According to, only 40 percent of adults in the U.S. have will and trust insurance. It gets worse: almost 80 percent of the millennial generation and about 65 percent of Generation X don't even have a will!

Fortunately, there are trust attorneys out there that can help people with their estate planning needs. 

If you're a lawyer who needs a simple way to document a living trust, then your search is over. Here's how to find the best trust software for attorneys in 2019.

What is Legal Trust Software?

You might be wondering: what is legal trust software?

Basically, legal trust software manages the financial aspect of your client's trust account. This is an essential part of the estate planning process.

Not only is trust software easy to use, but it's also a great way to prepare client-friendly documents. This will come in handy when it's time to help someone disperse a loved one's assets.

That being said, there are several reasons why attorneys use legal trust software, such as:

  • Receiving an advance fee or retainer from your customer.
  • Keeping settlement funds for customers.
  • Keeping your client's funds as a trustee.

Bottom line: It's super important to keep these funds separate from your personal account if you're a trust lawyer. Why? Because it's against the law.

Here's the kicker: your legal trust will usually qualify for the Interest on Lawyers Trust Accounts (IOLTA) program too. That means that the interest from your trust account will be collected to help out lower-income families.

Plus, the IOLTA program is available in every single state in the country!

In fact, the IOLTA program will automatically put your customer's funds into an IOLTA account if the amount of money is too low to earn money for your client.

But there's a catch: the IOLTA program is also preprogrammed to send money to your customer if the amount is high enough or kept for long enough to gain interest for their account.

Essentially, The IOLTA program will do all the work for you. That means less paperwork and more profits!

Perks of Trust Accounting Software

First of all, your law firm needs to keep its technology up-to-date. Why? Because a large majority of potential clients are tech-savvy millennials. 

While the lawyers of the past relied on will seals, wax, and leather-bound covers, the attorneys of the future are using trust software to meet all of their document preparation needs.

Still not convinced? Benefits of using trust software include quickly filing documents like: 

  • Wills and trusts
  • Power of attorney paperwork
  • Estate and trust portfolios

Another perk of trust accounting software to make sure that their paperwork complies with bar requirements.

Are you someone who charges your clients by the hour?

Typically, the most common kinds of lawyers that charge hourly are:

  • Family attorneys
  • Divorce attorneys
  • Will, trust, and estate attorneys
  • Civil attorneys
  • Commercial attorneys
  • Bankruptcy attorneys

Sound like you? Then you've probably received retainers for work. These funds help pay your client's bills for them. However, it can get confusing to make sure that everything is kept in the right place.

That's where trust accounting software comes in. It can help your law firm to track billable rates, time spent, and expenses. Not only that, but it will also create an invoice for you too. 

All that you have to do is put the retainer into your trust software as soon as you get it. Once you've done that, it's simple to transfer from account to account when necessary. 

Plus, trust software can also help you to store administrative documents, remind clients to make payments, and send out low retainer reminders to customers. 

Best Trust Software of 2019

Looking to digitize your will, trust, and estate planning information at your law firm? Don't forget to do your research first to find the best price.

Luckily, we've done the hard part for you. Here's the best trust software of 2019.

Some of the top-rated trust accounting programs are:

  • Clio 
  • Tabs3
  • PracticePanther Legal

What is Clio, exactly? Clio is unique because it stores all of your legal documents in the cloud. This program is fantastic for small to midsize law practices.

That's not all. Clio also has a special timekeeping feature that will help you stay organized for events on a daily, weekly, and monthly basis. Additionally, it'll show your financial targets and your progress on your screen too. 

What's the real deal about Tabs 3 Software? If you're looking to manage your practice, caseload, and accounting documents in one place, then Tabs3 is the perfect choice for you.

It gets better: Tabs3 automatically tracks the time that you've spent on a client's case and turns it into hourly fees that can be sent to your client. You can even set rates in advance, make invoices, or process credit cards with this program as well.

Lastly, we highly recommend that you try out PracticePanther Legal Software. This is especially useful for lawyers in the following sectors:

  • Bankruptcy 
  • Personal damages
  • Divorce paperwork
  • Estate planning preparation
  • Criminal law

Want to know the best part? You can use PracticePanther Legal Software on both Mac and PCs!

It's Never Too Late to Get Trust Software

So, how do you find the best trust software for your firm?

We're glad that you asked. With our help, setting up your trust accounting software set up should be a breeze!

Still don't know where to start? Check out our website to schedule a demo today!

 Beyond Counsel's consultants love talking legal tech. 


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