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 The unintended consequences of an outdated estate plan can result in issues such as, unintended income and/or estate tax consequences; disqualify a special needs beneficiary from receiving benefits;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

Elder law is an attractive and rewarding practice area for anyone passionate about helping people. And because it’s an area where there is seemingly unlimited potential for growth — with approximately 15 percent of the American population comprised of adults ages 65 and over — it can also be a very lucrative one.