Legal Question in Wills and Trusts in New Jersey

Re: wills

Preparing wills, trust and other estate planning documents requires a licensed attorney. As a CPA you may be aware of some of the issues, but attorneys have extensive education and training in the legal implications of the estate planning documents. CPAs typically do not take the many courses in wills, trusts, real estate, business transactions and estate taxation and planning the are required of attorneys. Frankly, you would not be doing your clients a favor by having them miss the opportunity to have their estate professionally planned by an attorney.

Re: wills

While you may have some expertise and training, plus know tax laws, there may be many instances where the services of an attorney proficient not only in tax law, but also familiar with the nuances of probate matters, inheritance laws, family law and other matters depending upon the complexity of the estate, the various assets involved, family dynamics, business law, etc. I have found in my 35+ years of this practice that many Wills with which I was and am involved go beyond mere tax planning (estate and income). There may also be lifetime planning involved, with the use of trusts, family partnerships, LLCs or other entitites that go beyond the pure financial expertise of a CPA. I have many CPAs that consult with me, or who are my clients, just for those reasons. But the best reason to reconsider what you are doing, is the possible claim that may be made against you, if you miss something, for practicing law without a license or possibly malpractice.

Re: wills

I see potential malpractice exposure, although you may enjoy a wealth of knowledge about will preperation, I would strongly discourage you to participate in this area. Also, the issue of not having a lisence is to be considered. I would suggest that you remain within your field of expertise and allow the lawyers who are estate planners address these issues.