Adding Estate Planning to Your Existing Practice: Top 5 things to consider

Expanding your legal practice to include estate planning services can be a strategic move to better serve your clients and grow your business. However, this transition requires careful planning and consideration to ensure success.

Many legal professionals, particularly those exhausted by the rigors of frequent court appearances, are drawn to estate planning for its predictable schedule and the opportunity to make a positive impact on clients’ lives. These “recovering litigators,” often from demanding fields like family law, seek the fulfillment that comes from helping clients achieve peace of mind rather than the adversarial nature of litigation.

Trust and Estate Planning Industry is Growing

The Trusts and Estates industry in the United States is currently valued at $257.7 billion, with a compound annual growth rate (CAGR) of 4.1% over the past five years. This industry comprises trusts, estates, and agency accounts managed on behalf of beneficiaries, and has seen substantial growth driven by rising asset values and an aging population. The number of industry employees has also increased, reflecting the growing demand for these services.

Incorporating estate planning into your practice aligns with these industry trends, offering a way to diversify your services and tap into a lucrative market. The sector’s growth is expected to continue, driven by demographic shifts and the increasing complexity of asset management needs. By offering estate planning services, you can provide clients with the security and peace of mind they seek, while also benefiting from a stable and expanding market.

In this blog post, we’ll explore the top five things that estate planning attorneys should consider when adding estate planning services to their existing practice. Drawing on the expertise of LWP (Lawyers with Purpose), a premier practice management community for estate planning attorneys, we’ll provide valuable insights to help you make this important decision.

5 critical considerations to ensure a successful transition into the Trusts and Estates industry.

1. Assessing Client Needs and Market Demand

Understanding the demand for estate planning services in your area is paramount. Conducting thorough market research will help you identify the specific needs of your potential clients. According to’s 2024 Wills Survey, 40% of Americans do not think they have enough assets to create a will. This highlights a significant gap in public knowledge about estate planning, indicating a dire need for community education.

Educating the community about the importance of having a basic estate plan, including Powers of Attorney, is vital. Many parents, for instance, are unaware that they are not automatically their child’s POA (Power of Attorney) once they turn 18. As individuals age, have children, and acquire assets, their need for estate planning services increases. Offering a range of services from basic to enhanced plans ensures you can meet the diverse needs of your clients. Additionally, maintaining ongoing relationships with clients through a maintenance program helps refine their plans as they age and grow their wealth.

2. Evaluating Practice Readiness

Before diving into the Trusts and Estates sector, it’s essential to assess your firm’s readiness. Here’s a 5-point checklist to guide you:

  1. Expectation Setting: Clearly communicate the transition to your existing clients, explaining what new services you offer and what services you no longer provide.
  2. Embrace New Learning: Be prepared to step out of your comfort zone and adopt new practices that align with estate planning.
  3. Team Involvement: Engage your team in the transition plan. Their buy-in is crucial for a smooth changeover, as they will be instrumental in supporting and executing the new direction.
  4. Marketing Strategy: Develop a clear marketing plan that articulates your “why” for transitioning to estate planning. Connect with old clients and referral partners while building new relationships.
  5. Networking and Support: Research and connect with industry groups that offer robust support and training for transitioning firms. These organizations can provide invaluable resources and community support.

3. Obtaining Necessary Training and Education

Specialized training and education in estate planning law are essential. Each state has specific laws governing estate planning, so it’s important to take Continuing Legal Education (CLE) courses to stay current. Lawyers with Purpose (LWP) offers various programs that provide CLE credits and specialized training. Their “Practice with Purpose” program, for example, helps attorneys not only learn the legal aspects but also how to run a successful business.

LWP’s learning management system provides comprehensive training, from standard operating procedures to hiring strategies, ensuring you have the knowledge and skills needed to excel.

4. Developing a Comprehensive Marketing Strategy

Promoting your new estate planning services requires a strategic approach to attract clients and generate leads. Updating your website is just the beginning. Lawyers with Purpose can assist in developing a robust marketing strategy that includes enhancing your online presence, branding, and networking within the legal community.

LWP’s Relationship Management System is particularly useful, providing a structured approach to building and maintaining relationships with both clients and referral partners. This system helps you effectively communicate the benefits of your services and establish trust within your community.

5.        Implementing Efficient Practice Management

Efficient practice management systems and workflows are crucial for delivering high-quality estate planning services. Systems and processes not only improve efficiency and profitability but also enhance client satisfaction. Lawyers with Purpose offers tools and best practices to streamline your operations.

For example, LWP provides guidelines for managing your calendar, ensuring you balance client meetings and work time effectively. Their educational workshops help clients understand the estate planning process, fostering a sense of trust and confidence. Additionally, LWP’s maintenance program guidelines ensure you continue to build and expand client relationships over time.

Lawyers with Purpose can help transitioning attorneys

Entering the Trusts and Estates industry can be a rewarding move for your practice. By assessing client needs, evaluating your readiness, obtaining necessary training, developing a comprehensive marketing strategy, and implementing efficient practice management systems, you can position yourself for success.

With the right approach and support from resources like Lawyers with Purpose, you can steer this transition smoothly and build a profitable estate planning practice. To become a member and reap the benefits of complete support in building your dream practice, you can request a call-back to discuss here:

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