One of the most common questions about estate planning is as follows: how long does it take to complete the process?
While it would be nice if there were a definitive answer to this question, there isn’t. The amount of time it takes to create an estate plan is based on many factors, including the following:
- Your current situation. For example, if you already have some type of estate plan in place, you may be able to move forward in a more timely manner. However, if you are starting from scratch, there are many details to tackle.
- What you hope to accomplish. Some people are okay with the idea of creating a will and moving on. They don’t want to think about anything else for the time being. While there is nothing wrong with this, there are others who want to spend their time creating a trust. The more aspects you add to your estate plan the longer it will take to see the process through to completion.
- Your approach. Are you going to create your own estate plan? Will you work closely with a legal professional from start to finish? Although there are people who will tell you that DIY estate planning is simple, you need to think twice before taking this step. Here’s why: the DIY process is full of challenges, some of which you may not know how to overcome. This can lead to a variety of mistakes, some of which can slow you down.
- Your level of dedication. Some people are so excited about creating an estate plan that they bury themselves in every detail of the process. Then there are those people who don’t have enough time in their schedule to do this, thus putting it off time and time again.
- Your decision-making. Let’s face it: there are times when you don’t know what you should do in regards to your estate plan. For example, you may have questions about who to name as the guardian of your child. Or maybe you have questions about who to name as your beneficiary. These are all things that can slow you down along the way.
As you can see, there is a lot to think about when creating an estate plan. There are also quite a few details that can stop you from making immediate progress.
If you are on the ball and willing to move fast, you can create an estate plan within a couple of days. However, if your situation is more complex and you are not in position to make key decisions, don’t be surprised if this drags on for many months or longer.
If you’re seeking a way to speed things up, consult with an estate planning attorney. By taking this one step, it’s much easier to make key decisions and feel confident in everything you are doing.
At our law firm, we know that everyone is looking for something different when it comes to estate planning. We are more than happy to sit down with you, answer your questions, and help you make your way through the estate planning process. All you have to do is contact us to setup a consultation.
- First Time Estate Planning Mistakes - March 1, 2021
- How to Confidently Choose a Nursing Home for an Elderly Parent - February 22, 2021
- Staying Current is Especially Important in the Pandemic - October 30, 2020