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Attorney-Led Estate Planning

By James See

Key Takeaways:

  • Lawyer-led estate planning protects families from the rigid, “cookie-cutter” limitations of automated platforms run by financial advisors.
  • Crafting a custom trust with an experienced attorney preserves critical attorney-client privilege during IRS audits or unexpected litigation.
  • Establishing an enduring attorney-client relationship ensures clear support for amendments and immediate guidance during a future trust administration.

Why the future of estate planning should stay in the hands of attorneys

There’s a growing divide in the estate planning world: Lawyer-Led Estate Planning vs. Financial-Led Estate Planning. As trillions of dollars prepare to change hands in the next 15–20 years, both professions—attorneys and financial advisors—are positioning themselves to capture a larger share of the estate planning market. While their approaches differ, the motivation is often the same: profit.

A Shift from Collaboration to Competition

Historically, estate planning lawyers and financial advisors worked together. I’ve witnessed this firsthand over my 40 years in the field. We co-hosted seminars—lawyers providing the legal expertise, and financial advisors hoping to connect with new clients. Lawyers drew the crowd, and financial advisors often funded the event. It was a balanced, mutually beneficial relationship.

The ABS Era: From Dating to Marriage

That balance began to shift with Arizona’s introduction of Alternative Business Structures (ABS), which allow non-lawyers to co-own law firms. This legal change effectively “married” the two professions, allowing financial firms to integrate legal services under one roof and share in legal fees—something previously prohibited. Utah and Washington have followed suit, and many believe more states will adopt similar models.

With this new structure, the financial industry began looking for ways to lead estate planning rather than just support it. This shift marks the rise of Financial-Led Estate Planning.

How Financial-Led Estate Planning Works

Larger financial institutions have long employed in-house lawyers to support advisors with estate planning. But with ABS structures and a growing market, even smaller firms and independent advisors now compete by subscribing to online estate planning platforms like Wealth.com, Vanilla, Estate Guru, and others. These services are marketed as affordable and convenient—but they come with trade-offs.

The central problem? The financial advisors want to lead the conversation—not the lawyers. But estate planning is legal work at its core. And when legal services become an add-on to sell financial products, the client often ends up with a subpar plan.

Why Lawyer-Led Estate Planning Is the Better Model

I firmly believe estate planning should remain lawyer-led, with financial services playing a supporting role—not the other way around. Here’s why.

Arguments Against Financial-Led Estate Planning:

  1. Most platform-based or in-house lawyers are less experienced and not top-tier estate planners.
  2. Plans are often “cookie-cutter” and lack customization.
  3. Minimal, if any, direct attorney-client interaction.
  4. No lasting attorney-client relationship.
  5. Unclear support for amendments or life changes.
  6. No clear point of contact after a spouse’s death.
  7. Financial advisors still rely on estate planning to bring in clients—they just want control.
  8. Attorney-client privilege may be lost during audits due to involvement of non-lawyers.
  9. Lower cost comes from:
    1. Hiring less experienced attorneys.
    2. Earning commissions or fees elsewhere.
  10. More seasoned financial advisors still refer to lawyers—they know the difference.

Arguments For Lawyer-Led Estate Planning:

  1. Estate plans are crafted by experienced attorneys.
  2. Clients receive a custom plan—more like a “custom home” than a “tract home.”
  3. A dedicated attorney-client relationship is established from the start.
  4. Clients know exactly who to call when life changes.
  5. Attorney-client privilege is preserved in audits or litigation.
  6. Many estate lawyers offer annual maintenance plans for peace of mind.

Final Thought: Let Each Profession Do What They Do Best

Ironically, many of the same financial advisors pushing clients toward online legal services would never recommend online investment tools over a skilled advisor. So why should legal services be any different?

Clients deserve the best of both professions. A seasoned estate planning attorney and a trusted financial advisor working together—not one trying to replace the other.

And yes, ABS models can bring the best of both worlds under one roof. But the key is who’s leading the conversation. Choose an ABS model where the legal expertise remains at the core—lawyer-led, not financially driven.