Securing the Future: How Estate Planning Software Can Help Your Clients Plan for Retirement and Beyond
There are few things more rewarding than being able to leave a legacy during a lifetime.
For many of today’s investors, the desire to leave generational wealth to heirs is a driving force behind thoughtful financial planning and strong investment strategies.
As a financial planner, you most likely have clients who have approached you about their long-term financial goals — some of which extend past their lifetime.
Having the right estate planning software is a crucial component of this process, as it involves organizing and managing a person’s assets and affairs to ensure their wishes are honored and their loved ones are protected.
- Today’s financial clients want comprehensive financial plans that cover all aspects of their lives, from their everyday budgeting needs to their end-of-life estate planning directives.
- Estate planning software streamlines the estate planning process, reducing the risk of errors and ensuring that all documents are accurate and up-to-date.
- By offering estate planning services, financial planners can build stronger relationships with their clients for many years to come.
While estate planning is a growing area of interest for financial planners and their clients, it can be a complex and time-consuming part of a person’s overall financial plan. Helping clients work through intimate and sometimes difficult decisions regarding their assets, healthcare preferences, and family dynamics requires a delicate balance of expertise, empathy, and organization.
Estate planning software can significantly alleviate these challenges by streamlining the process and providing comprehensive tools that ensure all aspects of the plan are thoroughly addressed in a pragmatic and professional manner.
By incorporating estate planning software into your tech stack, you can streamline the planning process, enhance client satisfaction, and provide a comprehensive service that sets you apart from the competition.
Let’s find out how.
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Start Your Free 7-Day TrialThe Importance of Estate Planning
Estate planning is the process of prioritizing and organizing the management and disposal of a person’s estate during their lifetime and after their death.
Here are some of the key estate planning documents that comprise a strong estate plan:
Will:
A will is a legal document that outlines how a person’s assets and belongings should be distributed after their death.
While some clients will choose to use do-it-yourself drafting software to create a will, most clients with significant assets and net worth will turn to estate planning attorneys to help with the drafting of a will.
A will allows individuals to designate beneficiaries, specify asset distributions, and appoint an executor to carry out their wishes. A will can also name guardians for minor children.
Trusts:
Trusts are legal arrangements that allow individuals to transfer assets to a trustee for the benefit of designated beneficiaries.
There are various types of trusts, including revocable living trusts, irrevocable trusts, and special needs trusts. Trusts can help avoid probate, provide asset protection, and manage assets for beneficiaries.
Power of Attorney:
A power of attorney is a legal document that grants a specified individual (the agent) the authority to make financial and legal decisions on behalf of another person (the principal).
This document is essential for ensuring that financial matters are managed if the principal becomes incapacitated and is no longer able to make decisions for themself.
Healthcare Directives
Healthcare directives, also known as advance directives, include documents such as living wills and durable powers of attorney for healthcare.
These documents outline a person’s healthcare preferences and appoint someone to make medical decisions on their behalf if they are unable to do so.
Beneficiary Designations
Beneficiary designations are instructions for how specific assets, such as life insurance policies, retirement accounts, and payable-on-death accounts, should be distributed upon the owner’s death.
These designations override the instructions in a will and ensure that assets go directly to the named beneficiaries.
Guardianship Designations
For individuals with minor children, guardianship designations are crucial.
These designations specify who will take care of their children if both parents pass away or become incapacitated. This ensures that the children are cared for by someone that their parents trust and know will work in their best interest.
Letters of Instruction
A letter of instruction is a non-legally binding document that provides additional information and guidance to the executor and beneficiaries.
It can include details about funeral arrangements, personal wishes, and other important information that may not be related to financial desires or decisions or covered in the will.
Asset Inventory
An asset inventory is a comprehensive list of all the individual’s assets, including bank accounts, investments, real estate, and personal property.
This inventory helps the executor and beneficiaries locate and manage the assets during the estate settlement process.
As a financial planner, you will often be the person who helps manage and update these documents after an estate lawyer has finished drafting documents for your client’s estate plan.
Having the right estate management software that helps make this process effortless, effective and easy is key for estate planning that gives your clients the peace of mind they are looking for.
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Get Started TodayThe Role of Estate Planning Software
Estate planning software is an important part of a client’s overall financial plan.
Just like tax planning or retirement planning, proper estate planning will ensure that your clients’ assets are protected, their wishes are honored, and their loved ones are taken care of according to their specific desires.
Here are some of the key features you need to look for when choosing good estate planning software for your firm:
1. User-Friendly Interface
A user-friendly interface is crucial for both you and your clients. The software you choose should be intuitive and easy to navigate, making task management and the overall estate planning process straightforward and stress-free.
Look for platforms that offer step-by-step guidance and clear instructions.
2. Comprehensive Planning Tools
The best estate planning software provides a comprehensive suite of tools to cover all aspects of estate planning, including wills, trusts, powers of attorney, and healthcare directives. This ensures that all your client’s needs are organized and addressed in one place.
3. Customization and Flexibility
Every client has unique needs and preferences, so it’s important to choose software that allows for extensive customization.
The ability to tailor estate plans to each client’s specific situation ensures that their wishes are accurately reflected in their legal documents.
4. Secure Document Storage and Management
Security is paramount when dealing with sensitive legal documents. The estate planning software you choose should offer secure digital storage and management features, ensuring that all documents are protected from unauthorized access and can be easily retrieved when needed.
5. Collaboration and Communication Tools
Effective client communications and collaboration are key to successful estate planning. Look for software that facilitates seamless interaction between you and your clients, allowing for real-time updates, document sharing, and efficient resolution of any questions or concerns.
6. Regular Updates and Compliance
Estate planning laws and regulations are constantly evolving. The software you choose should provide regular updates to ensure that all documents and plans remain compliant with the latest legal requirements.
This reduces the risk of legal issues and provides peace of mind to your clients.
7. Reporting and Analytics
Comprehensive reporting and analytics tools can help you track the progress of your clients’ estate plans, identify any gaps or areas for improvement, and demonstrate the value of your services.
Look for software that offers detailed reports and insights on client data so that everyone is always on the same page.
8. Client Education Resources
Educating your clients about the importance of estate planning and the various options available to them is crucial.
Choose software that offers strong customer support as well as educational resources and interactive tools to help both you and your clients understand the process and make informed decisions.
Estate planning software plays a vital role in helping financial planners provide comprehensive and effective estate planning services to their clients.
By choosing software with the right features, you can streamline the planning process, enhance client satisfaction, and ensure that your client’s assets and wishes are protected.
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Estate Planning is Easy with Holistiplan
Most financial planners in today’s modern world appreciate and understand the need for a comprehensive suite of financial planning services.
From the day-to-day budgeting and cash flow needs in the present moment, to the long-term investing for retirement and even beyond, having the best tools and resources at your disposal is essential for providing top-notch service to your clients.
This is where Holistiplan comes into play, revolutionizing the way financial planners approach estate planning.
Holistiplan is an innovative tax planning and estate planning software designed to simplify and streamline the estate planning process.
Here’s how Holistiplan can make estate planning easy and effective for both you and your clients:
- Estate Report: Holistiplan provides insights on wills, living trusts, beneficiaries, powers of attorney, and advanced medical directives, all organized and in one place.
- Asset Diagram: You and your clients can visualize their asset distribution with the Holistiplan interactive flowchart that showcases the cascading effects of updated asset values on real estate, bank accounts, IRAs ,and other investments.
- Beneficiary Review: Ensure beneficiaries are up-to-date with a summary review and last-reviewed date markers for all transfer-on-death assets.
No matter where your clients are in their financial journey, Holistiplan can serve as an excellent way to ensure their estate planning needs are met with precision and care.
Whether they’re just beginning to think about their legacy or need to update existing documents, Holistiplan provides the tools and support required for comprehensive and effective estate planning.
If you are ready to learn more about how Holistiplan can be a part of your comprehensive solution and add to your financial suite of software tools, reach out to us today.
Come see why more than 8,000 other financial planners have chosen Holistiplan to streamline their estate planning process, enhance client satisfaction, and secure every client’s financial future.
