Upon obtaining a legal degree, there are various chances to specialize in a specific field. You may be familiar with estate planning and have contemplated pursuing a profession as an estate planning attorney. What exactly does it mean, and how can someone become one? This comprehensive guide will assist you in familiarizing yourself with estate planning research resources and other essential tools.
What Is the Role of Estate Lawyers?
Estate planning attorneys, also referred to as estate lawyers, are legal professionals who assist individuals in preparing for the management of their assets in the event of disability or death. To excel in this position, you need a high level of specific expertise. A proficient estate lawyer must be knowledgeable about the regulations governing estate planning in their jurisdiction and must also take into account their client’s individual circumstances and assets to create a customized approach.
The occupation is demanding and requires a diverse set of responsibilities and tasks to be completed daily. Estate planning attorneys can assist with the following responsibilities:
- Completing tax filings and allocating assets to family members.
- Donating to charitable organizations.
- choosing a permanent life insurance coverage.
- Creating a strategy for managing wealth
- Creating a comprehensive strategy for managing the client’s assets to help beneficiaries bypass probate court after the client’s passing, including organizing and gathering all necessary paperwork.
- Property appraisal process.
- Overseeing and keeping track of all assets
- Formulating a debt repayment plan.
- Granting children long-term guardianship and power of attorney
- Filing all necessary paperwork with the court.
Is Certification Required to Become an Estate Planning Attorney?
The official response is negative. An attorney specializing in estate planning does not require certification. Obtaining a legal degree will enhance your ability to provide estate planning services with greater effectiveness. Certification provides access to important additional information and enhances your reputation among potential buyers.
There are multiple pathways to becoming a certified estate planning lawyer. Each option has unique advantages. Therefore, it is your responsibility to determine which one aligns best with your requirements and objectives. The certification choices are as follows:
A Chartered Trust and Estate Planner (CTEP) is someone who has obtained the necessary accreditation to provide services to an affluent clientele. The Global Academy of Finance & Management is responsible for issuing certifications and establishing qualification criteria. This involves finishing a bachelor’s or master’s degree program in accounting, law, finance, financial planning, or tax services at a recognized university.
To attain the Certified Trusted Estate Planner (CTEP) designation, individuals need to exhibit a certain level of proficiency in estate planning and possess a minimum of three years of professional experience. When collaborating with affluent individuals, CTEPs typically assist in establishing trust, dividing assets, managing investment accounts, and organizing corporate assets.
The National Association of Estate Planners & Councils recognizes individuals who have obtained the Accredited Estate Planner (AEP) certification. To obtain the certification, you need a degree in law or accountancy and a minimum of five years of experience in estate planning. AEP certification, like CTEP certification, necessitates a specific duration of continuous study. Accredited Estate Planners assist individuals in arranging their estates comprehensively, demonstrating specialized expertise in estate planning for both affluent and middle-class clients.
The American Bankers Association is responsible for conferring the Certified Trust and Fiduciary Advisor (CTFA) designation upon its members. Three years of professional experience, completion of a special education course, and passing a related test are mandatory.
Moreover, there are other estate planning certificates that could be beneficial for an attorney. The credentials encompass accreditation in finance, taxation, and asset management.
How to Pursue a Career as an Estate Planning Attorney
As said before, there are multiple paths to becoming an estate planning attorney. Even if you have already started your degree, there are other ways to fulfill the requirements for gaining experience and certificates to specialize in estate planning. Most people adhere to a consistent pattern.
Obtain Your Degree
Initially, focus on completing your college education. It could be in the field of law, finance, accounting, or a related career.
Acquire Expertise From Experts
Upon completing your studies, seek an internship or entry-level position with an estate planning attorney.
Apply to Law School
Enrolling in law school is a prerequisite for taking the LSAT. This process spans over multiple years.
Transcend the Barriers
To become a lawyer, passing the bar exam is required. Upon completion, you will be authorized to work in the field of estate planning; however, it is recommended to continue your studies.
Pursue Obtaining Rare Certifications
You can pursue a specialized estate planning certification like CTEP, AEP, or CTFA to enhance your expertise in this field. Attorneys can access several online resources to enhance their knowledge. Platforms such as CEB enable users to improve their skills or prepare for certification exams. Individuals aspiring to become an estate planning attorney can find value in the following supplementary resources:
Practicing estate law requires a significant amount of specific knowledge and expertise. Providing evidence for this claim is typically beneficial if one possesses knowledge or credentials in accounting, business, or tax law. Another degree is not always necessary. To prove that you possess the required expertise to assist your consumers, you might opt to participate in specialized programs or acquire relevant certifications.
Estate attorneys usually cater to affluent individuals, investors, or those with significant wealth. Therefore, numerous estate law businesses offer additional services like wealth management, accounting, financial consulting, or trust and investment expertise. Other areas of study you may choose while pursuing a career as an estate lawyer.
Get Student Legal Aid With CEB
To become an estate planning attorney, you need to pursue further schooling. CEB is an essential resource for expanding knowledge, preparing for certification, or meeting continuous learning requirements. Since 1947, we have been addressing the ongoing educational requirements of California attorneys. CEB aims to assist California attorneys in enhancing their knowledge and improving customer service through the provision of various resources, including online courses, legal publications, and comprehensive databases. Visit our website today to learn more about the resources provided by CEB!
