Running your own legal practice can be daunting for any attorney, but it can be especially difficult for new and transitioning estate planners. This may be due, in part, to the knowledge gap between what attorneys learn in law school and what they need to know in order to run a law practice. To fill these gaps, it’s important to educate oneself on what the current best practices are (so they can be implemented), as well as what the common pitfalls are (so they can be avoided). Here are some basic tips for fresh-faced law graduates or transitioning attorneys looking to build their own estate planning practice.

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 The unintended consequences of an outdated estate plan can result in issues such as, unintended income and/or estate tax consequences; disqualify a special needs beneficiary from receiving benefits;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.