In the ever-evolving world of financial planning, technology continues to play a pivotal role in helping to simplify complex processes and enhance client experiences.
One area where creation and innovation have both made significant strides is in the area of will and estate planning.
- Financial planners understand that their clients need estate planning services now more than ever before.
- Whether it’s creating the right legal documents or helping a client manage digital assets, helping each client have a road map for their future is always going to be an important part of financial management.
- Make sure you take some time and find the right types of tax and estate management software to help you create a game plan for every client.
Traditionally perceived as daunting financial tasks for most financial advisors, estate planning has not only been transformed in recent years but is now an intricate (and important!) part of most financial planners’ stockpile of services.
Thanks to cutting-edge software solutions, financial planners can help their clients secure their desired legacies with greater efficiency and confidence than ever before.
Let’s find out how.
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Start Your Free 7-Day TrialThe Basics of Estate Planning: The Important (Document) Players
Estate planning involves preparing for the future by creating a framework for managing assets, healthcare, and financial matters.
At the heart of this process are critical documents—each with a distinct role in ensuring a client’s wishes are clearly outlined and legally enforceable.
These “important players” work together to create a comprehensive estate plan.
Here’s a closer look at the key attorney documents that should be part of every client’s estate planning strategy:
1. Last Will and Testament
The cornerstone of any estate plan, a will allows you to specify how your assets will be distributed upon your passing.
While some clients may prefer to use software — like Quicken Willmaker Trust or other online will making documents — many will choose an attorney to help them instead.
It names executors to insurance and benefits paperwork, outlines the division of property (and who may manage property left), and may leave specific instructions and detailed explanations about other final arrangements. It can also outline a guardian for minor children if applicable.
Without a will, state laws determine how your estate is distributed, which may not align with your intentions.
2. Trusts
Trusts are versatile tools that are often created by law firms to manage and transfer assets.
A revocable living trust can be drawn up by an estate lawyer and allows you to maintain control of your assets during your lifetime and ensures a seamless transition upon your death.
Irrevocable trusts, on the other hand, are often used for tax benefits, asset protection, or charitable giving. Trusts can help avoid probate, preserve privacy, and provide flexibility in distributing assets.
3. Durable Financial Power of Attorney (POA)
This legal document puts someone in the authority to manage another person’s financial and legal affairs if they become incapacitated.
With the proper client intake and verification, this durable power of attorney will ensure that bills are paid, investments are managed, and legal decisions are made on your behalf during difficult times.
4. Healthcare Power of Attorney (Healthcare Proxy)
This document appoints a trusted individual to make medical decisions on your behalf if you are unable to do so.
Paired with an advance healthcare directive, it ensures that your preferences for treatment and care are respected.
5. Advance Health Care Directive (Living Will)
This document outlines your preferences for end-of-life care and medical interventions, such as resuscitation or life support.
It provides guidance to your loved ones and medical professionals, relieving them of the burden of making tough decisions during emotional moments.
6. Beneficiary Designations
Many complex estate plans may have multiple beneficiaries on their retirement accounts, life insurance policies, and payable-on-death (POD) accounts.
Having paperwork that is ready for the probate administration and drafted by legal professionals will ensure that your client’s estate plan is solid and that all beneficiaries will receive their assets and bypass probate — all according to their wishes.
7. Letter of Intent (LOI)
Though not legally binding, an LOI provides additional instructions or explanations as a client service for someone’s loved ones.
A Letter of Intent can clarify a person’s personal preferences, such as funeral arrangements, or give context to decisions in your estate planning.
8. Digital Asset Inventory
In today’s digital age, it’s crucial to account for a person’s online presence.
This type of document can help your client list their complete online presence, such as email accounts, social media profiles, and cryptocurrency holdings, along with instructions on how to manage them.
A digital asset inventory will also allow for a particular person to be names as a personal representative for your client if they were to pass away.
Here are some examples of what you want to encourage a client to include when thinking about their Digital Asset Inventory:
Email Accounts:
- Email addresses, passwords, and recovery options (e.g., Gmail, Yahoo, Outlook).
- Instructions for accessing, managing, or closing accounts.
Social Media Profiles:
- Platforms such as Facebook, Instagram, Twitter (X), LinkedIn, TikTok, etc.
- Login credentials and preferences for deactivation or memorialization.
Cryptocurrency and Digital Investments:
- Wallets and exchanges (e.g., Coinbase, Binance, MetaMask).
- Keys, recovery phrases, and detailed instructions for access and transfer.
Online Banking and Financial Accounts:
- Bank portals, stock trading accounts (e.g., Robinhood, E*TRADE), or payment apps (PayPal, Venmo).
- Information required to log in and handle transactions.
Subscription Services:
- Accounts for platforms like Netflix, Spotify, Amazon Prime, etc.
- Guidance for managing, transferring, or canceling subscriptions.
Cloud Storage Accounts:
- Services such as Google Drive, Dropbox, iCloud, or OneDrive.
- Logins and directions for accessing important files.
E-commerce and Shopping Accounts:
- Stores or platforms like Amazon, Etsy, or eBay.
- Login details and instructions for handling pending purchases or refunds.
Digital Photo and Video Libraries:
- Platforms like Google Photos, iCloud Photos, or Flickr.
- How to access, share, or archive collections.
Domain Names and Websites:
- Details for personal or business websites, blogs, or portfolios.
- Hosting service credentials and renewal schedules.
Digital Wallets and Loyalty Programs:
- Accounts with digital wallets, gift cards, or reward programs.
- Information on balances and steps to redeem or transfer.
Digital Legal Documents:
- Digitally stored contracts, agreements, or estate-related documents.
- Access instructions for legal representatives.
By compiling these details in a Digital Asset Inventory, you can encourage your clients to make sure that their online presence is always secure and documented — and can be managed efficiently in the event of incapacity or death.
Each of these documents plays a vital role in your estate plan, ensuring that your wishes are clearly communicated, your loved ones are cared for, and your assets are protected.
Together, they create a cohesive plan that addresses both financial and personal matters, providing peace of mind and clarity during life’s most unpredictable moments.
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Get Started TodayKnowledge is Power: How the Right Technology is Transforming Estate Planning
Modern will and estate planning software is often designed to address the challenges associated with traditional methods.
Here are some key ways that the right comprehensive suite of technology can transform the estate planning landscape for your practice:
#1: Estate Planning Software Should Always Be Holistic
Modern estate planning software goes beyond simply creating documents—it offers a comprehensive approach that addresses every aspect of an individual’s estate planning needs.
A truly holistic platform provides tools for building a complete plan that reflects the client’s financial goals, family dynamics, and personal wishes.
Here’s how estate planning software achieves this level of thoroughness:
Diverse Document Creation:
While wills, trusts, and powers of attorney are critical components, holistic software also includes options for less common but equally important documents, such as healthcare directives, living wills, and beneficiary designations. This ensures that every detail is accounted for.
Step-by-Step Guidance:
Many platforms include user-friendly templates and prompts to simplify the decision-making process. By breaking complex legal concepts into digestible steps, clients can confidently create plans that are both legally sound and tailored to their needs.
Integration with Financial Planning:
Holistic software often links with financial tools to provide a complete view of the client’s assets, liabilities, and overall wealth. This integration helps clients and planners make informed decisions, such as minimizing tax implications or allocating resources effectively for heirs.
Customized Solutions:
A one-size-fits-all approach doesn’t work for estate planning, given the diversity of client situations. Leading software platforms allow for customizations to address unique family structures, blended families, business ownership, or philanthropic goals.
Real-Time Updates:
Estate plans should be dynamic, evolving as life changes occur, such as marriages, births, or changes in financial status. Holistic software enables clients to make real-time updates to reflect these changes, ensuring that their plans remain accurate and relevant.
Collaboration-Friendly Features:
Estate planning often requires input from attorneys, financial advisors, and family members. Software that facilitates seamless collaboration ensures that all stakeholders can work together effectively, reducing errors and miscommunication.
Educational Resources:
A comprehensive solution provides educational resources to help clients better understand their options. By demystifying estate planning, software empowers users to make informed decisions about their legacies.
By offering a multifaceted approach, the best estate planning software transforms what can feel like an overwhelming process into a structured and manageable experience.
#2: Estate Planning Software Should Allow for Enhanced Collaboration
Estate planning is not a one-dimensional process—it requires the expertise and coordination of multiple parties to create a comprehensive and legally sound plan.
Financial planners, attorneys, and clients each play distinct roles, and their seamless collaboration is essential to achieving the best results.
Estate planning software has transformed the way these individuals interact, providing tools that foster improved communication, alignment, and efficiency throughout the process.
Here’s a closer look at how enhanced collaboration through the estate planning process can be achieved:
Centralized Document Access:
Modern estate planning software serves as a centralized hub for all documents, ensuring that everyone involved in the process—whether a financial planner, attorney, or client—has access to the latest versions of the estate plan.
Gone are the days of juggling emails, physical papers, or outdated files.
Real-time document sharing allows each party to review, comment, and make updates without the risk of miscommunication or duplication.
Role-Based Permissions:
Enhanced collaboration with other involved parties doesn’t mean granting unrestricted access to all participants.
Good estate planning software will make sure that sensitive information is shared only with the appropriate parties. By tailoring access, the software ensures collaboration remains secure and efficient.
3. Estate Planning Software Should Integrate with Your Financial Planning Tools
Many estate planning platforms are able to integrate with financial planning practice management systems that are already in place, providing a holistic view of a client’s assets and liabilities.
This integration enables financial planners to create more comprehensive and strategic estate plans that align with their clients’ overall financial goals.
For example, a financial planner needs estate planning software that can easily sync with their preferred financial planning platforms to provide a comprehensive view of a client’s assets, liabilities, and overall financial health.
4. Estate Planning Software Should Have the Highest Level of Secure Document Storage
Security is a top priority for estate planning documents, as sensitive information is often involved. This means that the software you use must prioritize top-tier security to protect sensitive client information.
Features like two-factor authentication, audit trails, and secure file sharing will bolster your protection against unauthorized access or breaches.
Automatic backups and compliance with privacy regulations can also further enhance security and reliability.
By safeguarding client data with these types of robust measures, estate planning software will foster trust, ensure confidentiality, and support a seamless planning process for your clients when it comes to the estate planning process.
5. Estate Planning Software Should be Easily Accessible and Convenient
One of the biggest gifts of estate planning software for a financial planner is that it enables easy access to critical tools and information anytime, anywhere.
Whether working from an office, meeting with clients, or managing updates remotely, planners can seamlessly interact with the software via desktops, laptops, or mobile devices.
This convenience eliminates the need for in-person meetings or cumbersome document drafting paperwork, allowing professionals to make real-time updates, review online documents, and share progress with clients efficiently.
Intuitive interfaces and user-friendly designs further ensure that the software is accessible to both planners and their clients, streamlining the estate planning process for everyone involved.
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Holistiplan: The Tax and Estate Planning Software that Every Financial Firm Needs
Creating tailored estate plans is one of the most impactful ways financial planners can ensure their clients have a complete, holistic understanding of their overall financial health.
With Holistiplan, financial advisors and estate planners have access to cutting-edge tools that make this process both seamless and efficient.
Holistiplan was created by financial planners for financial planners who are hoping to make the whole process of tax and estate planning easier for everyone.
By integrating Holistiplan into your practice, a financial advisor can offer clients the ultimate peace of mind—knowing their financial futures are optimized and protected.
With advanced features such as real-time updates, customizable estate plans, and powerful financial analysis capabilities, Holistiplan is an indispensable tool for addressing a wide range of estate planning needs, from straightforward tax strategies to complex estate scenarios.
Leveraging Holistiplan’s estate planning specific tools can empower a financial advisor to streamline their workflow, minimize error, and reduce costs for their clients, all while delivering personalized, high-quality service.
This type of software will not only simplify your estate planning, but can also enhance trust and collaboration between you and your clients, building the long-lasting relationships you are looking for.
In today’s world of increasingly intricate financial planning, Holistiplan stands out as a must-have tool for professionals dedicated to achieving the best outcomes for their clients.
Are you ready to elevate your financial services and create a software stack that ensures confidence in your clients’ financial futures?
Then it’s time to start with Holistiplan—the solution that every forward-thinking financial firm needs.
