Estate plans are only effective when they accurately reflect your clients’ circumstances, as well as current state and federal tax law. Neglected estate plans not only jeopardize your clients’ estate planning wishes but may also negatively impact their loved ones, not to mention themselves. The unintended consequences of an outdated estate plan can result in issues such as, unintended income and/or estate tax consequences; disqualify a special needs beneficiary from receiving benefits; increased fees and costs associated with settling an estate; leaving less for your clients’ spouse and heirs; forcing loved ones into court; disinheriting desired beneficiaries or including unintended beneficiaries.

Once you decide to start an estate planning practice or expand your existing practice into estate planning, you need to make the time and effort to learn the basics, including vocabulary, strategies, and documents. Without a basic understanding of these estate planning principles, you’ll struggle to present your value to potential clients and implement estate plans for the clients you do win.

When it comes to practicing law, time is money and time saved is not only money saved, but also potentially earned. In order to effectively run a law practice, attorneys must learn how to streamline legal processes if they are going to have enough time to promote their services, stay on top of continuing legal education requirements, grow their practices, and have enough time to spend with friends, family and pursuing personal hobbies.