How Long Does It Take to Create an Estate Plan?

 Posted on November 30, 2023 in Estate Planning Blog

Building an estate plan is a highly important process that works to ensure your assets and wishes are protected and effectively distributed after your passing. However, many people looking to create an estate plan may be unaware of the timeline involved in the estate planning process. If you are interested in creating an estate plan and are wondering how long or short doing so may take, contact an experienced lawyer who practices estate planning law, as this person will be qualified to help you create an Illinois will or any other documents related to estate planning. Consulting with your lawyer will give you a better idea of the different factors that can influence the time it takes to create an estate plan and provide a general understanding of the timeline involved in the process. 

Five Important Factors to Consider 

1. Complexity of the estate – Of course, this is a significant factor in determining the time required to create an estate plan. The process may be relatively quick if you have a straightforward estate featuring minimal assets and beneficiaries. However, suppose you have a complex estate featuring things such as multiple properties, business interests, or blended families. In that case, more will be required to address these complexities and ensure your plan appropriately accounts for all aspects.

2. Gathering information – The initial step in creating an estate plan involves gathering the necessary information. This includes details about your assets, liabilities, beneficiaries, and any specific wishes you may have regarding the distribution of your estate. The time required for this step depends on the organization and accessibility of your financial and legal documents. 

3. Consultation with professionals – To create a comprehensive estate plan, it is advisable to consult with professionals such as estate planning lawyers, financial advisors, and accountants. The time required for these consultations will depend on their availability and your ability to provide the necessary information and make decisions promptly. Scheduling and attending these meetings may take a few weeks or longer, depending on your estate's complexity and the professionals' availability.

4. Drafting and reviewing documents – Once all the necessary information has been gathered, the estate planning attorney will draft the legal documents based on your needs and wishes. The process may take several weeks, as it involves careful consideration of legal requirements and potential tax implications. After the initial draft, you can review and make any necessary revisions before finalizing the documents.

5. Signing and implementation – After the documents are finalized, they need to be signed in the presence of witnesses and notarized, as required by law. This step may be completed in a single meeting, but it may take more time to coordinate schedules and ensure all relevant parties involved are available. Once the documents are signed, informing your loved ones of its creation is important, as this can provide a smooth implementation when the time comes. 

Contact a Lombard, IL Estate Planning Lawyer

For the legal guidance you need, contact the skilled DuPage County, IL estate planning attorneys with A. Traub & Associates. Call 630-426-0196 for a private consultation.