Estate planning is the act of preparing for the transfer of a person's wealth and assets after his or her death, or the plan to care for one upon the event of their mental incapacitation. A surprising number of people think that estate planning is only for people with young children or for the wealthy. It is certainly essential to have an estate plan if you have significant assets or loved ones whose future you're concerned about, but in reality, everyone needs an estate plan.
Estate plans provide for the distribution of assets after death, but they also allow people to dictate who will make medical and financial decisions for them if they become incapacitated, and influence those decisions. Imagine the stress of having to make major decisions, even life and death choices, for a loved one without knowing their wishes. Most people would want to spare their loved ones that pain; an estate plan makes it possible.
Having an estate plan also makes things easier on families after a loved one has passed away. A living trust can prevent the expense and delay of having one's estate go through probate. Even if probate is necessary, the process is typically easier for survivors and heirs when there is an estate plan in place. And if the deceased has a minor child without another surviving parent, a guardian can be named in a will, relieving relatives of the need to speculate about the deceased parent's wishes on that score.
Barry Law, Inc. understands that the real value in making an estate plan is the peace of mind it creates for you and for your loved ones. While it is a natural feeling to avoid difficult decisions regarding end-of-life matters or upon declining mental capacity, it is almost universal for our clients to express a tremendous sense of relief that a weight has been lifted off their shoulders upon completing and implementing their estate plan.
While many estate plans have similar components, such as wills, trusts, and powers of attorney, those components can be customized to suit the unique needs of each individual or family. At Barry Law, we take pride in getting to know our clients, helping them identify their needs, and creating an estate plan that will achieve their goals. The firm's estate planning services include:
There are enough impediments to making or updating an estate plan; Barry Law does everything possible to make the process easier, including making house calls to those of our clients who have difficulty making it in to our office.
Attorney Kevin Barry has nearly 25 years' experience in the practice of law, including preparing thousands of estate plans for Chicago families. Barry Law invites you to contact us to schedule a consultation to discuss your estate planning needs. We look forward to putting our experience to work for you, and to helping you live confidently in the knowledge that your future, and that of your loved ones, has been planned and provided for.