Maybe you took a law school class on Wills and Trusts and left it feeling that estate planning is incredibly boring and dry, only focused on retirees and the “1%”.
If that’s the case, you’ve been led astray. Or, if you are practicing estate planning and find it boring, you might be doing it wrong and missing out on a huge opportunity to truly impact your community in a truly meaningful way.
Helping your clients learn to face death, and plan for it properly, in the way we teach, supports them to have a better life now. And, guides them to make current life choices that lead to a legacy worth leaving, even if they are not wealthy, or even near death.
In fact, when done the way we teach, most people find that doing estate planning earlier in life is better because it leads to a lifetime of wiser choices.
We teach our members to shift their perspective of estate planning from simply drawing up basic legal documents to supporting their clients to create a life worth living, and a legacy worth leaving, no matter how much money their clients’ have or at what stage of life they are in.
Every adult who cares about the people in their life needs an estate plan of some sort, and when you learn how to educate and counsel your community properly, you are supporting your clients with the most important decisions of their lives.
Here are some ways you can shift from “document” creation to “legacy” creation via estate planning the New Law Business Model way:
1. Passing on More than Just Money, the New Law Business Model Way
If something happens to a parent, their children are left with photos (if they’re lucky) to be remembered by, and that is it. Most often lost when someone dies is their intangible assets, the intellectual, spiritual and human assets that can so easily be overlooked.
Each New Law Business Model estate plan (we call it a legal life plan) includes a Family Wealth Legacy Interview, which is a recorded history that gets passed on from one generation to the next. And, best yet, gets your clients thinking about what they truly do want to leave behind for the people they love.
2. Naming Guardians the New Law Business Model Way
Naming guardians is so much more than listing out the names of three relatives in a Will. It’s an in-depth consideration of how your clients want their kids raised, if they cannot do it themselves. And, when the consideration is undertaken with care, your clients become better, more thoughtful and intentional parents as a result.
3. Managing the Money and the Property the New Law Business Model Way
Most estate plans created by traditional lawyers fail because the financial and property assets are simply not handled properly. Most of the time, a lawyer simply creates a set of documents and then leaves it to the family to make sure they get titled the right way, which often doesn’t happen. And way too often, the assets aren’t even properly inventoried so the family knows what there is and where to find it on the death of their loved one. This is a failure of the traditional estate planning lawyer, in my opinion.
There are so many beautiful ways in which you as a lawyer can make a positive impact on your clients lives. Estate planning, when done well, is one of those areas where you can make a huge difference.
Are you ready to create the law practice of your dreams? Start here: