Best Estate Planning Attorneys in Rock Hill, SC

Not necessarily. Estate planning can begin slowly, starting with what you can afford. If you are a single adult or a young family, you may not need a complex or in-depth estate plan at this time. As your family grows, you acquire assets or move up in business, you can develop your Estate Plan with the guidance from Peterson Law Firm, P.A.

It is critical to plan for mental and physical incapacitation before it happens. No one likes to dwell on such an event, but proper planning can assist your loved ones to take care of you and your property. Should a tragedy leave you incapacitated, you may not have the mental or physical ability to manage your affairs. To assist your spouse, children or family to care for you, you'll have to create a legal document which allows them to act for you. This document (a Power of Attorney) can appoint someone you trust to pay your bills from your accounts, sell stocks, and make other important financial decisions for you. By explaining your wishes clearly in advance regarding your assets, your independence, or life-prolonging medical procedures, you can assure your independence and protect your loved ones without the necessity of court intervention. This is your legal journey - let us guide you in crafting the most effective estate plan for you and your family.

In estate planning, your assets may be personal property such as bank accounts, savings accounts, life insurance, annuities, stock, and retirement accounts such as IRA's and 401K's. Your assets may also include such items as real estate, cars, furniture, jewelry - or even family heirlooms. With estate planning, you may protect your family from the burden of taxes or probate court and still provide for your family and friends.

Probate Court is the state court which oversees the estates of incapacitated or deceased persons. Without a proper estate plan, your estate may have to go through probate court, which is an expensive, time-consuming, and public process. As courts determine how to settle the estate, they may freeze your assets and keep your beneficiaries from accessing them. Your family and loved ones may end up having to pay for expensive court fees and funeral costs for you.

A living will declares your wishes regarding end-of-life decisions, extra-ordinary or heroic measures in your medical care while you are alive. A last will details where and to whom your assets will go when you are deceased.