Like everyone else, many lawyers frequently put off estate and succession planning in favor of the more urgent requirements of the present. However, lawyers shouldn’t fail to employ one themselves for estate planning and the continuation of their own legal profession (particularly if they are a solo practitioner or equity partner).
Can’t Lawyers Write Their Own Wills?
The majority of estate planning lawyers advise against practitioners without considerable estate planning experience doing so, even though legally anyone can draft their own will. The will’s probate, which can result in needless expenditure, confusion, and drama for your family and intended heirs, is, of course, the biggest risk. Lawyers who do not specialize in estate planning would be advised to find one who does because state laws governing wills can frequently include fairly fussy rules, particularly when it comes to establishing trusts and assuring legal execution.
Find a Successor Lawyer
In addition to not writing your own will, independent practitioners may wish to think about using another attorney in their succession planning. You should have a plan in place for what you’ll do if you suddenly pass out or get hit by a bus, even if you never intend to retire. In the end, you don’t want your clients to suffer, and you most definitely don’t want to leave your family to try to manage your legal business. You might be able to provide your family with some money from your work after you pass away if you have a succession plan in place.
