21 Jun How Long Does it Take to Execute An Estate Plan?
We constantly emphasize the importance of preparing and executing an estate plan before it is too late – but what does this really mean? When it comes to estate planning, sooner is always better. However, we understand that sometimes life has other plans. At Gary Crews Law, we seek to provide the highest level of service to our clients, adapting to fulfill their wishes even if time is not on our side.
Understanding the Estate Planning Process
So, how long does it really take to execute an estate plan? Typically, it takes our team between two to four weeks to complete the process. First, we meet with the client to discuss their wishes and determine what is needed. Then we prepare a draft of their estate plan. Following this meeting, we review the documents, making any necessary revisions. Finally, we meet once more to execute their estate planning documents.
Throughout this process, we strive to provide the highest level of service to each of our clients, making ourselves available to answer any questions that may arise. We understand that the estate planning process is often complex, and unfortunately, it often occurs in the middle of emotional hardship.
Recently, we had a client call and explain their situation. One of their relatives was being transferred to hospice without an estate plan in place and they were unsure of how to proceed. In this type of situation, time is of the essence.
We met the same day to discuss their options and decide upon a plan of action. Our team gathered the relevant information, preparing the documents that same day. Their estate plan included a Last Will & Testament, a Living Will, a Power of Attorney, and a Revocable Living Trust.
The following day, we met at the hospice facility and reviewed the estate plan with the client. Once the necessary documents were approved, we were able to execute the estate plan and make copies as needed.
Unfortunately, the client passed away the next day. However, the family was left with peace of mind knowing that plans were in place for the estate. This alleviated a very large burden as they made arrangements to honor their loved one as they worked through the grieving process.
Reasons to Put an Estate Plan in Place
We share this story as a lesson not of what you should do, but as an example of what is possible in extenuating circumstances. Ideally, every adult should have an updated estate plan in place, even in early adulthood. This prevents the need for unnecessary stress during emotionally trying times such as hospice care.
None of us knows what the future holds. By executing your estate plan while you are still of sound mind and body, you can prepare for the future of your loved ones. Additionally, working on your estate plan now allows you to outline your wishes as they pertain to your estate upon your passing.
Estate planning is not necessarily something that most people anticipate. However, our team strives to make the process as straightforward as possible. Regardless of your age, relationship status, or position in life, executing your estate plan is the best thing you can do to care for yourself and your loved ones no matter what life throws your way.
Are you ready to execute your estate plan? Call our team today to learn more!