets.
4) By joint ownership arrangements. In the case of property that’s jointly owned, this agreement states that when one owner dies, the surviving owner(s) then owns the asset. Joint ownership is usually a smart plan for spouses. Make sure you know your rights and duties with these plans.
Remember to Adapt the Plan Over Time
Re-evaluate and update your legacy plan as time goes on. Address certain life events, such as marriage, divorce, birth or death of a family member to ensure the information and beneficiaries are accurate. Reassess the plan every five to seven years.
It’s a legacy you’ve created, and Busey is here to help you manage it. Contact us today or call 1.800.67 | Busey to discuss your wishes and download the Message to My Loved Ones packet, which makes it easy for you to outline your life, your legacy and your wishes.
Investing involves risk and you may incur a profit or loss regardless of strategy selected. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision. You should discuss any tax or legal matters with the appropriate professional.
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC, and are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc. Busey Bank, Busey Wealth Management, and Busey Investment Services are not registered broker/dealers and are independent of Raymond James Financial Services.
This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Opinions are not necessarily those of Raymond James. The information has been obtained from sources conserved to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.
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Urbana, IL 61801