It is estimated that the Baby Boomer generation will transfer more than $120 trillion to succeeding generations.[1] This so-called “Great Wealth Transfer” will reverberate in the will, trust, and estate area of practice (“w/t/e AOP”) for years to come. Liability exposure risks for w/t/e lawyers accompany this staggering amount of money.
When an estate contains significant assets, stakes are raised and emotions among beneficiaries, actual or purported, can become volatile. Add in the complexity and evolving nature of the w/t/e AOP and lengthy time horizons, where statutes of limitation can be tolled for decades, an environment exists where malpractice claims arise frequently[2] and can be difficult to defend.
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