Trusts and estates law touches people at several pivotal moments in life, such as when a parent dies, when they plan their own affairs, or when a spouse dies. On top of that, nearly 20% of the U.S. population will be over 65 in the coming years, and an estimated $100 trillion in generational wealth is set to change hands. So demand for estate planning attorneys will be on the rise. Instead, as Professor Tippett observes, the number of trusts and estates practitioners keeps shrinking. Most Big Law firms have eliminated their trusts and estates practice groups, judging the work less lucrative than M&A or litigation. Tippett warns of the cost to society if this area of law is left to self-help online tools. "Trusts are ubiquitous, and they are critical to legal matters ranging from real estate to divorce to corporate practice," he says. Without attorneys to answer what are often sophisticated questions — who can legally approve a transaction, who can sign, what trust ownership means for a deal or a lawsuit — litigation in this area will only increase. Tippett called on law schools, many of which don’t offer a trusts and estates course, to rebuild expertise in this area before the gap widens further.
