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Trust and Estate Planning Software: 6 Things to Avoid When Protecting a Client’s Assets

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Estate planning is a crucial process that ensures a client’s assets are properly managed and distributed according to their wishes.

With the advancement of varied and always-improving digital tools, the software that financial planners use for estate planning has become indispensable.

However — not all estate planning software is created equal, and some pitfalls can compromise efficiency, security, and compliance.

Key Takeaways
  • Estate planning is an important part of helping an individual plan for their future.
  • Each client is going to have different needs — and finding ways to prepare for that will be crucial to your financial planning firm.
  • Make sure you choose estate planning software that seamlessly syncs with the rest of your financial tools and can provide your clients with a streamlined, efficient, and secure estate planning experience.
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There are plenty of articles on the internet that point out all the details and benefits of estate planning software, and why you need to be implementing it into your financial firm.

That said, this article is going to instead explore six critical mistakes that a financial firm will want to avoid when it begins to pursue options for estate planning software. By looking at these potential pitfalls, a financial firm can ultimately choose the best estate planning software for its staff and clients.

By understanding these 6 common pitfalls, you will be able to refine your workflows, while also providing the best possible service to your clients.

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Pitfall #1: Never Choose Software Without Robust Security Features

One of the biggest risks in estate planning is the mishandling of estate planning documents and other types of data.

Estate planning involves confidential financial information, legal documents, and private details about family members and beneficiaries.

It may also involve information on bank accounts, tax filings, and other documents that contain sensitive information.

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If the software lacks strong security measures, your estate planning clients may be vulnerable to data breaches, cyberattacks, or unauthorized access.

What to Avoid:

  • Using software without encryption capabilities to protect sensitive documents.
  • Selecting a platform with inadequate access controls and/or one that may allow unauthorized users to retrieve client information.
  • Software providers that do not comply with data privacy laws and cybersecurity standards.

What to Do Instead:

  • Choose estate planning software that includes end-to-end encryption, multi-factor authentication, and role-based access control to ensure maximum security.
  • Verify that the software complies with GDPR, HIPAA, or other relevant regulations governing data privacy and protection.

Pitfall #2: Never Ignore Customization Options

When it comes to a person’s finances, being able to customize is key.

Every financial planning client has unique estate planning needs, and a one-size-fits-all approach rarely works.

Many estate planning software programs offer pre-built templates that are not customizable.

Failing to customize your client’s documents properly can lead to incomplete estate plans or generic solutions that don’t align with a client’s specific financial goals.

Finding the right estate drafting software will make a big difference in the final estate plan product for your clients.

Remember: once you receive many of the preliminary estate planning documents from an estate planning attorney, you’ll want to be able to implement them into each client’s unique financial situation, family structure, and long-term objectives.

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What to Avoid:

  • Relying on generic document preparation templates without the ability to personalize beneficiary details, trust structures, updated asset tracking or tax planning.
  • Assuming your client’s attorney has estate planning legal software that can create the holistic plan needed, even after their documents are finalized.
  • Choosing software with limited customization capabilities that restricts estate planning attorneys or financial advisors from modifying estate planning strategies.

What to Do Instead:

  • Make sure you opt for estate planning practice software that can be updated and customized for each client and their ever-changing needs.
  • Engage in open client communication with your client and make sure the law practice with which they are working is willing to work toward a comprehensive solution for all their estate documents to be finalized and shared.

Customizable workflows and flexible legal templates ensure that the estate plan will continue to align with each client’s personal and financial circumstances.

Pitfall #3: Don’t Assume Integration with Other Financial Tools Isn’t Important

The estate planning process doesn’t exist in a vacuum—it involves managing tax strategies, investment portfolios, insurance policies, and retirement planning.

As a financial planning firm, you need to think of yourself as an estate planning firm as well.

In today’s world, neither can exist on its own.

Clients want financial planning advice that will apply to their lives today as well as far into the future.

This is why you need the best estate planning software that’s available today.

Estate planning software is only one small piece of a financial planning firm’s overall tech stack or services.

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From client management software that helps with client intake tasks to task management software that manages daily operations, today’s modern financial firm has to have a fully integrated system that allows for seamless data sharing across all platforms.

Without proper integration, financial planners may find themselves manually recording financial details, spending hours trying to onboard clients into the system, and struggling with inefficiencies that could be avoided with the right software setup.

What to Avoid:

  • Using estate planning software that does not sync with financial planning tools, legal practice management software, or tax advisory platforms that you need in order to provide your clients with the best services possible.
  • Allowing a representative of a software firm to tell you how their product will align with what you need, without showing you.

What to Do Instead:

  • Research estate planning software that offers seamless integration with your existing financial and legal tools, which will then allow for a cohesive and efficient workflow.
  • Invest in the right software so that you can ensure a comprehensive suite of tools and long-term success for both your firm and your clients’ financial future.

Pitfall #4: Stay Away from Software that Isn’t User-Friendly…(for Everyone!)

Estate planning is an ongoing process that involves multiple stakeholders—financial advisors, attorneys, clients, and even beneficiaries.

Ensuring that everyone involved feels comfortable and confident throughout the journey is essential.

The software you choose must be intuitive, accessible, and user-friendly for both professionals and the clients who rely on it to secure their future.

Many estate planning software solutions focus on back-end functionality for legal and financial professionals but overlook the importance of client accessibility.

They are also not designed for simple administrative tasks to be performed effectively and efficiently by your office staff.

When you are considering an estate planning software tool, think about how easy it is going to be for everyone involved to access it. If the platform is difficult to navigate or overloaded with complex features, it can lead to frustration, miscommunication, and errors that could jeopardize a client’s estate plan.

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What to Avoid:

  • Estate planning software that seems to complicate the workflow, not streamline it.

What to Look for Instead:

  • A clean, user-friendly interface ensures everyone from your client’s law firm to anyone involved in their estate plan can easily find essential information, update documents, and track progress.
  • Look for software that allows secure file sharing, drafting documents, and viewing, and real-time updates, ensuring everyone stays informed about the estate plans.
  • Choose software that enables multiple stakeholders to contribute, review, and finalize estate planning documents efficiently.

Holistiplan: The Guaranteed Estate Plan Tool for All Your Client’s Needs

As a financial advisor, you know you need to offer a plethora of products to your clients.

Figuring out which ones — and with which vendors — can often be a challenge.

If you are looking to add estate planning software to your financial firm, Holistiplan is a company you should consider.

At Holistiplan, we believe we are more than just an estate planning tool—we are a comprehensive estate planning solution designed to streamline workflows, enhance accuracy, and ensure every client’s estate plan meets their unique needs.

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With our advanced automation, seamless integrations, and powerful customization features, Holistiplan empowers financial professionals to navigate complex estate planning with confidence.

Come see what thousands of other legal professionals, financial advisors, and financial advisory clients have claimed is the best estate planning software on the market today!

Take your estate planning services to the next level with Holistiplan—the most trusted software tool for professionals who demand excellence in estate planning today.

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