Estate planning involves legal, financial, and accounting advisory services that help clients transfer their assets to heirs tax-efficiently. A person’s estate is his net worth at any given point in time.
While making end-of-life decisions can be morbid, it is essential to draw up an estate plan. Decisions may be left to the next of kin or the state without an estate plan.
The estate planning attorney prepares the client’s will and ensures that the wealth is distributed to heirs and beneficiaries according to the client’s wishes upon their death. Let’s examine what an estate planning attorney is.
Job Profile
Estate planning attorneys help clients make decisions about the distribution of their estate. They draft wills, trusts, power of attorneys, and other estate planning documents.
Naming guardians for minor children, paying the client’s debts, and establishing preferences for funeral arrangements are some of the duties of the estate planning attorney.
While carrying out his duties, the attorney must ensure that he helps minimize the taxes and fees that can be imposed on the estate.
Estate planning attorneys advise on life insurance policies, retirement plans, and charitable contributions. If the client’s will is litigated in probate court, the attorney is involved.
According to the U.S. Bureau of Labor Statistics, the projected job growth for all lawyers is 6% from 2018-2028. The median annual salary of lawyers in general in May 2019 was $122,960.
Educational Qualifications
An aspiring estate planning attorney has to complete law school and earn a Juris Doctor (J.D.). Estate law is included in the coursework of the J.D. program. After law school, the candidate has to pass the state bar exam and earn a license to practice law.
Some go on to pursue a master’s in law with a specialization in estate law. In addition to a law degree, estate planning attorneys may also have financial or accounting degrees.
Various certifications are available that train lawyers in financial planning, ethics, tax laws, compliance, and regulations.
Some of the most valued certifications are the Chartered Trust and Estate Planner (CTEP), the Accredited Estate Planner (AEP), and the Certified Trust and Fiduciary Advisor (CTFA).
Work Experience
Aspiring estate planning lawyers acquire work experience through mentorship and internships. Moot courts, practice trials, and legal clinics at law school also help the students gain experience.
Many law firms, corporate legal departments, and government agencies offer summer internships and part-time jobs. Newly graduated lawyers are hired to work as associates with other lawyers and firms.
After several years, they may be admitted into partnership with the firm, while others might prefer to go into their practice or join the legal department of a large corporation.
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How to Apply?
If you have the required education and experience, you can post your resume on various job platforms for lawyers or apply for a job by filling out an online application.
You will attach your resume and references and write a solid cover letter describing your expertise, certifications, and experience.
There are many online platforms solely dedicated to legal jobs. These platforms include lawjobs.com, lawdawgs.com, lawcrossing.com, and the NALP placement center.
Joining a professional estate law association like the National Association of Estate Planners and Councils (NAEPC) can also help one meet and network with practicing estate lawyers, leading to potential placements.
The Bottom Line
Being an estate planning attorney requires a good mix of professionalism and empathy. Notwithstanding excellent communication skills and credibility.
If you have these skills, you are well-suited to pursue a career as an estate planning attorney and are sure to find success!