Account Titling

What type of Account Titling is right for me?

Individual Account

This account is in your name alone. 

  • Benefits:
    • You are the only person who can direct trades, request cash distributions and work with your Financial Advisor to manage your portfolio. 
  • Considerations:
    • Upon your death, your assets become subject to probate.

Individual Transfer on Death

This account is in your name alone with a beneficiary(ies) who will become the owner(s) upon your death.

  • Benefits:
    • You have the same benefits of an individually titled account, and your assets pass on to your designated heir(s) upon your death.
  • Considerations:
    • This account avoids probate.

Joint Tenants with Rights of Survivorship

Ownership and control is 100% for all parties.

  • Benefits:
    • When one owner dies, the other owner(s) continues to own and control all of the funds and can conduct business as usual.
  • Considerations:
    • Any owner can transact business or make changes to the account at any time without the consent of other owners, until this ownership type is revoked by either party.
    • Distribution checks from the account must be paid to and endorsed by all owners.

Tenants In Common

Ownership is based on the stated percentage of contribution of each party determined at account opening.

  • Benefits:
    • Upon the death of any owner, the percentage of assets previously established pass to the owner’s estate.
  • Considerations:
    • All owners must authorize any activity or changes.
    • Distribution checks from the account must be paid to and endorsed by all owners.
    • Assets of each of the deceased owner may be probated with the courts.

Trust Account

A Trust is a legal contract to protect, hold and manage your private wealth for the benefit of your heirs. The legal document names the Trustee who manages to the terms of the Trust including the investment of the trust assets.

  • Benefits:
    • All assets may be liquidated in a single account for preparation of the final distribution.
    • Trustee(s) must make all investment, management and distribution decisions in a prudent manner, compatible with the Trust's objectives.
    • Trust eliminates the need for probate.
  • Considerations:
    • Tax consequences vary depending on the type of trust, revocable or irrevocable.
    • Trustee may charge a reasonable fee for services.

Estate Account

This account type is used to liquidate or manage the assets for an estate. The court appointment clearly states who becomes the person responsible for the disposition of the Estate assets.

  • Benefits:
    • All assets may be liquidated in a single account for preparation of the final distribution.
  • Considerations:
    • Tax consequences vary depending on the type of trust, revocable or irrevocable.

Disclosures:

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  • The information provided on this website is not meant as a recommendation or endorsement of any specific security or strategy. An individual’s situation can vary; therefore the information provided above should be relied upon only when coordinated with individual professional advice.
  • Mutual funds, annuities, and other investment products:
    Not FDIC-insured May lose value No bank guarantee
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