Estate Planning 101 for Attorneys Who Haven’t Done Their Own Yet
As an attorney, you’ve probably advised clients about wills, trusts, and probate. You understand the legal mechanics of estate planning—and yet, like many professionals, you may not have taken the time to create or update your own plan.
It’s a classic case of the cobbler’s children having no shoes.
But estate planning isn’t just for clients with complicated family dynamics or multimillion-dollar estates. It’s a critical piece of financial wellness for anyone—especially attorneys, whose high incomes, professional liabilities, and complex assets make them uniquely exposed.
If you’re among the many lawyers who haven’t completed (or even started) your estate plan, this guide is for you.
Why Attorneys Put Off Estate Planning
You’re not alone. Despite your legal expertise, several factors often get in the way:
Time constraints: Billable hours take priority.
Perfectionism: You know all the variables and want the “perfect” plan.
Overconfidence: “I know what I need—I'll get to it eventually.”
Avoidance: Like anyone else, you may be uncomfortable thinking about incapacity or death.
But the risks of not having a plan far outweigh the discomfort. A sudden illness, accident, or death could leave your loved ones in a legal and financial mess—one that you could have prevented.
Step 1: Start with the Basics—What Happens If You Do Nothing?
If you die or become incapacitated without a plan in place, the state will make decisions for you:
Your assets may be distributed via intestate succession, which may not align with your wishes.
Your minor children (if any) could end up with a guardian chosen by the court.
The probate process can become expensive, time-consuming, and public.
Loved ones may face delays in accessing funds, especially if your finances are not well-organized.
For attorneys with multiple accounts, firm equity, real estate, or dependents, these consequences can be even more burdensome.
Step 2: Draft (or Update) a Will
Your will is the foundation of your estate plan. Even if you intend to use a revocable living trust, a will is still necessary for:
Naming a guardian for minor children
Designating who gets what assets
Appointing an executor to carry out your wishes
Make sure your will reflects your current family structure, relationships, and intentions. If you’ve experienced a marriage, divorce, birth, or major financial event, it’s time for an update.
Step 3: Consider a Revocable Living Trust
Trusts aren’t just for the ultra-wealthy. A revocable living trust can help you:
Avoid probate
Provide continuity of asset management if you become incapacitated
Maintain privacy (unlike a public will)
Distribute assets more efficiently and with fewer court interventions
You can fund the trust with real estate, brokerage accounts, firm equity, and even intellectual property—anything that doesn’t have a designated beneficiary.
Bonus: You can still maintain control of the trust assets during your lifetime.
Step 4: Don’t Forget Incapacity Planning
Estate planning isn’t just about what happens after death—it’s also about protecting yourself during life.
Documents every attorney should have:
Durable Power of Attorney (POA): Allows someone to manage your finances if you’re incapacitated.
Healthcare Power of Attorney: Appoints someone to make medical decisions on your behalf.
Advance Directive / Living Will: States your wishes regarding end-of-life care.
Without these documents, even your spouse or family may be powerless to act without going to court.
Step 5: Update Beneficiary Designations
Some of your most valuable assets—like 401(k)s, IRAs, and life insurance—aren’t governed by your will or trust. Instead, they go directly to the named beneficiaries.
That’s why it’s critical to review your designations:
Remove ex-spouses or deceased relatives
Add contingent beneficiaries
Coordinate with your overall estate plan to avoid conflicts
Make this review part of your annual financial check-in.
Step 6: Tackle Digital Assets and Practice Continuity
As a modern attorney, you likely have dozens (if not hundreds) of online accounts, plus a digital law practice with client files, subscriptions, and communication tools.
Estate planning for lawyers should include:
A digital asset inventory: Logins, passwords, two-factor authentications
A practice succession plan: What happens to your clients and open matters if you pass away or are incapacitated?
Instructions for access to case files, email accounts, practice management software, and cloud storage
Failure to plan here could expose your clients to risk and your estate to malpractice claims.
Step 7: Consider Estate Tax Exposure
Most attorneys don’t hit the federal estate tax exemption ($13.61 million per individual in 2024), but that doesn't mean you're in the clear.
Some states have lower estate or inheritance tax thresholds
Lifetime gifting and charitable strategies can reduce your taxable estate
Business interests and real estate appreciation can push you closer to the limit than you think
A consultation with an estate planning attorney and a financial planner can help you forecast whether you’re at risk—and what strategies to implement.
Step 8: Plan for Charitable Giving and Legacy Goals
Estate planning is also your opportunity to express your values. You might want to:
Set up a donor-advised fund (DAF)
Leave a bequest to your alma mater or bar association
Support legal aid or pro bono causes
Create an endowment or scholarship
Strategic giving can reduce estate taxes and make a lasting impact on the causes you care about.
Step 9: Keep Your Plan Current
Creating an estate plan isn’t a one-and-done task. Life changes—and so should your documents.
Review your plan every 3–5 years, or sooner if you experience:
Marriage or divorce
Birth or death in the family
Major changes in assets or income
Moves to another state
Career transitions or retirement
Outdated documents can be just as problematic as having none at all.
Step 10: Talk About It
Many attorneys make the mistake of keeping their estate plans tightly guarded, even from their closest family or friends.
But communication is crucial. Be sure your:
Executor knows their role and where documents are stored
Healthcare proxy understands your wishes
Loved ones know whom to contact (financial advisor, attorney, CPA)
You don’t need to share every detail—just enough to ensure a smooth process if something happens.
Final Thoughts: Estate Planning Isn’t Just for Your Clients
You’ve spent your career helping others navigate legal complexity. Now it’s time to take care of your own house.
A well-executed estate plan gives you peace of mind, protects your loved ones, and ensures that your professional and personal legacy is preserved exactly the way you intend.
Don’t let perfectionism or procrastination get in the way. As an attorney, you have the tools—you just need to apply them to your own life.
Ready to finally check this off your to-do list?
Connect with a financial planner who can collaborate with your estate attorney to ensure your legacy is protected from every angle.