Can a Trust Attorney Handle Their Estate Planning?

Estate planning is a complex process that requires careful attention to details and you want your properties to be distributed. Most people hire a trust attorney to ensure their estate is managed properly and their beneficiaries are protected. 

But in a scenario where you are also a trust attorney, how do you go about your estate planning? Do you handle your estate planning yourself or do you hire a trust attorney? 

Continue reading to learn more:

Is handling your estate planning as a trust attorney the best decision?

Technically, as a trust attorney, you can draft your estate plan. This is because you have the legal knowledge, experience and resources to create wills, trusts and other estate-planning documents. You understand the laws and have likely helped many clients through the process. However, just because you can doesn’t necessarily mean you should. And why shouldn’t you?

• The problem of objectivity 

As a trust attorney, one major reason to hire another attorney for your estate planning is the issue of objectivity. When dealing with personal matters, especially something as important as an estate, it’s easy to overlook important details or make emotional decisions. An external attorney brings in fresh ideas, offers a new perspective and can spot potential problems that you may not be able to see yourself.

• Legal and ethical considerations 

There’s also the question of whether it’s a good legal and ethical practice for an attorney to represent themselves. While it’s not illegal, it involves too many risks. There’s the risk of bias, overconfidence and the potential to make costly mistakes. Also, state bar associations and legal ethics guidelines often caution attorneys about self-representation, especially in situations where emotions and sentiments can cloud their judgment. Estate planning is deeply personal as it involves family, finances and the security of your future. This is why you must have an unbiased professional handle your estate planning process.

• Complex estates require extra care

For a trust attorney with simple estates, few assets and a clear distribution plan, handling your estate planning may not be a major issue. However, for those with complex assets, business interests or a large extended family, an outside attorney can help navigate potential legal hassles and tax implications effectively 

Conclusion 

While you are legally capable of handling your estate planning as a trust attorney, it’s not always the best choice. Many things could go south if emotions and sentiments come into play. Hence, it is wise that you seek the guidance and experience of another attorney while you sit this one out. Even the most skilled professionals can benefit from a second set of eyes when it comes to something as important as securing their legacy.