Avoiding Conflicts of Interest

Although lawyers are forbidden from handling matters in which they have a conflict of interest, conflicts are common and sometimes unavoidable. They are even more common in the estate planning practice area. Here are some common conflicts that should be avoided:

• A lawyer should not accept estate planning referrals from a bank who expects to be appointed as trustee of that client’s trust.
• A lawyer should not draft estate planning documents naming himself/herself as the trustee or executor.
• A lawyer should make sure to watch out for his/her client’s best interest, not the interest of a family member who stands to benefit from an elderly individual drafting estate planning documents.

See

Stephen J. Dunn, Conflicts of Interest Common in Estate Planning, Forbes, July 15, 2010.