Did you know that 60 percent of all Americans lack a proper will? Well, according to a survey conducted on how Americans prepare for the end of life, only our in ten people have a living trust.
But, have you ever wondered what potential complications might arise if you passed away before writing the last will?
An intestate death is a situation where a person without a will dies. . When it happens, intestacy laws determine how they will distribute your property. The laws govern the administration of assets such as bank accounts, securities, real estate, and other property.
The laws will not distribute property how you would have wanted to do it.
Well, if you want to spare your loved ones all the inheritance hassle of chasing after your property after you have passed on, I will help you understand what estate plan software is and how it can help.
The Importance of Having a Last will
Most people prepare their last will because they want to avoid the probate process. There are bigger benefits that come with planning, than avoiding legal complications:
- You get to decide who will take care of your children: If you were to die and leave behind minors, a will determines who their legal guardian will be until they reach legal age.
- You can dictate how they will educate your children, healthcare choices and other crucial decisions about their lives.
- You will decide how and when hey will release your estate to your underage children.
If you already have online wills in place, you have to keep adjusting it to match any changes happening in your life. For instance, giving birth, getting married and loss of a loved one are changes which will affect the structure of the last will.
These updates are one of the reasons why estate planning software triumphs the traditional manual methods.
1.The Software Simplifies the Planning Process
Most people live with the assumption that estate planning is a complex and time-consuming undertaking. It is true that there are aspects of estate planning that are complex and need a lot of attention. Using software makes things simple.
The software’s design simplifies the estate planning process. The software incorporates the programs needed to and assemble and change important documents. The system puts all documents in one central location, improving accessibility.
Planning for the end of life is more rewarding when processes are simple and streamlined.
2.You Reduce the Cost Incurred in Estate Planning
Estate planning is an undertaking which costs a lot of money. Property owners look for help from law firms and other estate planning agencies that give them the best value for their money. The software reduces the possibility of mistakes happening in the planning process.
Superior quality software also speeds up the estate planning process. As a result, the planner and client get more time to interact with clients and listen to their needs.
The time you have to spend juggling documents and to harmonize information is reduced. This leaves you with all the time you need to focus on the most important things.
Estate planning before death also helps you cut out court and tax expenses. These are costs which often come out of the probate process. The probate process involves lawyers who will charge legal fees and taxes.
Planning a living trust allows you to transfer your assets to named beneficiaries. This is done in the absence of the court, which cuts down on costs.
3.Planning Software Boosts the Security of the Planning Process
Estate planners have to deal with a lot of sensitive documents and information. Some of this information includes details such as:
- Medical preferences and history
- Interfamily relationships
- Financial assets
- Documents which confirm ownership of real estate property
All this information is very sensitive. It could lead to losses and other serious consequences if it fell into the wrong hands. With quality estate planning software, the information is kept safe and builds client trust.
4.Software simplifies the management process
Estate planning should be easy and hassle-free for you as the planner and your clientele. If you are curating the software for use in legal settings, you will help boost your staff’s confidence. The use of the technology at their disposal makes their work manageable.
The do it yourself will software is easy to understand and use. Simplicity aids the management of tasks.
Before purchasing the software, vendors normally offer demos. You can also access free trials for certain programs. The trials will help you figure out if the software is suitable for you or not. After the test run, you will adopt the system that works best in your situation.
5.Estate Plan Software Provides Client-Friendly Estate Planning
As a practicing lawyer, know that your clients come first in everything you do. Handling estate planning processes manually are tedious. When clients are forced to handle the work manually, they are likely to have problems with your efficiency.
Proper estate planning software for lawyers comes with document formats which are easy to read and edit. You can format documents to the specifications of the client. It also formats in the most convenient way possible.
Clients generally prefer lawyers who simplify the estate planning process and make it understandable.
The simplicity of the language and the processes will attract older clients, and keep them within your firm. When a client understands what is happening, they feel empowered to continue working with you.
Customer support is another crucial aspect of client-friendly estate planning. The best software vendors offer lifetime customer support. The value added service keeps you and the estate owners happy.
If there are technical hitches, you can contact customer support and have the issues resolved. Easy resolution of hitches wins the loyalty and support of your clients.
Taking the Right Action
Online wills are the newest and simplest way to plan your estate with very little supervision from a third party. You have to register on the site and fill out your important details.
After giving basic information, you can start customizing your last will. If you need the most reliable estate planning software, contact us, and check out our services page. We will help you plan and simplify the transfer of your property to your loved ones when you pass on.