Trust and Estate Law Explained
Trust and estate law encompasses the subject matter related to administering, protecting, and transferring an individual’s wealth through various legal means before and after death. It is a critical discipline within estate planning and wealth management offering individuals and families a way to efficiently align their wealth with their values and goals. Coordinating and selecting an array of legal, tax, investment, and personal financial strategies should be accomplished around a comprehensive plan specifically designed to address the unique needs of the family. Asset protection, trust usage, tax mitigation, regime coordination, succession planning, retirement, and estate planning are some of the more common issues that require analysis and navigational assistance by experienced trust and estate lawyers.
Trust and estate lawyers guide their clients in planning for and administering a comprehensive set of issues. Planning for the future is an essential component of all trust and estate legal work. This involves planning for the period during an individual’s life , referred to as lifetime or inter vivos planning, through the use of properly designed client-centered documents construed under state law. These documents include wills and revocable trusts which coordinate the ultimate transfer of an individual’s property at death and include advance estate tax planning, incapacity planning, titling and beneficiary designation issues, and probate avoidance in selected cases. For the period after an individual’s death, a trust and estate lawyer assists individuals, executors, and trustees with non-judicial and judicial administration of trusts and estates. This includes the payment of debts, distributions to beneficiaries, the preparation of fiduciary accounting records, tax filings, and the distribution of trust and estate assets. Depending upon the size and complexity of the estate, estate administrations can be accomplished privately through non-judicial trusts and estate administration procedures or are conducted in court through formal proceedings.
How We Rank The Best Law Firms
Our list of Top Trust and Estate Law Firms includes the largest firms that have a specialization in trust and estate law. This article categories these firms in order to provide a better understanding of how they relate to various parts of the market. The primary factors considered in order to rank the largest law firms are size of the firm, amount of attorneys with a specialization in trust and estate law, geographic footprint, and size of client portfolio.
Best Trust and Estate Law Firms Profiled
With over a century of experience in serving clients’ needs, Molesworth, McClatchy, Alves & Coburn has established a stellar reputation among California’s top trusts and estates firms. The firm represents some of the wealthiest individuals and families in Northern California, including business owners, corporate executives, professionals in the technology and finance industries, and fiduciaries such as banks and trust companies. Its lawyers provide clients with a range of services related to estate planning and asset preservation, fiduciary and trust administration, and litigation. The firm’s lawyers are leaders in the trusts and estates law field. They have held leadership roles in local, state, and national associations, including the American College of Trust and Estate Counsel (ACTEC), State Bar Trusts and Estates Executive Committee, and Professional Fiduciaries Association of California.
Hailey, McKinley & Eldredge specializes in trust and estate litigation on behalf of injured beneficiaries and opposing trustees and executors. The firm advocates vigorously on behalf of our clients to recover stolen assets, obtain compensation for fiduciary misconduct, and enforce the various legal rights of account holders. The firm is also experienced in protecting or challenging fiduciary fees, no matter the source of fees and damages. The majority of the firm’s litigation clients are referred by California lawyers and judges who understand the critical benefits of retaining quality probate representation. Large and small, the firm identifies and engages the right expert witnesses and litigators to resolve even the most complex trust and inheritance cases. The firm believes that litigation is inherently bad for families, but sometimes necessary to protect the interests of family members and to achieve compliance with the law by fiduciaries.
High net worth families in Massachusetts and throughout the country turn to Goodwin Procter for counsel in trusts and estates matters. With decades of experience in estate and lifetime planning services, the firm’s lawyers help clients structure their personal, financial, and estate plans, assisting with a wide range of issues including business succession, charitable organizations, and marital agreements. Fiduciary clients include private trustees, wealth managers, private banks, and trust companies. The firm’s private client lawyers serve as executors and administrators, carry out the settlement of estates, and provide other services to fiduciaries and beneficiaries. The firm is also highly regarded for systematizing the estate administration process for fiduciaries. The firm’s tax lawyers, specializing in trust and estates matters, provide counsel to high net worth clients, both in domestic and offshore trust and estate matters, as well as to private banks and other trust companies in connection with business transactions, individual trusts, estate planning, and trust and estate administration. The firm does this and much more, all while providing the highest levels of client service, council, and responsiveness throughout the process.
Trust estate attorneys at Holland & Knight are widely acknowledged for their expertise representing high net worth families in complex drafted estate and financial plans, as well as in high-stakes related litigation. Without unnecessary complexity or expense, the firm’s lawyers focus on the global context of estate plans, helping clients obtain the maximum benefits of estate and generations-skipping transfer tax exemptions, while effectively addressing the unique needs of special needs trusts and family business succession planning. Holland & Knight trust and estate attorneys recognize the sensitivity of many issues involved in both planning and litigation matters, helping its clients navigate the minutiae with discretion and professionalism. The firm’s attorneys are recognized by peer-reviewed directories as leaders in the field and are also frequent authors and speakers. The firm has a number of attorneys who focus on cross-border estate and generational planning, with deep knowledge of the many related tax and probate matters affecting private and charitable estates both inside and outside the U.S.
Hugh Wood established his trust & estates firm in Honolulu more than three decades ago, and since then, much of the work done by his associates and partners in the Pacific region has been in connection to his established family of clients. As such, Hugh Wood Attorneys at Law, A Law Corporation, is an office of people with a deep understanding of each client’s concerns and the most effective and common-sense solutions for their needs. Although this firm rules out advertising in most standard ways, it is well-connected in Hawaii. While many clients came through direct referrals to Hugh himself, his associates, and largely his partners who’ve stayed through the years, are now overseeing a network of similar referrals.
Areas of Expertise and Services
These premier law firms go beyond the standard services offered by most law firms. In addition to dedicating their entire practices to Trust and Estate law, the majority of these top firms boast concentrations in the more specialized areas of Estate Planning and Administration, Trust Administration, Estate Taxation and Trust Litigation. For instance, Stewart R. Hecht, P.A. (Coral Gables, FL) offers a unique estate planning service: a no-cost "Family Wealth Preservation" seminar open to the public. This seminar, developed by Hecht, "tackles topics such as the steps necessary to avoid the courts and attorneys fees, protect against families losing everything to the nursing home, and helping families to achieve special tax protections for children with articular disabilities." Other unique services discussed on the firm’s website are trust management services for older, less sophisticated clients and exhaustive analysis of disability issues for individuals and couples.
Like Hecht, The Law Offices of Paul K . McClain (Miami, FL) has a focus on wealth preservation, holding seminars and offering no-cost consultations to families concerned with protecting their assets from the catastrophes of nursing home expenses and unnecessary taxation.
With the rise of the elder law practice that encompasses all of estate planning, trust administration, estate taxation and counseling on such issues as Medicaid, senior housing and financial long-term care planning, many of the Top Trust and Estate Law Firms of 2023 have developed proprietary software which aids them in providing their clients with thorough and timely advice. For example, the attorneys at Godrova and Associates, P.A., (Naples, FL) developed "Trust Armor," a highly customizable Word document designed to alert clients and their trusted advisors to any change which may necessitate review and possible amendment of estate planning documentation.
Despite the specialization of each firm, there is clearly an overlap of services provided, since the ultimate goal of each firm is to assist individuals and families with transferring their assets in the most efficient and effective manner possible.
Experience and Credibility of Top Firms
A hallmark of the list is the expertise and credibility of the attorneys within the firms. At these leading firms nationwide, the lawyers have a high level of experience, a deep well of knowledge in the law, and a familiarity with the inner workings of the law. Many have lectured in the fields that they specialize, written authoritatively on trusts and estates topics, and participated in the important organizations in the field. Memberships, certifications, awards, and peer references are simply part and parcel of the group at top firms.
Many of the lawyers on the list are accredited estate planners as certified by the National Association of Estate Planners and Councils. This credential indicates first and foremost that the attorney focuses the majority of his or her practice on estate planning and probate, and many have obtained the designation after participating in this blog and have gained experience representing clients through the process. Attorneys at these law firms also frequently possess advanced academic credentials such as LL.M.s in taxation and degrees from elite New York City and Ivy League law schools. Several lawyers on the list have also received distinctions and awards for their work in the field of trust and estates, such as an AV Preeminent rating by Martindale-Hubbell or recognition by Super Lawyers.
Trust and Estate Law Trends
As we look towards the future, it is likely that top trust and estate law firms will face numerous challenges that will test their capabilities and push them to innovate. One of the key future trends is the increasing complexity of clients’ wealth. With the rapid globalization of the economy, clients may have assets in multiple jurisdictions, making cross-border estate planning more complex than ever. A recent report from Wealth-X found that the number of ultra-high-net-worth individuals is expected to grow by 20% over the next 10 years, presenting a major challenge for attorneys who must stay abreast of international laws and tax regulations.
Technological advancements are poised to transform the trust and estate landscape in the coming years. Blockchain technology may simplify the process of transferring assets and holdings, though its adoption in legal practices remains uncertain. At the same time, new software tools are being developed to help firms automate administrative tasks, leading to both greater efficiencies and potential job losses.
One challenge that is already beginning to emerge is the competition from robo-advisors. These automated platforms have gained popularity in recent years, particularly among younger clients . While many experts believe that robos will be complementary to traditional law firms rather than replacing them, they do represent a threat to more traditional fee structures and billable hours. Moreover, the changing demographics of wealthy individuals means that younger clients may become increasingly important in the coming years. These clients are likely to have different priorities than their parents or grandparents, placing a premium on entrepreneurship or social impact investing, for example. Trust and estate law firms will need to adapt to these changing preferences to remain competitive.
Regulatory changes are also likely to create challenges and opportunities in the coming years. The passage of the Tax Cuts and Jobs Act in 2017 has already increased the estate tax exemption to $11 million for individuals and $22 million for couples, raising questions about the future role of trusts in estate planning. It is uncertain whether this higher exemption will be extended after 2025, when the law is currently set to expire. At the same time, other regulations—such as the Common Reporting Standard (CRS)—designed to promote international tax transparency and combat money laundering, are also reshaping the field. These developments will put pressure on top trust and estate law firms to evolve and meet the needs of a rapidly changing client base.