Estate planning is deciding, while you can, who receives your property, who manages your affairs, and who makes decisions for you if you cannot. It covers what happens after your death and what happens if you become ill or unable to act for yourself.
Pruitt & Pruitt has helped families in Anderson plan ahead since 1948. There is more than one way to pass property to the next generation. When the right methods are used together, a plan can help your family avoid the cost and publicity of probate and reduce taxes. We explain each option and help you choose what fits your family.
Estate planning tools we use
- Last will and testament
- Revocable living trusts
- Lifetime gifting
- Joint ownership
- Beneficiary designations on accounts and insurance
- Life estates
- Durable powers of attorney
- Health care powers of attorney and living wills
Coordinating your plan
Many people think of a will as the whole plan. In practice, a lot of property passes outside a will: life insurance and retirement accounts go to the named beneficiary, and jointly owned property may pass to the surviving owner. If those pieces do not match your will, your family may get results you never intended.
We review how each of your assets is titled and who is named on each account. Then we coordinate your will, any trust, your beneficiary designations and your deeds so they work together.
Planning for illness or incapacity
An estate plan is not only about death. A durable power of attorney lets someone you trust handle your finances if you cannot. A health care power of attorney and a living will let you name who makes medical decisions for you and state your wishes about end-of-life care. These documents can spare your family a court proceeding and hard guesses at a difficult time.
Keeping your plan current
Marriage, divorce, a new child or grandchild, a move, a business sale or the death of a beneficiary can all change what your plan should say. We recommend reviewing your plan after any major life change.
