Most estate planning attorneys would agree that managing estates involves cumbersome paperwork and asset tracking.
Revolutionary new legal software for estate planning promises to streamline document creation, collaboration, and asset management for improved efficiency.
In this professional review, we will compare top solutions like Westlaw and LexisNexis while outlining critical features and best practices for successfully leveraging this emerging legal technology.
Introduction: Revolutionizing Estate Management
Estate planning software is transforming how attorneys manage wills, trusts, asset distribution, and other facets of estate administration. By automating document generation, centralizing estate data, and streamlining workflows, this software enables practitioners to work more efficiently while reducing risks.
Essential Features of Estate Planning Software for Attorneys
Estate planning platforms offer attorneys a range of capabilities to enhance their practices:
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Document Automation - Pre-built templates, questionnaires, and workflows to swiftly generate customized wills, trusts, deeds, and other documents accurately and efficiently.
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Data Centralization - Consolidate asset inventories, evaluatory details, ownership information, appraisals, etc. in one secure database for easy access and reporting.
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Task Management - Calendar important deadlines, set reminders for follow-ups, assign actions to staff to keep the estate administration process organized.
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Collaboration Tools - Securely share documents with clients and beneficiaries to facilitate real-time reviews, approvals and e-signatures.
Enhancing Efficiency: The Benefits for Legal Practitioners
Estate planning software delivers numerous advantages over traditional manual methods:
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Increased Efficiency - By automating repetitive tasks, lawyers can prepare customized plans faster and handle more clients.
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Lower Risks - Reduced chances of errors in documents through standardized templates, data validations, and version tracking.
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Enhanced Client Experience - Clients appreciate 24/7 access to review documents and asset inventories through client portals.
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Better Insights - Detailed reports on asset allocation, ownership transfers etc. help lawyers provide proactive advice to executors and beneficiaries.
By transitioning certain facets of estate administration to purpose-built software, attorneys can elevate their practices while providing an exceptional service to clients.
How often do most experts recommend reviewing your estate plan?
Most financial advisors and estate planning attorneys recommend reviewing your estate plan at least every 3-5 years or whenever you experience a major life event. This ensures your plan remains up to date and aligned with your current goals and circumstances.
Below are some common life events that typically trigger an estate plan review:
- Marriage or divorce
- Birth or adoption of a child
- Death of a spouse or beneficiary
- Purchase of a new home or property
- Sale of a business
- Retirement
- Changes in tax laws
- Inheritance received
- Health changes
Ideally, you should review your core estate planning documents like your will, trusts, powers of attorney, etc. any time there is a meaningful change that could impact your plan. For example, getting married requires you to update beneficiaries and executors. Having a child means naming guardians and creating education trusts. Retiring may change your cash flow and how you want assets distributed.
Beyond major events, most experts suggest revisiting your estate plan every 3-5 years as a best practice. Income, assets, family dynamics, laws, and priorities shift over time. A periodic review ensures your plan adapts accordingly and carries out your wishes. It also gives you peace of mind knowing your estate will be handled as intended.
With an up-to-date estate plan tailored to your current circumstances, you can effectively minimize taxes, avoid probate delays, protect assets, and provide for loved ones after your lifetime.
Is FreeWill safe to use?
FreeWill is recognized as one of the leading providers of online estate planning services and software. They are an Accredited Business with an A+ rating from the Better Business Bureau (BBB), demonstrating their commitment to customer service and ethical business practices.
Specifically regarding safety and security, FreeWill utilizes bank-grade 256-bit SSL encryption. This ensures all data transmitted through their software platform is securely encrypted and protected. In addition, FreeWill does not directly hold or store users' data, but rather integrates with established industry-leading storage providers. This limits FreeWill's access to sensitive data while leveraging specialized third-party security and compliance measures.
With strict data permissions and access controls in place, users maintain ownership and control over their documents at all times. Legal advisors affiliated with the FreeWill platform are also bound to client confidentiality rules. Overall, users of FreeWill can have confidence their sensitive data remains private and secure.
While no system is completely without risks, FreeWill's security protocols, third-party compliance, legal protections, and reputation make their online estate planning software a trustworthy choice for creating airtight legal documents safely. Their credentials provide assurance to users that appropriate safety measures are a priority.
Is LegalZoom good for wills?
LegalZoom provides a low-cost option for creating basic wills online without an attorney. However, there are some downsides to consider.
While LegalZoom's will software is designed to stand up legally in most states, there are complexities in estate planning that it simply cannot address. For example, LegalZoom wills do not adequately cover issues like:
- Setting up trusts or bypass trusts
- Complex asset division for blended families
- Naming guardians for minor children
- Tax planning strategies
Additionally, without attorney guidance, small mistakes can sometimes invalidate LegalZoom wills or leave them open to challenges from family members.
This isn't to say LegalZoom wills are never valid. For simple, straight-forward planning they may be sufficient. But those with more complex estates or intentions should use caution - an estate planning attorney can provide more comprehensive, customized plans tailored to your unique needs and goals.
Legal Buddies provides access to specialized legal virtual assistants like paralegals to help firms automate processes or handle overflow legal work. With expertise in areas like wills and estate planning, Legal Buddies talent can provide quality support that enhances client service capabilities.
Can you use legal software to prepare a will?
Yes, you can use legal software to prepare a basic will. Will software provides easy-to-use forms and questionnaires that allow you to input your personal information, assets, beneficiaries, and distribution wishes.
The software then automatically generates the will document based on your inputs. Many software programs also include additional estate planning documents like living wills, healthcare proxies, and powers of attorney.
Will software is a cost-effective option for creating legally valid wills for people with straightforward estates. However, it has some limitations:
- Not suitable for complex estate plans or specialized situations
- Limited customization options
- May not fully capture nuances in state-specific laws
If you have a complex asset portfolio or estate plan, need trust planning, or have considerable wealth, it's best to work with an estate planning attorney. They can draft customized documents and provide experienced legal advice.
Overall, will software provides an accessible starting point for basic estate planning. But those with complexity may need personalized guidance from legal professionals.
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Navigating the Best Estate Planning Software Options
Estate planning can be a complex area of law that requires specialized software to help streamline document preparation and management for attorneys. As a legal professional seeking efficiency, scalability, and reliability in your tech stack, it's important to understand the strengths of top solutions.
LexisNexis Estate Planning Software: An In-Depth Look
LexisNexis offers a robust SaaS platform for automating wills and trusts, with specific solutions scaled for solos to large law firms. Key benefits include:
- Automated document assembly with over 1,000 templates covering different estate planning scenarios and state-specific forms
- Integration with Lexis research services for faster drafting with access to up-to-date statutes and case law
- Client collaboration features like document sharing and e-signing that facilitate remote consultations
- Scalable pricing starting at $50/month based on number of attorneys
With strong template customization, workflow efficiency, and research capabilities, LexisNexis provides an attractive option for estate planning teams seeking streamlined and compliant document preparation.
Westlaw Estate Planning Software: Comprehensive Review
Thomson Reuters offers a comparable estate planning solution through Westlaw that provides the following key features:
- Automated drafting and electronic document delivery for wills and trusts
- Comprehensive Westlaw research integration, ensuring drafted documents reference up-to-date laws
- Review compare capabilities that flag differences across multiple document drafts for QC
- Pricing scales based on firm size, ranging from solos to large practices
Westlaw shines in its deep research collaboration for lawyers seeking to draft highly-compliant estate documents. For teams already embedded within the Westlaw ecosystem, this presents a seamless estate planning software choice.
Choosing the Right Will Drafting Software for Attorneys
Beyond LexisNexis and Westlaw, attorneys have a growing range of competitive softwares to evaluate that offer electronic will drafting capabilities, including:
- EstateSoft - Specialized software with custom template building for unique estate planning situations. Intuitive for new users.
- Trust & Will - Cloud-based legal tech solution with document automation and client vault services. Designed for collaborative multi-party engagements.
- TailoredTrusts - Industryspecific estate planning templates tailored towards areas like business succession planning and special needs trusts.
The optimal software depends on your firm's individual needs and priorities, whether that means scalability, niche specialization, or thirdparty integration. Assessing trial versions for hands-on experience can prove invaluable during your buying journey. With the right due diligence, firms can implement SaaS tools to elevate efficiency and service quality around estate planning.
Critical Features in Estate Planning Software for Law Firms
This section will provide guidance to attorneys on the most important software functionality to look for when selecting an estate planning solution.
Document Creation and Automation
This subsection will discuss why automated document generation and customization is a critical estate planning software capability for improving attorney efficiency.
Estate planning software with robust document automation enables attorneys to quickly generate customized estate planning documents such as wills, trusts, and power of attorney forms. This eliminates the need to manually draft repetitive documents from scratch, improving efficiency.
Key features that facilitate document automation include:
- Customizable templates for wills, trusts, powers of attorney, etc.
- Client questionnaires to gather necessary information
- Data mapping to auto-populate documents with client information
- Version control to track document changes
- Bulk document generation for high volume needs
With document automation, attorneys can create accurate customized documents in a fraction of the time compared to manual drafting. This results in higher capacity to take on more clients without expanding staff.
Asset Management Efficiency and Accuracy
This subsection will examine how estate planning software can facilitate asset organization and provide visual representation of estate distributions to improve planning.
Estate planning software often includes a centralized asset inventory management system. This enables attorneys and clients to clearly organize financial, property, and other asset details in one place.
Key asset management functionality includes:
- Custom asset categories and labels
- Upload statements and documents
- Asset valuation tracking
- Real-time net worth calculator
- Visual charts showing asset allocation
With all asset data in one platform, attorneys gain better visibility to advise clients on optimal estate distribution based on their needs. Attorneys can also easily identify assets that have changed since previous meetings to keep plans up-to-date.
The accuracy and efficiency gains from robust asset management facilitates better estate planning outcomes.
Optimizing Collaboration with Estate Planning Practice Management Software
This subsection will analyze how built-in collaboration capabilities enable attorneys to securely share documents and communicate with clients for more efficient estate planning.
Effective collaboration is key for estate planning between attorneys, clients, and other involved parties such as financial advisors or insurance agents. Integrated practice management software provides the following collaborative features:
- Secure client portals for sharing documents
- Client task lists to facilitate information gathering
- Electronic signature requesting and tracking
- Instant messaging for quick questions
- Virtual meeting integration
With streamlined collaboration software, attorneys save administrative time tracking documents and can have more meaningful interactions guiding clients through the planning process via messaging or meetings.
These features optimize communication and information sharing between all parties for more efficient estate planning engagement. This allows attorneys to take on more clients without expanding staff.
Best Practices for Estate Planning Software Implementation
Implementing new legal technology can be a major undertaking, but with the right strategy, estate planning software can help streamline workflows and provide immense value. Here are some best practices for ensuring a smooth and successful software rollout.
Securing Stakeholder Buy-In for New Software
Gaining support from partners and employees is critical when introducing any new system. Here are some tips:
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Involve stakeholders from the start. Get their input on needs and desired features. This gives them buy-in and investment in the process.
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Communicate the benefits. Reduced administrative tasks, enhanced productivity, lower costs, improved client service. Tailor messaging to each group.
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Incentivize use. Consider bonuses or rewards for actively utilizing the platform to motivate adoption.
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Address concerns transparently. Take feedback seriously and have open conversations around hurdles to adoption.
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Highlight successes. As the software rolls out, share wins and positive metrics with staff regularly.
Seamless Integration Strategies for Legal Tech
Integrating estate planning software with existing systems should be as seamless as possible. Strategies include:
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Assess current workflows first. Map out how data, documents, and tasks currently move between systems.
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Leverage APIs for simpler connections. Many legal tech tools have APIs to easily integrate with other programs.
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Minimize disruption. Gradually integrate features vs. a wholesale overhaul to ease the transition.
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Provide single sign-on. Allow staff to access the software within existing interfaces to reduce friction.
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Develop custom integrations. For unique needs, specialized development may be required for tight integration.
Training and Equipping Your Team for Success
Proper training is essential for firm-wide adoption. Consider:
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Customizable courses. Provide training at multiple skill levels on various platform features.
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Interactive tutorials. Learning-by-doing with guided walkthroughs reinforces knowledge.
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Designated superusers. Identify power users across departments to provide peer support.
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Feedback channels. Create forums for employees to ask questions and share experiences.
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Assess comprehension. Use surveys, quizzes, or certifications to evaluate training efficacy.
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Iterate regularly. Continuously update materials and sessions based on user feedback.
With deliberate change management, stakeholder involvement, integration planning, and adaptive training, firms can implement estate planning systems for maximized value. Reach out to Legal Buddies for specialized assistance at any stage of your legal tech adoption journey.
Regional Considerations in Estate Planning
When selecting estate planning software, it's important to consider the unique legal landscape of the state or region you practice in. Requirements, regulations, and common practices can vary greatly from state to state, so estate planning solutions need to be adaptable.
Tailoring Software to California's Legal Landscape
California has one of the most complex bodies of estate law in the U.S. Key issues that impact software selection include the state's community property laws, use of AB trusts to avoid probate, and the imposition of both federal and state estate taxes for larger estates. Software solutions for California estate planning attorneys should have features to handle community property specifics, create customized AB trust documents, and calculate both state and federal estate taxes.
For example, [LegalBuddies software] integrates community property considerations into asset division tools to accurately depict ownership. The trust template library contains several AB trust templates that can be easily customized. And the estate tax calculator seamlessly factors in both federal and California estate taxes when projecting liability. With the nuances addressed in the software, California attorneys can draft quality estate plans tailored to the state's legal environment.
Adapting Estate Planning Solutions for Florida Attorneys
Florida has a heavy concentration of retirees requiring estate plans, so software needs match high drafting volumes. Streamlining document automation is key. Solutions should contain large trust template libraries covering Florida-specific issues like the state's homestead exemption and portability of the estate tax exemption between spouses.
Tools that simplify repetitive drafting tasks like [LegalBuddies software's] clause libraries, document comparison features, and batch document printing are extremely valuable for high volume Florida practitioners. Portals for client collaboration and remote signing also create efficiency. And as Florida is one of the few remaining separate property states, asset division tools need to default to separate rather than community property. Addressing these specifics allows Florida estate planning attorneys to effectively manage their active practices.
Wrapping Up: Your Roadmap to Estate Planning Excellence
As we conclude, here is a concise summary of key points on capabilities, solutions, and best practices for implementing estate planning software:
Main Takeaways
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Automating document assembly streamlines workflow and cuts costs. Features like templates, clauses, intelligent questionnaires help attorneys draft faster.
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Integration with law practice management software centralizes data and documents. This enhances organization and collaboration.
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Cloud-based software enables remote access for attorneys and clients to manage cases anytime, anywhere.
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Solutions with robust analytics help identify process inefficiencies to optimize operations.
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Market leaders like Westlaw and LexisNexis offer extensive features but can be cost-prohibitive for smaller firms.
Recommendations
When evaluating options, prioritize capabilities that align with your specific firm's needs and budget. Seek solutions that facilitate efficiency, convenience and centralization of data through intelligent automation. Cloud platforms allow remote access and collaboration. Robust analytics provide actionable insights to enhance productivity.
With the right estate planning software in place, you can transform document drafting, matter management and client collaboration while optimizing your firm's operational efficiency. Reach out to Legal Buddies if you need assistance finding the perfect tech solution for your practice. Their experienced team can assess your needs and recommend cost-effective software to help you deliver excellence in estate planning.
