MyWorldGo How Long is the Estate Planning Process?

Blog Information

  • Posted By : Mark Glendon
  • Posted On : Oct 01, 2022
  • Views : 79
  • Category : General
  • Description : Planning your estate can be both daunting and somewhat morbid. Thinking about your ultimate demise is never easy, and picturing how your family's life will move on after your death is not something everyone swallows easily.

Overview

  • Planning your estate can be both daunting and somewhat morbid. Thinking about your ultimate demise is never easy, and picturing how your family's life will move on after your death is not something everyone swallows easily.

    But estate planning is an essential step in preparing for the future. You work hard for your assets; the last thing anyone wants is for those assets to end up in the wrong hands. Estate planning eliminates confusion, prepares for an easy transfer of assets, and protects your loved ones.

    But exactly how long will it take?

    Understanding the Estate Planning Process

    Whether you have several million in assets or a humble nest egg, it doesn't matter. This process can take a lot of time. Even with the best estate planning attorney NYC has ever seen, there are many hoops to jump through and hurdles to navigate. If you are looking for an estate planning attorney in NYC, visit this website.

    Most people don't realize the sheer number of documents required to plan an estate successfully. Some of the most crucial documents include:

    • Last will and testament
    • Advance healthcare directive
    • A durable power of attorney
    • Beneficiary designations
    • Letter of Intent
    • Funeral instructions and wishes

    Those documents are the most well-known. They take several weeks or months to draft up and often take just as long to process.

    But that's not all.

    In addition to the standard estate planning documents, you must organize insurance policies, 401K documents, property deeds, titles, and more. Having these details ironed out and organized is key to keeping things running smoothly after death.

    That takes time. Plus, you must make the decisions, record everything in writing, and work with the best estate planning attorney NYC offers to make it all happen.

    Generally, the estate planning process takes around a year for standard formal administration. If your estate is more straightforward, it can take as little as three months. But for those advanced estates with millions of dollars in assets? They can take two years or more to complete.

    Planning an estate is no easy process. It requires the guidance of an expert attorney to get through. But the work is well worth it to have peace of mind knowing your family will be okay.

    Read a similar article about how to use an LLC to hold my real estate in NYC here at this page.