What Is Estate Planning and Why Does It Matter?

Estate planning is about more than drafting a will, and it’s for more than just the ultra-rich. It’s a legal strategy to ensure your wishes are honored, your loved ones are protected, and your assets are distributed efficiently. Most estate attorneys offer packages that go beyond just probate or trust documents—they include directives that dictate what happens if you become incapacitated:

Medical Directives – Who makes healthcare decisions if you can’t? What are your medical wishes in terms of life sustaining care?
Power of Attorney – Who can access your finances and manage your affairs if you are unable to do so?
Guardianship Designations – Who will care for your children if something happens to both parents?
Trusts & Wills – Who inherits your assets, and under what conditions?

You Already Have an Estate Plan—It’s Just Not Yours

If you haven’t legally documented your wishes, the state has a default plan for you. This means:

The court determines guardianship of your minor children. This should terrify you.
Your assets go through probate, which can be expensive and time-consuming when you have not proactively created an estate plan.
A judge (not you) decides who controls your finances if you are incapacitated. Will that person or entity control your finances in the way you would want?
Your medical decisions may be left to family members who don’t know your preferences, or the doctors who are treating you.

For BigLaw attorneys—especially those with substantial income, assets, and dependents—this lack of planning can create an expensive, emotional nightmare for loved ones.

Estate Planning as a Strategic Financial Move

Many BigLaw attorneys prioritize tax-efficient investing and wealth accumulation, but estate planning should be viewed as a critical part of your financial strategy. Without proper planning, legal fees and possibly even estate taxes can significantly reduce what you leave behind. A well-crafted estate plan can:

Minimize administrative costs and possibly reduce estate taxes, to the extent your wealth would be subject to them. As of this writing, a person’s wealth has to be very substantial to risk estate taxes, but in different political policy climates, estate taxes can be a real concern for many people.
Ensure assets are distributed efficiently and according to your wishes. If you have a home that you want to leave to 3 children, do you want them in a position to have to sell the home to raise cash and haggle with each other over the selling process, or even whether to sell it at all? If you have assets in multiple jurisdictions (i.e., states), do you want your family to have to bear the expense of probate in multiple locations? If your original intended beneficiary has pre-deceased you, do the assets go to that person’s child(ren) or to another person?
Protect assets from unnecessary legal entanglements. Die without clear, legally binding instructions and unfortunately, family and friends may become foes with one another. It is not uncommon for loved ones to become embroiled in legal battles when a decedent’s intentions were not clear. In addition, some estate attorneys make recommend the creation of a trust to handle more complex issues and/or to better control the timing and disposition of assets.

Getting Started: The Essentials of a Strong Estate Plan

Work with an Estate Attorney – DIY solutions won’t cut it for high earners. A legal expert ensures your plan is valid and aligned with state laws. We cannot stress this enough - You may think that your situation is simple, but it is almost certainly not!
Designate Beneficiaries & Guardians – Make sure your assets and children are protected according to your wishes. This alone should be reason enough to get the documents in place. You have not worked as hard as you have to get where you are, only to risk having your children’s lives determined by the court system that does not know you, does not know them, nor have the time/expertise to care for your children the way you and your loved ones would.
Set Up a Power of Attorney & Medical Directives – On the one hand, you can avoid court-appointed guardianship if you’re incapacitated, which is obviously important.

However, potentially just as impactful, you can prevent your loved ones from being in the dark and having to guess as to your wishes, and potentially be at odds with one another and/or the medical team.
Consider a Trust – This can be a powerful tool to bypass probate, control asset distribution, enhance privacy, and minimize taxes.
Regularly Review Your Plan – As tax law, your career, wealth, and family situation evolve, so should your estate plan. Make it a point to review your estate plan annually to make sure it has kept up with the times.

Final Thoughts

For BigLaw attorneys, estate planning isn’t a luxury—it’s a necessity. If you haven’t taken the steps to draft a legally binding plan, now is the time. Failing to do so means leaving critical decisions in the hands of the court system, rather than those you trust, as well as putting your loved ones in an impossible position at the worst possible time.

Get in Touch: Contact@ConcertPlanning.com

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