Probate is the New Planning

Surveys show that many people decide to engage in estate planning in order to avoid probate.  Despite these efforts, the majority of Americans will end up in probate. 

With the 2.5 million people that die each year in the U.S., combined with the estimated 55 to 70 percent of Americans who do not have an estate plan or simple will, it is clear that there will be no shortage of probate proceedings.  These statistics are expected to increase over the next ten to twenty years due to the aging baby boom population.  Estate attorneys will have a strategic advantage into this new reality.  Although many estate-planning attorneys build their businesses around trust planning, they may need to expand their skill sets to capture a share of the probate market.  Since probate is administratively intensive, attorneys may need to hire additional staff with a probate background and/or litigation experience.  Some firms divide these areas of responsibility based on each attorney’s specialized expertise.

See Mary Merrell Bailey, The Shift from Estate Planning to Estate Probating, Wealth Management, Oct. 20, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.