Trust Software 101: A New Way Of Creating An Estate Plan

Trust Software 101: A New Way Of Creating An Estate Plan

The Estateably Team
October 12, 2023

Estate planning is an important part of life, regardless of a person's financial and personal situation. If you are an attorney handling estate planning, you should look for ways to make the process easier for your client. For instance, you can get an estate planning software that will help the process become more efficient.

Learn more about estate planning and the advantages of technology when you continue reading.

Why Does One Need an Estate Plan?

Estate planning is important because it determines how a person's assets will be passed on to their family members after they pass away. Without an estate plan, distributing assets can be difficult and confusing. Not to mention that family can have to spend large amounts of money and time pursuing the assets. To avoid these problems, people should create estate plans that manage the distribution of assets.

An estate plan is a combination of documents and activities. The documents comprise a will, trusts, and beneficiary designations. The activities include creating financial and personal documents and planning for end-of-life care.

What Are the Essential Elements of an Estate Plan?

1. Beneficiaries

Estate planning begins with the creation of a beneficiary designation. This document names the people or organizations that will receive a person's assets after they die. A person can name beneficiaries for their retirement accounts, life insurance, burial funds, and other assets.

2. Wills and Trusts

A will is another critical document that provides instructions for how a person's assets should be distributed after they pass away. When a person passes away, their will becomes legally binding.

On the other hand, a trust is a document that gives a person the right to control an asset or property. Not every estate plan includes a trust, but it is an important part of one. Anyone with a property that they want to keep protected should consider setting up a trust. 

3. Guardianships

Anyone who has minor children or other family members that require someone to care for them should consider guardianship. A guardianship is a set of documents that allows a trusted person or organization to care for a child or another person when the parents or guardians are unable to do so.

4. Healthcare Power of Attorney

A healthcare power of attorney is a document that gives a person the right to make healthcare-related decisions for another person. This document is important for anyone with a family member or another loved one with a disability. The representative will be able to make the decisions for them, but only if the other person is not able to do so.

5. Durable Power of Attorney

A durable power of attorney is a document that gives someone the ability to make financial decisions for another person. For instance, a person can set up a durable power of attorney that will allow their loved one to make financial decisions if they are in a coma or another incapacitated state.

What Is a Trust Software?

Technology can improve the process of estate planning. All of the documents and activities involved in the estate planning process should be managed electronically.

Trust software is also known as digital trust software or estate planning software. These programs are used to simplify the estate planning process for the attorney and their clients. Instead of using physical documents to create a trust, the attorney can create these documents via a computer program.

With a trust software, an attorney can create a trust program or document with just a few clicks of the mouse. They can also use the program to transfer the trust to the client. This makes the process easier for both the attorney and the client.

How Can You Choose the Right Trust Software for Estate Planning?

1. Features

A good trust software will have a wide range of features. These features can make the process of creating an estate plan more efficient. For instance, a good software should include features that allow you to create documents and activities, manage documents, and track the progress. 

2. Ease of Use

An estate planning software should also be easy to use. The software should have an intuitive interface that will allow users to create, manage, and track their documents. The software should also be customizable for the needs of your clients. If a person can easily create an estate plan, they will be more likely to do it.

3. Compliance

Technology is great, but it can also cause problems. Some software is not compliant with certain regulations, which can create problems for users. You should only purchase a trust software that is compliant with regulations in your area.

4. Compatibility

When you are looking for an estate planning software, you should also consider compatibility. A good software will be compatible with your operating system, whether you are using Windows, Mac OS, or a mobile device.

5. Cost-Effectiveness

The cost of an estate planning software can vary greatly. To help you find a software that will meet your needs, you should look at the initial cost and the cost of annual maintenance. You should also consider the cost of other add-ons, such as document templates.

6. Security and Reliability

An estate planning software should be secure and reliable. Any information entered into the software should be safe, and the software should be reliable at all times. This will ensure that the information is always accessible, and that your clients can trust the information in the software.

7. Support

Many people will want to receive support from their estate planning software team. A good software will include a help section, an online community, and other support options. The information provided by these resources should help you create an estate plan that is appropriate for your clients.

8. Customer Reviews

Before you purchase a trust software, you should check reviews for it. You can find reviews for software on the Internet, which will provide useful feedback. If your clients use the software, you should also ask them for feedback.

Final Thoughts

Estate planning is an important task, regardless of a person's financial and personal situation. By using software designed for estate planning, you can make the process easier for your clients. These software programs will help you create a thorough and dynamic estate plan, which can potentially save your clients thousands of dollars in court costs and family arguments.

Make the estate planning process smoother for you and your client with Estateably, a trust software for attorneys. Contact us today to learn more.

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