2024 Trust & Estate Planning Trends: Key Insights from the WealthCounsel Industry Report

As the trust and estate planning field evolves, legal professionals must stay informed about emerging trends. Failing to do so can make it harder for firms to remain competitive and provide great client services. The 2024 WealthCounsel Industry Trends Report, in collaboration with Estates & Trusts magazine and Informa Engage, offers valuable insights into how the industry adapts to new technologies, changes in regulations, and shifts in client needs. 

Let's explore the key takeaways from the report. We’ll focus on technology, the impact of generative AI, compliance challenges, and the career satisfaction of estate planning professionals.

The Professionals Behind the Data: A Look at the Respondents

The WealthCounsel Industry Trends Report 2024 gathered insights from 172 legal professionals specializing in trusts and estates. The majority of respondents (55%) reported that most or all of their practice is dedicated to trusts and estates. The report included a diverse mix of professionals, with 28% employed by boutique trusts and estates firms and 26% as partners in larger firms with a dedicated trusts and estates department. Additionally, 28% of respondents are solo practitioners, showcasing the range of practice types in the field.

How Technology is Transforming Estate Planning Practices

Technology has become essential to modern estate planning, helping law firms increase their efficiency and improve legal counseling. According to the report, more than half (55%) of respondents reported using technology platforms for estate planning drafting, with WealthCounsel being the most popular choice.

These toolsets are designed to enhance accuracy, reduce manual tasks, and enable estate planning professionals to focus more intently on providing strategic advice to their clients. Integrating such technologies into legal workflows has become a significant advantage for law firms aiming to deliver reliable counseling to clients.

Key Insight: Law firms that adopt digital tools for estate planning will benefit from greater efficiency, accuracy, and client satisfaction. According to the report, firms see technology and AI as positively impacting marketing efforts, bottom-line results, and client experiences. In fact, 65% of respondents believe technology will play a critical role in client communication, allowing them to deliver a more efficient and personalized service. 

Generative AI: A New Tool in the Estate Planner’s Toolkit

One of the most exciting and disruptive trends in the legal industry is the rise of generative AI, and estate planning is no exception. Nearly half (49%) of respondents reported using generative AI tools like ChatGPT primarily to create marketing content, draft presentations, and assist in document creation.

Despite its growing popularity, AI adoption has its challenges. Privacy concerns, questions about intellectual property, and doubts about the quality of AI-generated content have made some professionals cautious about fully embracing AI. Additionally, many estate planning professionals worry about the potential impact on non-attorney jobs, with 46% believing AI will threaten roles like paralegals and support staff within the next five years.

Key Insight: AI offers significant productivity benefits, but it must be treated as a tool rather than a complete solution. AI should always support, not replace, an attorneys’ judgment and expertise. Best practices for using AI include setting clear parameters for privacy, verifying the accuracy of AI-generated content, and ensuring the output aligns with client needs. Thoughtful AI integration can enhance efficiency without compromising the personalized quality of service that clients expect.

Navigating the Corporate Transparency Act and Other Regulatory Changes

Compliance is a growing concern for estate planning professionals. The introduction of the Corporate Transparency Act (CTA) has added a new layer of complexity. The report reveals that 80% of respondents believe some clients will need to report Beneficial Owner Information to FinCEN under the CTA.

This requirement poses a challenge for law firms, especially those serving high-net-worth individuals with complex financial structures. Firms must help their clients navigate these regulations to ensure compliance while minimizing legal risks. Many firms are exploring technology solutions to assist in automating the reporting process and reducing the administrative burden on their teams.

Key Insight: Law firms must proactively ensure clients comply with regulations like the CTA. By leveraging legal technology designed to support compliance, attorneys can facilitate reporting processes, ease burdens, and reduce the risk of errors.

Career Satisfaction Remains High in Estate Planning

Estate planning professionals report high levels of career satisfaction, highlighting the field’s rewarding nature and stability. According to the report, 65% of respondents are highly satisfied with their careers, and 39% would recommend trusts and estates as a career path to others.

With an average tenure of 24 years in the field, estate planning professionals are experienced and committed to their craft. Many find the work rewarding because of the deeply personal relationships they build with clients and their impact on helping families secure their legacies. In addition, technology plays a positive role in this satisfaction by simplifying administrative tasks. This enables professionals to focus more on client relationships and strategic planning rather than paperwork.

Key Insight: Estate planning continues to be a fulfilling and stable career path. Firms should focus on retaining top talent by supporting their development, providing growth opportunities, and adopting technology that enhances the quality of their work and interactions with clients.

Preparing for the Future: Trends and Opportunities

The future of estate planning will be closely tied to evolving technologies and an increasingly complex regulatory environment. To support success, attorneys can leverage WealthCounsel’s report, highlighting advancements shaping the industry over the next decade, such as the rise of AI and more robust compliance measures. Whether integrating new legal AI tools or staying ahead of regulatory changes, law firms need to remain agile and forward-thinking.

Key Insight: Law firms must embrace innovation and continually refine their approach to client service, technology integration, and compliance.

Conclusion

The 2024 WealthCounsel Industry Trends Report explores the evolution of the trust and estate planning industry. From the rise of technology and AI to the challenges of new regulations, professionals are adapting to a rapidly changing landscape. Yet, career satisfaction remains high, with opportunities for firms that embrace innovation and proactive compliance.

To stay ahead, law firms should consider investing in an all-in-one legal software like LEAP, which features an integration with WealthCounsel. By leveraging LEAP’s award-winning solutions, estate planning professionals can streamline workflows and access robust tools for drafting, client management, and document automation. Through enhanced compliance, efficiency, and accuracy, firms can deliver exceptional client services and grow their practice for years to come.